Brokerages Expect Culp, Inc. (CULP) to Announce $0.10 Earnings Per Share

Equities analysts expect Culp, Inc. (NYSE:CULP) to post earnings per share of $0.10 for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Culp’s earnings, with estimates ranging from $0.09 to $0.10. Culp posted earnings of $0.37 per share during the same quarter last year, which would suggest a negative year over year growth rate of 73%. The company is scheduled to report its next quarterly earnings results on Wednesday, June 12th.

On average, analysts expect that Culp will report full year earnings of $0.78 per share for the current year, with EPS estimates ranging from $0.76 to $0.81. For the next financial year, analysts expect that the company will post earnings of $0.98 per share, with EPS estimates ranging from $0.91 to $1.06. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of analysts that follow Culp.

CULP has been the topic of a number of analyst reports. Zacks Investment Research raised shares of Culp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Raymond James raised shares of Culp from a “market perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research note on Friday, March 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $26.00.

In related news, Director Fred A. Jackson bought 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were acquired at an average cost of $17.57 per share, with a total value of $52,710.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Oxford Asset Management LLP bought a new position in Culp during the first quarter worth $728,000. Renaissance Technologies LLC boosted its stake in Culp by 4.4% during the first quarter. Renaissance Technologies LLC now owns 721,500 shares of the textile maker’s stock worth $13,874,000 after acquiring an additional 30,700 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Culp during the first quarter worth $248,000. Dimensional Fund Advisors LP boosted its stake in Culp by 4.1% during the first quarter. Dimensional Fund Advisors LP now owns 813,016 shares of the textile maker’s stock worth $15,634,000 after acquiring an additional 32,089 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in Culp by 0.4% during the first quarter. Royce & Associates LP now owns 127,385 shares of the textile maker’s stock worth $2,450,000 after acquiring an additional 526 shares in the last quarter. 85.15% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:CULP traded up $0.45 during trading on Thursday, reaching $17.39. The stock had a trading volume of 16,300 shares, compared to its average volume of 39,220. Culp has a 52 week low of $16.41 and a 52 week high of $31.95. The firm has a market cap of $215.33 million, a P/E ratio of 11.67 and a beta of 0.43.

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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