Culp (NYSE:CULP) Cut to “Hold” at Zacks Research

Culp (NYSE:CULP) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday, Zacks reports.

Culp Stock Performance

Shares of NYSE CULP opened at $3.42 on Monday. The company has a quick ratio of 0.79, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $43.50 million, a price-to-earnings ratio of -3.98 and a beta of 1.19. The stock’s fifty day simple moving average is $3.45 and its 200 day simple moving average is $3.22. Culp has a 52-week low of $2.70 and a 52-week high of $4.80.

Hedge Funds Weigh In On Culp

Institutional investors have recently bought and sold shares of the stock. CIBC Bancorp USA Inc. purchased a new stake in shares of Culp during the third quarter worth $6,642,000. BlackRock Inc. bought a new position in Culp during the second quarter valued at approximately $863,000. Ameriprise Financial Inc. raised its position in Culp by 23.6% during the third quarter. Ameriprise Financial Inc. now owns 859,145 shares of the textile maker’s stock valued at $3,832,000 after acquiring an additional 164,257 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Culp in the second quarter valued at approximately $158,000. Finally, Grace & White Inc. NY lifted its stake in Culp by 24.7% in the first quarter. Grace & White Inc. NY now owns 150,763 shares of the textile maker’s stock valued at $413,000 after acquiring an additional 29,845 shares during the last quarter. Hedge funds and other institutional investors own 75.05% of the company’s stock.

About Culp

Culp, Inc, headquartered in High Point, North Carolina, is a leading producer of specialty fabrics for the home furnishings industry. Founded in 1972 by Bill Culp, the company has grown into a publicly traded enterprise that supplies upholstery and mattress fabrics to manufacturers and retailers across North America and abroad. Culp’s fabric offerings are designed to meet the aesthetic and performance requirements of residential furniture, contract seating, and hospitality applications.

The company operates through two primary segments.