Culp (NYSE:CULP) PT Lowered to $18.00 at Raymond James

Culp (NYSE:CULP) had its price target trimmed by Raymond James from $22.00 to $18.00 in a report issued on Monday, BenzingaRatingsTable reports. The brokerage currently has an outperform rating on the textile maker’s stock.

A number of other analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Culp from a strong sell rating to a hold rating in a report on Tuesday, August 13th. ValuEngine downgraded shares of Culp from a buy rating to a hold rating in a research note on Wednesday, September 4th.

Shares of Culp stock traded up $0.01 on Monday, reaching $16.42. 603 shares of the stock were exchanged, compared to its average volume of 33,748. The firm’s 50 day moving average is $15.55 and its 200-day moving average is $17.99. Culp has a one year low of $13.09 and a one year high of $25.45. The firm has a market cap of $178.14 million, a PE ratio of 39.76 and a beta of 0.59.



Culp (NYSE:CULP) last issued its quarterly earnings results on Thursday, September 5th. The textile maker reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.04). Culp had a return on equity of 3.49% and a net margin of 2.02%. The firm had revenue of $74.85 million for the quarter, compared to the consensus estimate of $73.23 million. As a group, research analysts predict that Culp will post 0.78 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, October 4th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Thursday, October 3rd. Culp’s payout ratio is 97.56%.

In related news, insider Thomas Bernard Gallagher, Jr. sold 1,400 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $18.26, for a total value of $25,564.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth W. Mcallister acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was bought at an average cost of $15.26 per share, with a total value of $30,520.00. 3.90% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Brown Advisory Inc. acquired a new position in Culp in the 2nd quarter valued at approximately $3,629,000. Deprince Race & Zollo Inc. acquired a new position in Culp in the 2nd quarter valued at approximately $3,036,000. Isthmus Partners LLC acquired a new position in Culp in the 2nd quarter valued at approximately $964,000. Nuveen Asset Management LLC increased its position in Culp by 10.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 430,104 shares of the textile maker’s stock valued at $8,171,000 after acquiring an additional 38,982 shares during the period. Finally, Martingale Asset Management L P increased its position in Culp by 46.4% in the 1st quarter. Martingale Asset Management L P now owns 73,518 shares of the textile maker’s stock valued at $1,414,000 after acquiring an additional 23,301 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Culp Company Profile

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 North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics. The Mattress Fabrics segment offers woven jacquard, knitted, and converted fabrics for use in the production of bedding products, including mattresses, box springs, foundations, and top of bed components.

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