Fred’s Inc. (FRED) Upgraded to “Hold” at Deutsche Bank AG
A number of other equities analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Fred’s from a hold rating to a strong sell rating in a report on Wednesday, August 31st. TheStreet downgraded shares of Fred’s from a hold rating to a sell rating in a report on Tuesday, August 30th. MKM Partners reaffirmed a neutral rating and set a $14.00 price objective on shares of Fred’s in a report on Thursday, July 7th. Stephens downgraded shares of Fred’s from an equal weight rating to an underperform rating and set a $9.00 price objective on the stock. in a report on Wednesday, August 31st. Finally, Sidoti started coverage on shares of Fred’s in a report on Wednesday, July 6th. They set a neutral rating and a $17.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company currently has an average rating of Hold and an average target price of $12.80.
Fred’s (NASDAQ:FRED) traded down 3.11% during trading on Monday, reaching $9.97. 66,982 shares of the company were exchanged. The stock’s market capitalization is $372.36 million. The firm’s 50 day moving average price is $11.19 and its 200-day moving average price is $13.98. Fred’s has a one year low of $8.98 and a one year high of $17.14.
Fred’s (NASDAQ:FRED) last posted its quarterly earnings data on Tuesday, August 30th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.03. The firm had revenue of $529.50 million for the quarter, compared to the consensus estimate of $546.23 million. Fred’s had a negative net margin of 0.37% and a positive return on equity of 0.13%. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.13) EPS. On average, equities research analysts predict that Fred’s will post ($0.35) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, September 2nd were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend was Wednesday, August 31st. Fred’s’s dividend payout ratio is currently -109.09%.
In related news, Director Michael Hayes sold 9,369 shares of the business’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $10.17, for a total value of $95,282.73. Following the sale, the director now directly owns 1,538,152 shares in the company, valued at approximately $15,643,005.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 6.40% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Arizona State Retirement System boosted its stake in shares of Fred’s by 4.6% in the first quarter. Arizona State Retirement System now owns 18,075 shares of the company’s stock valued at $269,000 after buying an additional 800 shares in the last quarter. Springbok Capital Management LLC boosted its stake in shares of Fred’s by 1,889.2% in the first quarter. Springbok Capital Management LLC now owns 12,731 shares of the company’s stock valued at $190,000 after buying an additional 12,091 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Fred’s during the first quarter valued at $521,000. Wellington Management Group LLP boosted 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 in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Fred’s by 2.5% in the first quarter. Geode Capital Management LLC now owns 239,899 shares of the company’s stock valued at $3,576,000 after buying an additional 5,796 shares in the last quarter. Hedge funds and other institutional investors own 95.08% of the company’s stock.
Fred’s Company Profile
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.
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