Fred’s Inc. Same Store Sales Down 4.6% in September (NASDAQ:FRED)
Fred’s’ (NASDAQ:FRED) same store sales dropped 4.6% in the month of September. The company missed analysts’ expectations of a 1.3% year-over-year increase in sales. Fred’s’ shares dropped by 6.5% in the first full-day of trading following the news.
A number of brokerages have commented on FRED. Deutsche Bank AG reiterated a “hold” rating on shares of Fred’s in a research report on Sunday, July 10th. Zacks Investment Research upgraded shares of Fred’s from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research report on Wednesday, July 20th. MKM Partners reiterated a “neutral” rating and set a $14.00 price target on shares of Fred’s in a research report on Thursday, July 7th. Finally, Sidoti began coverage on shares of Fred’s in a research report on Wednesday, July 6th. They set a “neutral” rating and a $17.00 price target on the stock. Four research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The company presently has an average rating of “Sell” and an average target price of $12.80.
In related news, Director Michael Hayes sold 9,369 shares of the firm’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $10.17, for a total value of $95,282.73. Following the completion of the sale, the director now owns 1,538,152 shares of the company’s stock, valued at $15,643,005.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.40% of the stock is currently owned by insiders.
Shares of Fred’s (NASDAQ:FRED) opened at 9.06 on Friday. The company has a 50-day moving average price of $11.30 and a 200-day moving average price of $14.02. The stock’s market cap is $338.37 million. Fred’s has a 52 week low of $8.98 and a 52 week high of $17.14.
Fred’s (NASDAQ:FRED) last posted its earnings results on Tuesday, August 30th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.03. The firm had revenue of $529.50 million for the quarter, compared to analyst estimates of $546.23 million. Fred’s had a positive return on equity of 0.13% and a negative net margin of 0.37%. Fred’s’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period last year, the company earned ($0.13) earnings per share. Equities analysts anticipate that Fred’s will post ($0.35) EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, September 2nd were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 2.65%. The ex-dividend date was Wednesday, August 31st. Fred’s’s payout ratio is currently -109.09%.
Hedge funds have recently modified their holdings of the stock. NWQ Investment Management Company LLC raised its stake in shares of Fred’s by 10.0% in the first quarter. NWQ Investment Management Company LLC now owns 3,280,610 shares of the company’s stock valued at $48,914,000 after buying an additional 298,019 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Fred’s by 5.4% in the first quarter. Wellington Management Group LLP now owns 4,560,455 shares of the company’s stock valued at $67,996,000 after buying an additional 233,539 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Fred’s by 5.0% in the second quarter. Vanguard Group Inc. now owns 2,866,562 shares of the company’s stock valued at $46,181,000 after buying an additional 136,177 shares during the last quarter. AXA acquired a new stake in shares of Fred’s during the first quarter valued at approximately $1,464,000. Finally, Systematic Financial Management LP acquired a new stake in shares of Fred’s during the second quarter valued at approximately $1,367,000. 95.08% of the stock is currently owned by institutional investors.
Fred’s, Inc (Fred’s) is engaged in the sale of general merchandise through its retail discount stores and full service pharmacies. The Company sells general merchandise to its over 20 franchisees. The Company has approximately 660 retail stores, over 370 pharmacies, and approximately three specialty pharmacy facilities located in over 15 states mainly in the Southeastern United States.
Receive News & Stock Ratings for Fred's Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fred's Inc. and related stocks with our FREE daily email newsletter.