Culp (NYSE:CULP) Share Price Crosses Above 200 Day Moving Average – Here’s What Happened

Culp, Inc. (NYSE:CULP)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.26 and traded as high as $3.81. Culp shares last traded at $3.69, with a volume of 6,998 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of Culp from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Culp currently has an average rating of “Moderate Buy”.

Culp Trading Up 1.1%

The business has a 50-day moving average price of $3.23 and a 200-day moving average price of $3.26. The company has a quick ratio of 0.79, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $44.95 million, a P/E ratio of -4.13 and a beta of 1.19.

Hedge Funds Weigh In On Culp

A number of hedge funds and other institutional investors have recently made changes to their positions in CULP. CIBC Bancorp USA Inc. bought a new stake in Culp in the third quarter valued at about $6,642,000. Ameriprise Financial Inc. lifted its stake in Culp by 23.6% during the third quarter. Ameriprise Financial Inc. now owns 859,145 shares of the textile maker’s stock worth $3,832,000 after purchasing an additional 164,257 shares during the period. Vanguard Group Inc. boosted its holdings in Culp by 1.0% during the third quarter. Vanguard Group Inc. now owns 507,062 shares of the textile maker’s stock valued at $2,261,000 after purchasing an additional 5,019 shares in the last quarter. Moors & Cabot Inc. boosted its holdings in Culp by 3.9% during the third quarter. Moors & Cabot Inc. now owns 201,191 shares of the textile maker’s stock valued at $897,000 after purchasing an additional 7,620 shares in the last quarter. Finally, Grace & White Inc. NY boosted its holdings in Culp by 24.7% during the first quarter. Grace & White Inc. NY now owns 150,763 shares of the textile maker’s stock valued at $413,000 after purchasing an additional 29,845 shares in the last quarter. 75.05% of the stock is owned by institutional investors.

Culp Company Profile

Culp, Inc, headquartered in High Point, North Carolina, is a leading producer of specialty fabrics for the home furnishings industry. Founded in 1972 by Bill Culp, the company has grown into a publicly traded enterprise that supplies upholstery and mattress fabrics to manufacturers and retailers across North America and abroad. Culp’s fabric offerings are designed to meet the aesthetic and performance requirements of residential furniture, contract seating, and hospitality applications.

The company operates through two primary segments.