Fred’s Inc. (FRED) Trading Down 3.3%
Fred’s Inc. (NASDAQ:FRED)’s share price fell 3.3% during trading on Friday . The company traded as low as $13.38 and last traded at $13.38, with a volume of 84,812 shares traded. The stock had previously closed at $13.83.
A number of brokerages have commented on FRED. Deutsche Bank AG restated a “hold” rating on shares of Fred’s in a research report on Sunday, July 10th. Zacks Investment Research upgraded shares of Fred’s from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research report on Wednesday, July 20th. MKM Partners restated a “neutral” rating and set a $14.00 price objective on shares of Fred’s in a research report on Thursday, July 7th. Finally, Sidoti began coverage on shares of Fred’s in a research report on Wednesday, July 6th. They set a “neutral” rating and a $17.00 price objective for the company.
The stock’s 50-day moving average price is $15.11 and its 200 day moving average price is $14.74. The company’s market capitalization is $498.93 million.
Fred’s (NASDAQ:FRED) last released its quarterly earnings results on Thursday, May 26th. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The company had revenue of $549.55 million for the quarter, compared to analyst estimates of $553.90 million. Fred’s’s quarterly revenue was up 8.0% compared to the same quarter last year. Analysts forecast that Fred’s Inc. will post $0.04 earnings per share for the current fiscal year.
In other news, Director Michael Hayes sold 10,000 shares of the firm’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 transaction of $147,100.00. Following the completion of the sale, the director now owns 1,591,066 shares of the company’s stock, valued at $23,404,580.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
An institutional investor recently raised its position in Fred’s stock. Dimensional Fund Advisors LP increased its position in Fred’s Inc. (NASDAQ:FRED) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,093,951 shares of the company’s stock after buying an additional 54,483 shares during the period. Dimensional Fund Advisors LP owned 8.28% of Fred’s worth $50,648,000 at the end of the most recent reporting period.
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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