Q3 2017 EPS Estimates for Fred’s Inc. Lowered by Analyst (FRED)
Fred’s Inc. (NASDAQ:FRED) – Analysts at SunTrust Banks reduced their Q3 2017 EPS estimates for Fred’s in a research note issued to investors on Thursday. SunTrust Banks analyst D. Magee now anticipates that the firm will post earnings per share of ($0.15) for the quarter, down from their previous forecast of ($0.13). SunTrust Banks also issued estimates for Fred’s’ Q4 2017 earnings at ($0.08) EPS.
Fred’s (NASDAQ:FRED) last issued its quarterly earnings results on Tuesday, August 30th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.03. The company 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 firm’s revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.13) EPS.
A number of other equities research analysts have also recently weighed in on the stock. Sidoti upgraded shares of Fred’s from a “neutral” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Friday. They noted that the move was a valuation call. Zacks Investment Research cut shares of Fred’s from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 31st. Deutsche Bank AG dropped their price target on shares of Fred’s from $12.00 to $10.00 and set a “sell” rating for the company in a research report on Wednesday, August 31st. TheStreet cut shares of Fred’s from a “hold” rating to a “sell” rating in a research report on Tuesday, August 30th. Finally, 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. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $11.80.
Shares of Fred’s (NASDAQ:FRED) traded up 0.21% during trading on Monday, reaching $9.50. 10,692 shares of the company traded hands. The stock’s market capitalization is $354.81 million. Fred’s has a 52 week low of $8.98 and a 52 week high of $17.14. The firm has a 50 day moving average of $10.58 and a 200 day moving average of $13.79.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mason Street Advisors LLC purchased a new position in shares of Fred’s during the second quarter worth about $110,000. BlackRock Inc. increased its position in shares of Fred’s by 198.6% in the second quarter. BlackRock Inc. now owns 9,267 shares of the company’s stock worth $150,000 after buying an additional 6,163 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Fred’s during the second quarter worth about $164,000. Trexquant Investment LP purchased a new position in shares of Fred’s during the second quarter worth about $168,000. Finally, BNP Paribas Arbitrage SA increased its position in shares of Fred’s by 111.2% in the second quarter. BNP Paribas Arbitrage SA now owns 10,897 shares of the company’s stock worth $176,000 after buying an additional 5,737 shares in the last quarter. Institutional investors own 95.09% of the company’s stock.
In related news, Director Michael Hayes sold 10,000 shares of Fred’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $11.04, for a total value of $110,400.00. Following the completion of the transaction, the director now owns 1,579,566 shares in the company, valued at $17,438,408.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.40% of the stock is currently owned by corporate insiders.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, September 2nd were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.24 dividend on an annualized basis and a yield of 2.53%. Fred’s’s dividend payout ratio is currently -109.09%.
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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