Fred’s Inc. (FRED) Sees Strong Trading Volume
Fred’s Inc. (NASDAQ:FRED) shares saw strong trading volume on Thursday . 181,570 shares were traded during mid-day trading, an increase of 50% from the previous session’s volume of 120,692 shares.The stock last traded at $14.21 and had previously closed at $14.92.
Several equities research analysts recently issued reports on the stock. Deutsche Bank AG reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Fred’s in a research note on Tuesday. Zacks Investment Research lowered shares of Fred’s from a “buy” rating to a “hold” rating in a research report on Thursday, July 21st. MKM Partners reissued a “neutral” rating and set a $14.00 target price on shares of Fred’s in a research report on Thursday, July 7th. Finally, Sidoti initiated coverage on shares of Fred’s in a research report on Wednesday, July 6th. They set a “neutral” rating and a $17.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, Fred’s currently has an average rating of “Hold” and a consensus price target of $16.20.
The firm has a 50-day moving average price of $15.60 and a 200-day moving average price of $14.84. The stock’s market capitalization is $533.23 million.
Fred’s (NASDAQ:FRED) last issued its quarterly earnings data on Thursday, May 26th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The company had revenue of $549.55 million for the quarter, compared to the consensus estimate of $553.90 million. Fred’s’s revenue for the quarter was up 8.0% compared to the same quarter last year. On average, equities research analysts expect that Fred’s Inc. will post $0.28 earnings per share for the current year.
In other news, Director Michael Hayes sold 5,000 shares of the stock in a transaction on Friday, May 27th. The shares were sold at an average price of $14.68, for a total transaction of $73,400.00. Following the completion of the sale, the director now owns 1,601,066 shares of the company’s stock, valued at $23,503,648.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Other large investors recently modified their holdings of the company. California State Teachers Retirement System increased 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 increased 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 increased 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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