Fred’s Inc. (FRED) Trading 3.4% Higher
Fred’s Inc. (NASDAQ:FRED) traded up 3.4% during trading on Monday . The stock traded as high as $15.83 and last traded at $15.77, with a volume of 83,489 shares traded. The stock had previously closed at $15.25.
FRED has been the subject of several analyst reports. Deutsche Bank AG restated a “hold” rating on shares of Fred’s in a report on Sunday, July 10th. Zacks Investment Research lowered shares of Fred’s from a “strong-buy” rating to a “hold” rating in a report on Friday, July 8th. MKM Partners restated a “neutral” rating and set a $14.00 price target on shares of Fred’s in a report on Thursday, July 7th. Finally, Sidoti initiated coverage on shares of Fred’s in a report on Wednesday, July 6th. They set a “neutral” rating and a $17.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and a consensus target price of $16.00.
The firm’s 50 day moving average is $15.39 and its 200-day moving average is $14.81. The company’s market capitalization is $588.05 million.
Fred’s (NASDAQ:FRED) last posted its quarterly earnings data on Thursday, May 26th. The company reported $0.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The company earned $549.55 million during the quarter, compared to the consensus estimate of $553.90 million. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. Equities research analysts expect that Fred’s Inc. will post $0.28 earnings per share for the current fiscal year.
In related news, Director Michael Hayes sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $14.71, for a total value of $147,100.00. Following the transaction, the director now directly owns 1,591,066 shares in the company, valued at $23,404,580.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Other hedge funds have recently modified their holdings of the company. Sei Investments Co. raised its stake in shares of Fred’s by 11.5% in the fourth quarter. Sei Investments Co. now owns 99,530 shares of the company’s stock valued at $1,629,000 after buying an additional 10,270 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Fred’s by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 68,905 shares of the company’s stock valued at $1,128,000 after buying an additional 1,244 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of Fred’s by 12.3% in the fourth quarter. California Public Employees Retirement System now owns 237,393 shares of the company’s stock valued at $3,886,000 after buying an additional 26,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Fred’s by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,093,951 shares of the company’s stock valued at $50,648,000 after buying an additional 54,483 shares in the last quarter.
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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