Share Repurchase Program Announced by Carter's (CRI)

Carter's (NYSE:CRI) declared that its Board of Directors has initiated a stock repurchase program, which permits the company to buyback $500.00 million in shares on Tuesday, February 27th, EventVestor reports. This buyback authorization permits the textile maker to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Shares of Carter's (NYSE:CRI) traded up $1.96 during midday trading on Monday, reaching $105.78. The company’s stock had a trading volume of 627,926 shares, compared to its average volume of 755,247. Carter's has a 12-month low of $79.76 and a 12-month high of $129.00. The firm has a market capitalization of $4,889.02, a PE ratio of 16.73, a P/E/G ratio of 1.61 and a beta of 0.35. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.10 and a quick ratio of 1.43.

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Carter's (NYSE:CRI) last posted its earnings results on Tuesday, February 27th. The textile maker reported $2.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.20 by $0.12. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.03 billion. Carter's had a return on equity of 35.46% and a net margin of 8.90%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.79 earnings per share. research analysts anticipate that Carter's will post 6.65 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 23rd. Investors of record on Monday, March 12th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.70%. This is a positive change from Carter's’s previous quarterly dividend of $0.37. The ex-dividend date was Friday, March 9th. Carter's’s dividend payout ratio is 28.66%.

Several research firms have weighed in on CRI. B. Riley set a $127.00 price target on Carter's and gave the company a “buy” rating in a research report on Monday. Zacks Investment Research downgraded Carter's from a “buy” rating to a “hold” rating in a research report on Tuesday, March 13th. Wells Fargo reissued a “market perform” rating and set a $123.00 price target (up previously from $105.00) on shares of Carter's in a research report on Thursday, January 11th. Citigroup boosted their price objective on Carter's from $132.00 to $134.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Finally, Oppenheimer boosted their price objective on Carter's from $112.00 to $125.00 and gave the stock an “outperform” rating in a research note on Monday, December 18th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $121.00.

In other Carter's news, insider Brian Lynch sold 26,500 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $116.12, for a total value of $3,077,180.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Greg Foglesong sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $117.98, for a total value of $707,880.00. The disclosure for this sale can be found here. Corporate insiders own 3.10% 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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