Culp (NYSE:CULP) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Key Points

• Culp reported quarterly earnings of ($0.02) per share, exceeding analyst expectations of ($0.12) by $0.10.
• The company's stock reached $4.67 during trading, with a 52-week range between $3.42 and $6.85.
• CEO Robert George Iv Culp increased his stake in the company by purchasing 12,000 shares at an average price of $4.15.

Culp (NYSE:CULP - Get Free Report) posted its quarterly earnings results on Wednesday. The textile maker reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.10, Zacks reports. Culp had a negative return on equity of 18.18% and a negative net margin of 8.96%.

Culp Stock Performance

NYSE CULP traded up $0.12 during trading on Wednesday, reaching $4.67. 83,792 shares of the company's stock were exchanged, compared to its average volume of 20,016. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.78 and a quick ratio of 0.73. The business has a 50 day moving average price of $4.35 and a 200-day moving average price of $4.34. The stock has a market capitalization of $58.66 million, a P/E ratio of -3.05 and a beta of 1.04. Culp has a fifty-two week low of $3.42 and a fifty-two week high of $6.85.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen assumed coverage on Culp in a report on Saturday, May 17th. They issued a "hold" rating for the company.

Insider Activity at Culp

In other Culp news, CEO Robert George Iv Culp purchased 12,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were acquired at an average price of $4.15 per share, for a total transaction of $49,800.00. Following the purchase, the chief executive officer owned 104,030 shares in the company, valued at approximately $431,724.50. The trade was a 13.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On Culp

An institutional investor recently raised its position in Culp stock. Ameriprise Financial Inc. increased its position in shares of Culp, Inc. (NYSE:CULP - Free Report) by 10.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 694,888 shares of the textile maker's stock after purchasing an additional 62,932 shares during the period. Ameriprise Financial Inc. owned approximately 5.53% of Culp worth $2,731,000 as of its most recent filing with the Securities and Exchange Commission. 75.05% of the stock is owned by hedge funds and other institutional investors.

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 the United States, North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics.

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