Culp, Inc. (CULP) Holdings Lifted by Wedge Capital Management L L P NC
Wedge Capital Management L L P NC raised its position in Culp, Inc. (NYSE:CULP) by 38.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,431 shares of the textile maker’s stock after buying an additional 8,482 shares during the period. Wedge Capital Management L L P NC owned about 0.24% of Culp worth $736,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CULP. Russell Investments Group Ltd. purchased a new stake in shares of Culp during the first quarter worth about $130,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Culp during the first quarter worth about $260,000. Citadel Advisors LLC purchased a new stake in shares of Culp during the second quarter worth about $234,000. California State Teachers Retirement System purchased a new stake in shares of Culp during the first quarter worth about $510,000. Finally, Wells Fargo & Company MN purchased a new stake in shares of Culp during the first quarter worth about $572,000. 85.96% of the stock is owned by institutional investors.
A number of research firms have recently commented on CULP. Zacks Investment Research raised shares of Culp from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 30th. Stifel Nicolaus cut their target price on shares of Culp from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, August 31st.
Culp (NYSE:CULP) last posted its quarterly earnings results on Wednesday, August 29th. The textile maker reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. The firm had revenue of $71.47 million for the quarter, compared to analyst estimates of $71.91 million. Culp had a net margin of 5.34% and a return on equity of 10.56%. Equities analysts predict that Culp, Inc. will post 1.2 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Monday, October 1st were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, September 28th. This represents a $0.36 dividend on an annualized basis and a yield of 1.63%. Culp’s payout ratio is presently 24.16%.
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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