Carter's (CRI) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Carter's (NYSE:CRI) from a buy rating to a hold rating in a report issued on Tuesday.
According to Zacks, “Carter’s, Inc. is a leading provider of apparel and related products exclusively for babies and young children. The Company owns the Carter’s and OshKosh B’gosh brands, two of the most recognized brands in the marketplace. These brands are sold in leading department stores, national chains, and specialty retailers domestically and internationally and through Company-operated stores and on-line at carters.com and oshkoshbgosh.com. The Company’s Child of Mine brand is available at Walmart, and its Genuine Kids, Just One You, and Precious Firsts brands are available at Target. “
Several other equities analysts have also recently weighed in on the stock. Cowen set a $105.00 price objective on shares of Carter's and gave the stock a hold rating in a research report on Thursday, November 16th. Wells Fargo & Co upgraded shares of Carter's from a market perform rating to an outperform rating in a research report on Thursday, January 25th. B. Riley lifted their price objective on shares of Carter's from $111.00 to $124.00 and gave the stock a buy rating in a research report on Monday, December 18th. SunTrust Banks initiated coverage on shares of Carter's in a research report on Wednesday, December 27th. They set a hold rating and a $126.00 price objective on the stock. Finally, ValuEngine upgraded shares of Carter's from a hold rating to a buy rating in a research report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. Carter's currently has a consensus rating of Buy and a consensus target price of $120.77.
Carter's (NYSE:CRI) last posted its quarterly earnings results on Tuesday, February 27th. The textile maker reported $2.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.20 by $0.12. Carter's had a net margin of 8.90% and a return on equity of 35.46%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business posted $1.79 earnings per share. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. equities analysts forecast that Carter's will post 6.65 EPS for the current year.
Carter's declared that its board has approved a stock repurchase plan on Tuesday, February 27th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the textile maker to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 23rd. Stockholders of record on Monday, March 12th will be issued a dividend of $0.45 per share. This is a boost from Carter's’s previous quarterly dividend of $0.37. This represents a $1.80 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, March 9th. Carter's’s payout ratio is currently 28.66%.
In other news, EVP Greg Foglesong sold 6,000 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $117.98, for a total transaction of $707,880.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Brian Lynch sold 26,500 shares of the business’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $116.12, for a total transaction of $3,077,180.00. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Xact Kapitalforvaltning AB purchased a new position in shares of Carter's during the 4th quarter valued at $450,000. Envestnet Asset Management Inc. grew its holdings in shares of Carter's by 107.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 15,959 shares of the textile maker’s stock valued at $1,874,000 after acquiring an additional 8,249 shares in the last quarter. Delek Group Ltd. purchased a new position in shares of Carter's during the 4th quarter valued at $8,195,000. We Are One Seven LLC purchased a new position in shares of Carter's during the 4th quarter valued at $429,000. Finally, MetLife Investment Advisors LLC purchased a new position in shares of Carter's during the 4th quarter valued at $3,518,000. Institutional investors and hedge funds own 97.47% of the company’s stock.
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Carter's Company Profile
Carter’s, Inc (Carter’s) is a marketer of apparel for babies and young children in the United States and Canada. The Company owns two brand names in the children’s apparel industry, Carter’s and OshKosh B’gosh (OshKosh). The Company operates through five segments: Carter’s Retail, Carter’s Wholesale, OshKosh Retail, OshKosh Wholesale and International.
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