Brokerages Set Fred’s Inc. (FRED) Target Price at $10.25
Shares of Fred’s Inc. (NASDAQ:FRED) have been given an average rating of “Hold” by the six research firms that are covering the firm. Three investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $10.25.
A number of analysts have recently commented on the company. MKM Partners restated a “neutral” rating and issued a $14.00 target price on shares of Fred’s in a research note on Thursday, July 7th. Sidoti assumed coverage on Fred’s in a research note on Wednesday, July 6th. They issued a “neutral” rating and a $17.00 target price on the stock. Zacks Investment Research downgraded Fred’s from a “buy” rating to a “hold” rating in a research note on Thursday, July 21st. Deutsche Bank AG restated a “hold” rating and issued a $15.00 target price on shares of Fred’s in a research note on Tuesday, August 2nd. Finally, Stephens downgraded Fred’s from an “equal weight” rating to an “underperform” rating and set a $9.00 target price on the stock. in a research note on Wednesday, August 31st.
In other Fred’s news, Director Michael Hayes sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $11.04, for a total transaction of $110,400.00. Following 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.40% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its position 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 worth $67,996,000 after buying an additional 233,539 shares during the last quarter. NWQ Investment Management Company LLC boosted its position 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 worth $48,914,000 after buying an additional 298,019 shares during the last quarter. Vanguard Group Inc. boosted its position 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 worth $46,181,000 after buying an additional 136,177 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of Fred’s by 1.7% in the second quarter. BlackRock Fund Advisors now owns 2,365,238 shares of the company’s stock worth $38,104,000 after buying an additional 38,478 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Fred’s by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 711,012 shares of the company’s stock worth $11,455,000 after buying an additional 26,292 shares during the last quarter. 95.07% of the stock is owned by institutional investors and hedge funds.
Fred’s (NASDAQ:FRED) opened at 8.85 on Friday. Fred’s has a one year low of $8.82 and a one year high of $17.14. The stock’s market cap is $330.53 million. The stock has a 50 day moving average price of $10.09 and a 200-day moving average price of $13.65.
Fred’s (NASDAQ:FRED) last issued its earnings results on Tuesday, August 30th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.03. Fred’s had a positive return on equity of 0.13% and a negative net margin of 0.37%. The firm had revenue of $529.50 million for the quarter, compared to the consensus estimate of $546.23 million. During the same quarter in the prior year, the business earned ($0.13) earnings per share. The company’s revenue was down 3.0% compared to the same quarter last year. Equities research analysts expect that Fred’s will post ($0.35) earnings per share for the current fiscal year.
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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