Culp (NYSE:CULP) Shares Break Above 50-Day Moving Average – What’s Next?

Shares of Culp, Inc. (NYSE:CULP) crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $3.62 and traded as high as $3.77. Culp shares last traded at $3.73, with a volume of 65,076 shares.

Wall Street Analyst Weigh In

Separately, Zacks Research lowered shares of Culp from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce”.

Culp Stock Up 4.2%

The company has a market capitalization of $47.50 million, a P/E ratio of -4.34 and a beta of 1.22. The company has a current ratio of 1.76, a quick ratio of 0.79 and a debt-to-equity ratio of 0.13. The stock’s fifty day moving average is $3.62 and its 200 day moving average is $3.35.

Culp (NYSE:CULP) last announced its quarterly earnings results on Wednesday, September 9th. The textile maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. Culp had a negative net margin of 5.24% and a negative return on equity of 12.53%. The business had revenue of $53.97 million for the quarter, compared to analyst estimates of $53.20 million.

Institutional Trading of Culp

A number of institutional investors have recently modified their holdings of CULP. BlackRock Inc. bought a new stake in shares of Culp in the second quarter worth about $863,000. Hsbc Holdings PLC purchased a new position in Culp during the 2nd quarter valued at about $47,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Culp during the second quarter valued at approximately $158,000. 75.05% of the stock is currently owned by hedge funds and other institutional investors.

Culp Company Profile

Culp, Inc is a manufacturer and marketer of mattress and upholstery fabrics used in residential, commercial and institutional furnishings. The company supplies fabrics to bedding manufacturers, furniture producers and other customers in the home furnishings industry.

Through its mattress fabrics operations, Culp provides knitted and woven fabrics used in mattress covers, foundations and other bedding products. Its upholstery fabrics business produces and sources fabrics for residential furniture, office seating, hospitality settings, healthcare facilities and other commercial applications.

Founded in 1972 and headquartered in High Point, North Carolina, Culp serves customers in North America and international markets through a global manufacturing and sourcing network.