Salem Investment Counselors Inc. Has $2.79 Million Stock Position in Carter's, Inc. $CRI

Key Points

• Salem Investment Counselors Inc. significantly increased its stake in Carter's, Inc. by 46,222.5%, owning approximately $2.79 million worth of the company, as it bought over 92,000 additional shares in the second quarter.
• Carter's reported disappointing quarterly earnings, with an EPS of $0.17, missing the consensus estimate by $0.26, despite a revenue increase of 3.7% year-over-year.
• Analysts have downgraded Carter's stock ratings, with Zacks Research moving it to a "strong sell" and reduced price targets from multiple brokerages, indicating a bearish outlook.

Salem Investment Counselors Inc. lifted its stake in Carter's, Inc. (NYSE:CRI - Free Report) by 46,222.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 92,645 shares of the textile maker's stock after purchasing an additional 92,445 shares during the quarter. Salem Investment Counselors Inc. owned 0.25% of Carter's worth $2,791,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Covestor Ltd lifted its stake in Carter's by 18.6% in the 1st quarter. Covestor Ltd now owns 2,575 shares of the textile maker's stock worth $106,000 after acquiring an additional 404 shares in the last quarter. US Bancorp DE boosted its position in Carter's by 45.0% during the 1st quarter. US Bancorp DE now owns 1,408 shares of the textile maker's stock worth $58,000 after acquiring an additional 437 shares during the period. Parallel Advisors LLC boosted its position in Carter's by 80.9% during the 1st quarter. Parallel Advisors LLC now owns 1,062 shares of the textile maker's stock worth $43,000 after acquiring an additional 475 shares during the period. Allworth Financial LP boosted its position in Carter's by 313.1% during the 1st quarter. Allworth Financial LP now owns 723 shares of the textile maker's stock worth $28,000 after acquiring an additional 548 shares during the period. Finally, GAMMA Investing LLC boosted its position in Carter's by 38.2% during the 1st quarter. GAMMA Investing LLC now owns 2,004 shares of the textile maker's stock worth $82,000 after acquiring an additional 554 shares during the period.

Carter's Stock Down 1.7%

CRI opened at $29.62 on Friday. The business has a 50 day moving average price of $28.18 and a 200 day moving average price of $33.02. Carter's, Inc. has a twelve month low of $23.38 and a twelve month high of $71.99. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.03 and a current ratio of 2.20. The firm has a market cap of $1.08 billion, a P/E ratio of 7.86 and a beta of 1.02.

Carter's (NYSE:CRI - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The textile maker reported $0.17 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.26). The business had revenue of $585.31 million during the quarter, compared to the consensus estimate of $563.24 million. Carter's had a return on equity of 20.68% and a net margin of 4.79%.The business's quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 earnings per share. Research analysts forecast that Carter's, Inc. will post 5.15 EPS for the current year.

Carter's Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Tuesday, August 26th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, August 26th. Carter's's payout ratio is currently 26.53%.

Analysts Set New Price Targets

A number of brokerages have commented on CRI. Zacks Research lowered Carter's from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 13th. Barclays cut their price target on Carter's from $25.00 to $22.00 and set an "underweight" rating for the company in a research note on Tuesday, July 29th. Finally, UBS Group cut their price target on Carter's from $32.00 to $26.00 and set a "neutral" rating for the company in a research note on Monday, July 28th. Two equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Strong Sell" and an average price target of $30.25.

Carter's Company Profile

Carter's, Inc engages in the business of brand marketing of young children's apparel. It operates through the following segments: the United States (US) Retail, US Wholesale, and International. The US Retail segment includes selling products through retail stores and ecommerce websites. The US Wholesale segment focuses on wholesale partners.

Want to see what other hedge funds are holding CRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carter's, Inc. (NYSE:CRI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.