Culp, Inc. (NYSE:CULP) Expected to Post Quarterly Sales of $77.33 Million

Analysts expect that Culp, Inc. (NYSE:CULP) will announce $77.33 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Culp’s earnings, with estimates ranging from $77.16 million to $77.62 million. Culp posted sales of $77.01 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 0.4%. The business is expected to announce its next quarterly earnings results on Thursday, December 5th.

On average, analysts expect that Culp will report full-year sales of $310.02 million for the current financial year, with estimates ranging from $307.93 million to $312.23 million. For the next financial year, analysts anticipate that the company will post sales of $319.94 million, with estimates ranging from $317.87 million to $322.10 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Culp.

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

CULP has been the subject of a number of recent research reports. Zacks Investment Research upgraded Culp from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 13th. ValuEngine upgraded Culp from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 1st. Finally, Raymond James dropped their price objective on Culp from $22.00 to $18.00 and set an “outperform” rating for the company in a research report on Monday, September 9th.

In related news, Director Kenneth W. Mcallister acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was purchased at an average price of $15.26 per share, for a total transaction of $30,520.00. Company insiders own 3.90% of the company’s stock.

Large investors have recently modified their holdings of the business. BW Gestao de Investimentos Ltda. boosted its stake in Culp by 22.0% in the 3rd quarter. BW Gestao de Investimentos Ltda. now owns 6,122 shares of the textile maker’s stock worth $100,000 after buying an additional 1,103 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Culp in the 3rd quarter worth about $171,000. Saturna Capital CORP acquired a new stake in Culp in the 2nd quarter worth about $304,000. Rhumbline Advisers boosted its stake in Culp by 13.4% in the 3rd quarter. Rhumbline Advisers now owns 18,387 shares of the textile maker’s stock worth $300,000 after buying an additional 2,166 shares during the last quarter. Finally, Moors & Cabot Inc. boosted its stake in Culp by 53.2% in the 3rd quarter. Moors & Cabot Inc. now owns 19,351 shares of the textile maker’s stock worth $313,000 after buying an additional 6,722 shares during the last quarter. 85.71% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CULP stock remained flat at $$15.95 during mid-day trading on Thursday. The stock had a trading volume of 21,823 shares, compared to its average volume of 33,731. Culp has a twelve month low of $13.09 and a twelve month high of $23.11. The firm has a market capitalization of $194.01 million, a P/E ratio of 38.90 and a beta of 0.60. The firm’s 50-day moving average is $15.69 and its 200-day moving average is $17.13. 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, October 4th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date 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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