Fred’s, Inc. (FRED) Position Raised by State Street Corp
State Street Corp boosted its stake in shares of Fred’s, Inc. (NASDAQ:FRED) by 32.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,126,791 shares of the company’s stock after buying an additional 278,250 shares during the period. State Street Corp owned approximately 2.97% of Fred’s worth $14,761,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Fred’s during the fourth quarter valued at about $1,648,000. Louisiana State Employees Retirement System increased its position in shares of Fred’s by 1.4% in the first quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the company’s stock valued at $187,000 after buying an additional 200 shares during the last quarter. Howard Hughes Medical Institute purchased a new position in shares of Fred’s during the first quarter valued at about $142,000. IFP Advisors Inc increased its position in shares of Fred’s by 279.2% in the first quarter. IFP Advisors Inc now owns 24,501 shares of the company’s stock valued at $321,000 after buying an additional 18,039 shares during the last quarter. Finally, Wells Fargo & Company MN increased 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 valued at $10,172,000 after buying an additional 151,144 shares during the last quarter.
Fred’s, Inc. (NASDAQ:FRED) traded up 0.67% during trading on Friday, reaching $6.04. 332,184 shares of the company’s stock were exchanged. Fred’s, Inc. has a 52 week low of $5.62 and a 52 week high of $21.77. The company’s 50 day moving average price is $6.65 and its 200-day moving average price is $12.32. The stock’s market capitalization is $229.83 million.
Fred’s (NASDAQ:FRED) last posted its quarterly earnings results on Tuesday, June 6th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by $0.03. The company had revenue of $532.32 million for the quarter, compared to analyst estimates of $520.28 million. Fred’s had a negative return on equity of 3.93% and a negative net margin of 4.94%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 earnings per share. On average, equities analysts expect that Fred’s, Inc. will post ($0.41) EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 3.97%. Fred’s’s dividend payout ratio (DPR) is presently -8.54%.
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FRED has been the topic of several recent analyst reports. ValuEngine downgraded shares of Fred’s from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Deutsche Bank AG reaffirmed 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. Finally, TheStreet downgraded shares of Fred’s from a “c-” rating to a “d” rating in a research note on Monday, July 3rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $14.25.
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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