Culp (NYSE:CULP) Posts Earnings Results, Misses Estimates By $0.12 EPS

Culp (NYSE:CULP) posted its quarterly earnings results on Wednesday. The textile maker reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.12), Zacks reports. Culp had a negative return on equity of 11.68% and a negative net margin of 5.82%.The company had revenue of $53.20 million during the quarter, compared to the consensus estimate of $53.11 million.

Culp Stock Performance

Shares of Culp stock opened at $3.89 on Thursday. The stock’s fifty day simple moving average is $4.05 and its 200 day simple moving average is $4.19. The company has a current ratio of 1.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $49.01 million, a PE ratio of -4.01 and a beta of 1.04. Culp has a 12 month low of $3.42 and a 12 month high of $5.94.

Insider Activity

In other Culp news, CEO Robert George Iv Culp purchased 7,428 shares of the stock in a transaction on Monday, September 22nd. The stock was bought at an average cost of $4.42 per share, for a total transaction of $32,831.76. Following the completion of the acquisition, the chief executive officer directly owned 111,458 shares of the company’s stock, valued at $492,644.36. The trade was a 7.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 15,147 shares of company stock valued at $66,292 in the last ninety days. 7.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Culp

Several institutional investors and hedge funds have recently modified their holdings of the business. Susquehanna International Group LLP increased its stake in Culp by 16.5% during the 3rd quarter. Susquehanna International Group LLP now owns 40,652 shares of the textile maker’s stock worth $181,000 after purchasing an additional 5,762 shares in the last quarter. Moors & Cabot Inc. increased its position in shares of Culp by 3.9% during the third quarter. Moors & Cabot Inc. now owns 201,191 shares of the textile maker’s stock worth $897,000 after acquiring an additional 7,620 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Culp by 1.0% during the third quarter. Vanguard Group Inc. now owns 507,062 shares of the textile maker’s stock worth $2,261,000 after acquiring an additional 5,019 shares during the period. Ameriprise Financial Inc. lifted its position in Culp by 10.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 694,888 shares of the textile maker’s stock valued at $2,731,000 after acquiring an additional 62,932 shares in the last quarter. Finally, CIBC Bancorp USA Inc. bought a new stake in Culp in the 3rd quarter valued at $6,642,000. 75.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Culp in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Sell”.

About Culp

Culp, Inc manufactures, sources, markets, and sells mattress fabrics, sewn covers, and cut and sewn kits for use in mattresses, foundations, and other bedding products in the United States, North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics.