Zacks: Culp, Inc. (CFI) Receives Consensus Rating of “Buy” from Brokerages

Shares of Culp, Inc. (NYSE:CFI) have been assigned an average broker rating score of 2.00 (Buy) from the two analysts that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company.

Brokerages have set a 1-year consensus price target of $38.00 for the company and are expecting that the company will post $0.45 earnings per share for the current quarter, according to Zacks. Zacks has also given Culp an industry rank of 214 out of 265 based on the ratings given to its competitors.

Separately, Zacks Investment Research lowered shares of Culp from a “hold” rating to a “sell” rating in a research note on Thursday, March 2nd.

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In other Culp news, VP Boyd Brooks Chumbley sold 1,159 shares of Culp stock in a transaction on Thursday, March 9th. The shares were sold at an average price of $30.95, for a total transaction of $35,871.05. Following the completion of the sale, the vice president now owns 16,531 shares of the company’s stock, valued at approximately $511,634.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Robert G. Culp III sold 16,760 shares of Culp stock in a transaction on Friday, March 10th. The shares were sold at an average price of $31.18, for a total transaction of $522,576.80. Following the sale, the chairman now directly owns 101,294 shares of the company’s stock, valued at approximately $3,158,346.92. The disclosure for this sale can be found here. Insiders have sold a total of 58,328 shares of company stock valued at $1,842,681 in the last three months. Company insiders own 13.50% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Aberdeen Asset Management PLC UK raised its stake in shares of Culp by 24.3% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 1,019,158 shares of the textile maker’s stock worth $37,862,000 after buying an additional 199,058 shares during the period. WCM Investment Management CA increased its position in Culp by 1.9% in the third quarter. WCM Investment Management CA now owns 69,676 shares of the textile maker’s stock worth $2,074,000 after buying an additional 1,305 shares in the last quarter. Martingale Asset Management L P increased its position in Culp by 3.1% in the fourth quarter. Martingale Asset Management L P now owns 50,009 shares of the textile maker’s stock worth $1,858,000 after buying an additional 1,500 shares in the last quarter. State Street Corp increased its position in Culp by 14.8% in the fourth quarter. State Street Corp now owns 204,584 shares of the textile maker’s stock worth $7,599,000 after buying an additional 26,388 shares in the last quarter. Finally, Thomson Horstmann & Bryant Inc. increased its position in Culp by 92.1% in the third quarter. Thomson Horstmann & Bryant Inc. now owns 71,934 shares of the textile maker’s stock worth $2,141,000 after buying an additional 34,487 shares in the last quarter. 85.45% of the stock is owned by institutional investors.

Shares of Culp (NYSE:CFI) traded down 0.15% during midday trading on Friday, hitting $32.40. The stock had a trading volume of 19,727 shares. The company has a market cap of $398.97 million, a P/E ratio of 20.51 and a beta of 0.51. Culp has a one year low of $25.57 and a one year high of $37.80. The firm has a 50 day moving average of $31.49 and a 200-day moving average of $32.51.

Culp (NYSE:CFI) last posted its quarterly earnings data on Tuesday, February 28th. The textile maker reported $0.47 EPS for the quarter, hitting analysts’ consensus estimates of $0.47. Culp had a net margin of 5.85% and a return on equity of 18.91%. The firm earned $76.17 million during the quarter, compared to analyst estimates of $77.85 million. On average, analysts forecast that Culp will post $1.95 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, April 17th. Shareholders of record on Monday, April 3rd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date was Thursday, March 30th. Culp’s dividend payout ratio (DPR) is currently 21.77%.

About Culp

Culp, Inc is a producer of mattress fabrics and marketer of upholstery fabrics for furniture in North America. The Company is engaged in the manufacture, sourcing and marketing of mattress fabrics and sewn covers used for covering mattresses and box springs, and upholstery fabrics, including cut and sewn kits used in production of upholstered furniture.

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