Bank of New York Mellon Corp Takes Position in Carter's, Inc. $CRI

Key Points

• Bank of New York Mellon acquired 688,717 Carter’s shares worth approximately $28.3 million, representing a 1.88% stake. Several other institutional investors also increased their positions.
• Carter’s exceeded quarterly expectations, reporting $0.26 in EPS versus the $0.06 consensus estimate and revenue of $615.5 million, up 5.2% year over year.
• The company declared a quarterly dividend of $0.25 per share, or $1.00 annually, yielding about 3.0%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $41.17.

Bank of New York Mellon Corp bought a new position in shares of Carter's, Inc. (NYSE:CRI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 688,717 shares of the textile maker's stock, valued at approximately $28,348,000. Bank of New York Mellon Corp owned 1.88% of Carter's as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CRI. AQR Capital Management LLC boosted its position in Carter's by 113.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,564,457 shares of the textile maker's stock worth $77,267,000 after purchasing an additional 1,364,698 shares in the last quarter. Rubric Capital Management LP lifted its stake in shares of Carter's by 121.5% in the 1st quarter. Rubric Capital Management LP now owns 1,018,853 shares of the textile maker's stock valued at $36,434,000 after purchasing an additional 558,853 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Carter's by 36.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,765,205 shares of the textile maker's stock valued at $63,121,000 after purchasing an additional 472,786 shares during the period. Quantinno Capital Management LP boosted its holdings in Carter's by 1,679.7% during the second quarter. Quantinno Capital Management LP now owns 370,791 shares of the textile maker's stock worth $11,172,000 after buying an additional 349,957 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Carter's by 104.3% during the third quarter. Millennium Management LLC now owns 661,920 shares of the textile maker's stock worth $18,679,000 after buying an additional 337,880 shares in the last quarter.

Carter's Price Performance

NYSE:CRI opened at $33.63 on Friday. Carter's, Inc. has a one year low of $27.15 and a one year high of $44.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.50 and a current ratio of 2.47. The stock has a market cap of $1.23 billion, a PE ratio of 6.30, a P/E/G ratio of 3.78 and a beta of 0.86. The stock has a 50 day moving average price of $38.88 and a 200 day moving average price of $37.82.

Carter's (NYSE:CRI - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The textile maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.06 by $0.20. Carter's had a return on equity of 12.78% and a net margin of 6.55%.The business had revenue of $615.49 million for the quarter, compared to analyst estimates of $605.68 million. During the same quarter in the previous year, the firm earned $0.17 EPS. The company's quarterly revenue was up 5.2% compared to the same quarter last year. Equities research analysts expect that Carter's, Inc. will post 3.28 EPS for the current fiscal year.

Carter's Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 1st. Carter's's dividend payout ratio (DPR) is currently 18.73%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CRI. Weiss Ratings upgraded shares of Carter's from a "sell (d+)" rating to a "hold (c)" rating in a research report on Thursday, August 13th. Monness Crespi & Hardt raised their target price on Carter's from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Citigroup restated a "buy" rating on shares of Carter's in a research note on Tuesday, July 21st. Wall Street Zen cut Carter's from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, Zacks Research upgraded Carter's from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Carter's has a consensus rating of "Moderate Buy" and an average target price of $41.17.

Carter's Company Profile

Carter's, Inc NYSE: CRI is a leading designer and marketer of infant and young children's apparel in North America. Headquartered in Atlanta, Georgia, the company's core business focuses on creating clothing and accessories for babies and children, including bodysuits, sleepwear, layette, outerwear and accessories that blend comfort, safety and style. Carter's flagship brand is complemented by its OshKosh B'gosh line, which offers heritage-inspired designs and durable fabrics for toddlers and young kids.

The company distributes its products through a diversified platform that includes wholesale partnerships with major department stores and mass merchandisers, direct‐to‐consumer e-commerce sites, and an extensive network of company-operated retail stores.

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