Culp, Inc. (NYSE:CULP) Expected to Post Earnings of $0.16 Per Share

Wall Street analysts expect Culp, Inc. (NYSE:CULP) to announce earnings per share (EPS) of $0.16 for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Culp’s earnings, with the lowest EPS estimate coming in at $0.15 and the highest estimate coming in at $0.17. Culp posted earnings of $0.20 per share during the same quarter last year, which would suggest a negative year over year growth rate of 20%. The firm is expected to report its next earnings results on Thursday, December 5th.

According to Zacks, analysts expect that Culp will report full year earnings of $0.71 per share for the current fiscal year, with EPS estimates ranging from $0.66 to $0.75. For the next fiscal year, analysts expect that the business will report earnings of $0.95 per share, with EPS estimates ranging from $0.90 to $1.01. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Culp.

Culp (NYSE:CULP) last released its quarterly earnings results on Thursday, September 5th. The textile maker reported $0.11 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.04). Culp had a return on equity of 3.50% and a net margin of 2.02%. The firm had revenue of $74.85 million for the quarter, compared to analysts’ expectations of $73.23 million.

Several research analysts have recently commented on CULP shares. ValuEngine lowered Culp from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 1st. Raymond James lowered their price target on Culp from $22.00 to $18.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Finally, Zacks Investment Research upgraded Culp from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 13th.

In other Culp news, Director Kenneth W. Mcallister purchased 2,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were bought at an average cost of $15.26 per share, for a total transaction of $30,520.00. 3.90% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Isthmus Partners LLC acquired a new position in Culp in the 2nd quarter valued at about $964,000. Strs Ohio increased its position in Culp by 7.4% in the 2nd quarter. Strs Ohio now owns 23,200 shares of the textile maker’s stock valued at $440,000 after acquiring an additional 1,600 shares during the period. 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. Brown Advisory Inc. purchased a new stake in Culp in the 2nd quarter valued at approximately $3,629,000. Finally, Keeley Teton Advisors LLC boosted its holdings in Culp by 25.7% in the 2nd quarter. Keeley Teton Advisors LLC now owns 96,790 shares of the textile maker’s stock valued at $1,839,000 after purchasing an additional 19,761 shares in the last quarter. Institutional investors and hedge funds own 85.32% of the company’s stock.

Shares of CULP traded up $0.29 during midday trading on Monday, hitting $15.69. 22,000 shares of the stock were exchanged, compared to its average volume of 34,064. Culp has a 52-week low of $13.09 and a 52-week high of $23.84. The stock has a fifty day simple moving average of $15.56 and a 200 day simple moving average of $17.55. The firm has a market cap of $192.03 million, a P/E ratio of 38.27 and a beta of 0.61. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.02 and a current ratio of 3.44.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, October 4th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Thursday, October 3rd. Culp’s dividend payout ratio is presently 97.56%.

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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