Carter's Shares Drop On Hedge Fund Activity

Carter's (NYSE: CRI) shares dropped almost three percent after Tiger Global exited its position, a huge change from the firm's previous position.

As of March 31, Tiger Global was the largest holder of the company, with 6.5 million shares (12.08 percent of outstanding shares). However, in an amended 13G filing Wednesday, the fund showed no stake.

Between March 31 and May 28, shares of Carter's have dropped 5.65 percent and reported uneventful earnings.

Morgan Stanley is now the largest shareholder of Carter's. On March 31, Morgan Stanley showed a 5.7 million share stake in the company, or 10.55 percent of outstanding shares.

Carter's was last trading at $71.98, down 2.61 percent on the day.