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Culp (NYSE:CULP) Announces Quarterly Earnings Results

Culp logo with Consumer Discretionary background

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.
  • MarketBeat previews the top five stocks to own by November 1st.

Culp (NYSE:CULP - Get Free Report) announced its earnings results on Wednesday. The textile maker reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.10, Zacks reports. Culp had a negative net margin of 5.82% and a negative return on equity of 11.55%. The company had revenue of $50.69 million for the quarter, compared to the consensus estimate of $57.50 million. During the same period in the previous year, the business earned ($0.36) EPS.

Culp Stock Down 4.7%

Shares of NYSE CULP traded down $0.22 during mid-day trading on Monday, reaching $4.50. The company had a trading volume of 22,729 shares, compared to its average volume of 18,664. Culp has a twelve month low of $3.42 and a twelve month high of $6.85. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.73 and a current ratio of 1.78. The stock has a market capitalization of $56.52 million, a PE ratio of -4.64 and a beta of 1.04. The stock's 50 day moving average is $4.36 and its 200-day moving average is $4.32.

Insider Buying and Selling at Culp

In related news, CEO Robert George Iv Culp purchased 12,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were acquired at an average cost of $4.15 per share, with a total value of $49,800.00. Following the completion of the purchase, the chief executive officer owned 104,030 shares of the company's stock, valued at $431,724.50. The trade was a 13.04% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On Culp

A hedge fund recently raised its stake in Culp stock. Ameriprise Financial Inc. lifted its stake in Culp, Inc. (NYSE:CULP - Free Report) by 10.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 694,888 shares of the textile maker's stock after acquiring an additional 62,932 shares during the quarter. 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 currently owned by institutional investors.

About Culp

(Get Free Report)

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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Earnings History for Culp (NYSE:CULP)

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