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Carter's: Is the Kingpin Of Children's Apparel A Potential Takover Target?
If there’s a perpetually growing business, it is kid’s apparel.
So it isn’t surprising that Carter’s (CRI), the largest U.S. maker and marketer of branded baby and young children’s apparel, is deemed as too attractive not to entice a suitor.
Some savvy stock pickers are betting that Carter’s, for a variety of reasons, is potentially takeover bait. Several large investors have been accumulating shares in the past 12 months, indicating to some that Carter’s could end up a target.
They probably know something that most Wall Street analysts who follow Carter’s don’t know, because only one of the 11 Street analysts who track the company rates the stock a buy. Nine others are neutral and one analyst recommends dumping the stock.
Nonetheless, several large institutional investors, including a Boston private equity firm, Berkshire Partners, believe Carter’s is a compelling investment. Berkshire just boosted its equity stake in Carter’s to 13.2%, from the 11.4% it held in November of 2010.
Other institutional investors who have taken big stakes in Carter’s – mostly based on its fundamentals — include BlackRock (BLK), which holds 7.1%, Royce & Associates with 5.6%, Vanguard Group with 5%, and T. Rowe Price (TROW), which owns 4.7%.
What’s Carter’s particlar allure? The 145-year old company is the absolute kingpin in the ever-growing business of kid’s apparel, a mighty $22 billion market in which it has a hefty 14% share.
The other top players in the space are Wal-Mart (WMT), Target (TGT), and Kohl’s (KSS). But their growth also benefits Carter’s because it supplies private-label kids’ apparel to these companies, too, in what it calls “multi-channeling” in the mass market. Wal-Mart and Target each generates for Carter’s sales of $150 million to $200 million a year. Carter’s posted total sales of $1.59 billion last year and analysts expect $1.79 billion in 2011.
Also big players in the children’s apparel business are Gap (GPS), Disney (DIS), Children’s Place (PLCE) and Hanesbrands (HBI).
BERKSHIRE SEEKING MORE SAY IN CARTER’S FUTURE
Meanwhile, Carter’s management is adopting a calm attitude about rumors of a takeover plot by Berkshire. When asked by analysts at the recent Citigroup Global Consumer Conference about Berkshire’s increasing stake, Michael Casey, Carter’s chairman and chief executive, described Berkshire as a “first-class long-term investor” whose intention is to remain “a passive investor.” Nonetheless, Berkshire has stepped up its buying of Carter’s shares since November, at prices ranging from $27 to $32 a share. Carter’s stock closed on June 15, 2011, at $29.95 a share.
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One wealth-management group that has accumulated shares in Carter's is Northwest Criterion Asset Management, based in Princeton, NJ, which has chalked up impressive returns since its inception in 2004, in large measure due to its stock picks that ended
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Jim Coats promoted to senior vice president at Wellman « Idaho ...
Jim Coats has been promoted to senior vice president at Ferguson Wellman Capital Management.
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Prior to joining the firm, Coats worked for R.V. Kuhns & Associates in Portland, Ore. as an associate consultant.
Founded in 1975, Ferguson Wellman Capital Management is a privately owned investment advisory firm, established in the Pacific Northwest.
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