Fred’s, Inc. (FRED) Stake Maintained by Alden Global Capital LLC
Alden Global Capital LLC
disclosed that they own a 24.4% stake in Fred’s, Inc. (NASDAQ:FRED) in a Schedule 13D/A disclosure that was filed with the SEC on Tuesday, August 15th. The investor owns 9,275,000 shares of the stock valued at approximately $56,855,750. The reporting parties listed on the disclosure included Strategic Investment Opportunities LLC, Alden Global Capital LLC and Heath Freeman. The filing is available through EDGAR at this hyperlink.
Alden Global Capital LLC
provided the following explanation of their ownership:
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A number of other hedge funds and other institutional investors have also made changes to their positions in FRED. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Fred’s during the second quarter worth approximately $11,058,000. State Street Corp boosted its position in shares of Fred’s by 32.8% in the first quarter. State Street Corp now owns 1,126,791 shares of the company’s stock worth $14,761,000 after buying an additional 278,250 shares in the last quarter. Highbridge Capital Management LLC boosted its position in shares of Fred’s by 485.6% in the first quarter. Highbridge Capital Management LLC now owns 292,781 shares of the company’s stock worth $3,836,000 after buying an additional 242,781 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Fred’s by 5.5% in the first quarter. Vanguard Group Inc. now owns 3,254,230 shares of the company’s stock worth $42,630,000 after buying an additional 170,717 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Fred’s by 24.2% in the first quarter. Wells Fargo & Company MN now owns 776,513 shares of the company’s stock worth $10,172,000 after buying an additional 151,144 shares in the last quarter.
Fred’s, Inc. (NASDAQ:FRED) traded down 4.96% on Tuesday, hitting $6.13. 928,174 shares of the stock were exchanged. Fred’s, Inc. has a 1-year low of $6.07 and a 1-year high of $21.77. The company has a 50-day moving average price of $7.28 and a 200 day moving average price of $12.52. The company’s market capitalization is $233.25 million.
Fred’s (NASDAQ:FRED) last issued its quarterly earnings results on Tuesday, June 6th. The company reported ($0.06) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by $0.03. Fred’s had a negative return on equity of 3.93% and a negative net margin of 4.94%. The firm had revenue of $532.32 million for the quarter, compared to the consensus estimate of $520.28 million. During the same period last year, the company posted $0.03 EPS. The business’s revenue was down 3.1% on a year-over-year basis. Analysts anticipate that Fred’s, Inc. will post ($0.41) EPS for the current fiscal year.
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A number of research analysts have commented on FRED shares. Deutsche Bank AG restated a “hold” rating and set a $17.00 price target (down previously from $19.00) on shares of Fred’s in a research note on Saturday, June 3rd. TheStreet cut shares of Fred’s from a “c-” rating to a “d” rating in a research note on Monday, July 3rd. Finally, ValuEngine cut shares of Fred’s from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $14.25.
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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