Culp, Inc. (CULP) Expected to Post Quarterly Sales of $70.29 Million

Equities research analysts expect Culp, Inc. (NYSE:CULP) to post $70.29 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Culp’s earnings, with the lowest sales estimate coming in at $70.05 million and the highest estimate coming in at $70.50 million. Culp reported sales of $78.18 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 10.1%. The business is expected to announce its next earnings report on Wednesday, June 12th.

On average, analysts expect that Culp will report full-year sales of $296.00 million for the current fiscal year, with estimates ranging from $295.75 million to $296.20 million. For the next year, analysts anticipate that the business will post sales of $314.35 million, with estimates ranging from $308.70 million to $318.50 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Culp.

Culp (NYSE:CULP) last issued its earnings results on Wednesday, February 27th. The textile maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.02. Culp had a return on equity of 8.11% and a net margin of 6.49%. The firm had revenue of $77.23 million for the quarter, compared to the consensus estimate of $79.38 million.

A number of brokerages have commented on CULP. Zacks Investment Research upgraded Culp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Raymond James upgraded Culp from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $26.00.

In related news, Director Fred A. Jackson purchased 3,000 shares of Culp stock in a transaction on Monday, March 11th. The stock was bought at an average price of $17.57 per share, with a total value of $52,710.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.70% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA lifted its position in shares of Culp by 509.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,336 shares of the textile maker’s stock worth $45,000 after purchasing an additional 1,953 shares during the last quarter. US Bancorp DE lifted its position in shares of Culp by 144.0% during the 1st quarter. US Bancorp DE now owns 3,072 shares of the textile maker’s stock worth $59,000 after purchasing an additional 1,813 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its position in shares of Culp by 370.1% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,099 shares of the textile maker’s stock worth $77,000 after purchasing an additional 3,227 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Culp during the 1st quarter worth about $155,000. Finally, MetLife Investment Advisors LLC lifted its position in shares of Culp by 68.7% during the 3rd quarter. MetLife Investment Advisors LLC now owns 7,924 shares of the textile maker’s stock worth $192,000 after purchasing an additional 3,227 shares during the last quarter. 81.58% of the stock is owned by institutional investors.

NYSE CULP remained flat at $$19.06 on Wednesday. The company’s stock had a trading volume of 22,545 shares, compared to its average volume of 42,658. Culp has a 1 year low of $17.05 and a 1 year high of $32.05. The stock has a market capitalization of $238.09 million, a P/E ratio of 12.79 and a beta of 0.28.

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 29th. This represents a $0.40 dividend on an annualized basis and a yield of 2.10%. Culp’s dividend payout ratio (DPR) is currently 26.85%.

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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