Culp, Inc. (NYSE:CULP) Short Interest Down 12.4% in January

Culp, Inc. (NYSE:CULP) was the target of a large drop in short interest in January. As of January 31st, there was short interest totalling 14,100 shares, a drop of 12.4% from the January 15th total of 16,100 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average trading volume of 40,600 shares, the days-to-cover ratio is presently 0.3 days.

Shares of Culp stock traded down $0.27 during mid-day trading on Friday, hitting $11.73. 25,300 shares of the stock were exchanged, compared to its average volume of 36,581. Culp has a 12 month low of $11.70 and a 12 month high of $21.08. The company has a 50-day simple moving average of $13.21 and a 200 day simple moving average of $14.98. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 3.19. The company has a market capitalization of $150.59 million, a P/E ratio of 26.66 and a beta of 0.57.

Culp (NYSE:CULP) last posted its earnings results on Thursday, December 5th. The textile maker reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.03. Culp had a net margin of 1.83% and a return on equity of 3.38%. The firm had revenue of $72.62 million for the quarter, compared to analysts’ expectations of $77.33 million. Analysts predict that Culp will post 0.62 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Wednesday, January 8th were given a dividend of $0.105 per share. The ex-dividend date was Tuesday, January 7th. This represents a $0.42 annualized dividend and a dividend yield of 3.58%. This is a boost from Culp’s previous quarterly dividend of $0.10. Culp’s dividend payout ratio (DPR) is currently 102.44%.

Several equities analysts recently weighed in on CULP shares. ValuEngine raised shares of Culp from a “hold” rating to a “buy” rating in a research report on Friday, January 3rd. Zacks Investment Research raised shares of Culp from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

Several institutional investors have recently bought and sold shares of the business. CIBC Private Wealth Group LLC lifted its position in shares of Culp by 3.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,468,587 shares of the textile maker’s stock worth $20,002,000 after buying an additional 45,368 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Culp by 6.4% during the 4th quarter. Renaissance Technologies LLC now owns 809,257 shares of the textile maker’s stock worth $11,022,000 after purchasing an additional 48,557 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Culp by 3.7% during the 2nd quarter. Vanguard Group Inc. now owns 597,363 shares of the textile maker’s stock worth $11,350,000 after purchasing an additional 21,298 shares during the last quarter. Keeley Teton Advisors LLC increased its stake in shares of Culp by 186.8% during the 3rd quarter. Keeley Teton Advisors LLC now owns 277,630 shares of the textile maker’s stock worth $4,525,000 after purchasing an additional 180,840 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Culp by 4.5% during the 4th quarter. State Street Corp now owns 230,764 shares of the textile maker’s stock worth $3,143,000 after purchasing an additional 9,893 shares during the last quarter. 84.02% of the stock is currently owned by hedge funds and other institutional investors.

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 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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