Analysts Set Fred’s Inc. (FRED) Target Price at $10.00
Fred’s Inc. (NASDAQ:FRED) has received an average recommendation of “Hold” from the six brokerages that are covering the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $10.00.
A number of brokerages have recently issued reports on FRED. Deutsche Bank AG reissued a “hold” rating and issued a $15.00 target price on shares of Fred’s in a report on Tuesday, August 2nd. Zacks Investment Research raised Fred’s from a “sell” rating to a “hold” rating in a report on Friday, August 5th. Stephens cut Fred’s from an “equal weight” rating to an “underperform” rating and set a $9.00 target price for the company. in a report on Wednesday, August 31st. TheStreet cut Fred’s from a “hold” rating to a “sell” rating in a report on Tuesday, August 30th. Finally, MKM Partners reissued a “neutral” rating and issued a $10.00 target price (down from $13.00) on shares of Fred’s in a report on Monday, September 5th.
Shares of Fred’s (NASDAQ:FRED) opened at 9.57 on Friday. Fred’s has a 1-year low of $7.89 and a 1-year high of $17.14. The stock has a 50 day moving average price of $9.05 and a 200-day moving average price of $12.59. The company’s market cap is $357.42 million.
Fred’s (NASDAQ:FRED) last posted 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 firm earned $529.50 million during the quarter, compared to analysts’ expectations of $546.23 million. Fred’s had a positive return on equity of 0.13% and a negative net margin of 0.37%. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.13) EPS. Analysts predict that Fred’s will post ($0.42) earnings per share for the current fiscal year.
In related news, Director Michael Hayes sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $10.75, for a total transaction of $107,500.00. Following the sale, the director now directly owns 1,574,047 shares in the company, valued at approximately $16,921,005.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.40% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mason Street Advisors LLC purchased a new position in shares of Fred’s during the second quarter worth approximately $110,000. BlackRock Inc. raised 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 during the last quarter. Hsbc Holdings PLC purchased a new position in shares of Fred’s during the second quarter worth approximately $164,000. Trexquant Investment LP purchased a new position in shares of Fred’s during the second quarter worth approximately $168,000. Finally, BNP Paribas Arbitrage SA raised 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 during the last quarter. Hedge funds and other institutional investors own 93.43% 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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