Culp, Inc. (NYSE:CULP) Sees Significant Growth in Short Interest

Culp, Inc. (NYSE:CULP) was the recipient of a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 197,900 shares, an increase of 53.5% from the June 15th total of 128,900 shares. Approximately 1.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 98,400 shares, the short-interest ratio is currently 2.0 days.

Several large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its position in Culp by 308.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,332 shares of the textile maker’s stock worth $32,000 after buying an additional 1,761 shares in the last quarter. Citigroup Inc. lifted its position in Culp by 76.9% during the 1st quarter. Citigroup Inc. now owns 3,909 shares of the textile maker’s stock worth $29,000 after buying an additional 1,699 shares in the last quarter. Acadian Asset Management LLC lifted its position in Culp by 86.9% during the 1st quarter. Acadian Asset Management LLC now owns 11,873 shares of the textile maker’s stock worth $87,000 after buying an additional 5,522 shares in the last quarter. Engineers Gate Manager LP acquired a new position in Culp during the 1st quarter worth about $107,000. Finally, Barclays PLC lifted its position in Culp by 9.6% during the 4th quarter. Barclays PLC now owns 15,138 shares of the textile maker’s stock worth $206,000 after buying an additional 1,325 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors.

CULP has been the topic of several research analyst reports. Stifel Nicolaus raised shares of Culp from a “hold” rating to a “buy” rating and raised their target price for the company from $8.00 to $13.00 in a research note on Thursday, May 28th. ValuEngine raised shares of Culp from a “hold” rating to a “buy” rating in a research note on Friday. Raymond James reaffirmed a “buy” rating and set a $12.00 price objective on shares of Culp in a research report on Monday. Finally, Zacks Investment Research lowered shares of Culp from a “buy” rating to a “hold” rating in a research report on Thursday, July 2nd.

Shares of NYSE:CULP traded up $0.13 during trading on Tuesday, reaching $10.35. The stock had a trading volume of 4,224 shares, compared to its average volume of 274,930. Culp has a 52 week low of $5.28 and a 52 week high of $19.24. The firm has a market capitalization of $112.43 million, a price-to-earnings ratio of -5.21 and a beta of 0.93. The company has a quick ratio of 1.93, a current ratio of 3.68 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $7.70 and a two-hundred day simple moving average of $9.44.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, July 10th will be given a $0.105 dividend. This represents a $0.42 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date is Thursday, July 9th. Culp’s dividend payout ratio is 200.00%.

Culp Company Profile

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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