Fred’s Inc. (FRED) Stock Rating Upgraded by Deutsche Bank AG
Several other equities research analysts have also recently issued reports on FRED. Zacks Investment Research cut Fred’s from a buy rating to a hold rating in a report on Thursday, July 21st. Sidoti assumed coverage on Fred’s in a report on Wednesday, July 6th. They issued a neutral rating and a $17.00 price objective on the stock. MKM Partners reiterated a neutral rating and issued a $10.00 price objective (down from $13.00) on shares of Fred’s in a report on Monday, September 5th. Stephens cut Fred’s from an equal weight rating to an underperform rating and set a $9.00 target price on the stock. in a report on Wednesday, August 31st. Finally, TheStreet cut Fred’s from a hold rating to a sell rating in a report on Tuesday, August 30th. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. Fred’s presently has an average rating of Hold and an average price target of $12.80.
Shares of Fred’s (NASDAQ:FRED) opened at 9.19 on Monday. The stock’s market capitalization is $343.23 million. The stock has a 50 day moving average price of $10.81 and a 200 day moving average price of $13.88. Fred’s has a one year low of $8.98 and a one year high of $17.14.
Fred’s (NASDAQ:FRED) last posted its quarterly earnings data on Tuesday, August 30th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.03. Fred’s had a positive return on equity of 0.13% and a negative net margin of 0.37%. The company had revenue of $529.50 million for the quarter, compared to analysts’ expectations of $546.23 million. During the same period in the previous year, the firm posted ($0.13) EPS. Fred’s’s revenue was down 3.0% compared to the same quarter last year. Equities analysts forecast that Fred’s will post ($0.35) earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, September 2nd were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend was Wednesday, August 31st. Fred’s’s payout ratio is presently -109.09%.
In other news, Director Michael Hayes sold 10,000 shares of Fred’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $10.75, for a total transaction of $107,500.00. Following the sale, the director now owns 1,574,047 shares of the company’s stock, valued at approximately $16,921,005.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 6.40% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its stake in Fred’s by 4.6% in the first quarter. Arizona State Retirement System now owns 18,075 shares of the company’s stock valued at $269,000 after buying an additional 800 shares during the last quarter. Springbok Capital Management LLC raised its stake in Fred’s by 1,889.2% in the first quarter. Springbok Capital Management LLC now owns 12,731 shares of the company’s stock valued at $190,000 after buying an additional 12,091 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Fred’s during the first quarter valued at approximately $521,000. Wellington Management Group LLP raised its stake in Fred’s by 5.4% in the first quarter. Wellington Management Group LLP now owns 4,560,455 shares of the company’s stock valued at $67,996,000 after buying an additional 233,539 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Fred’s by 2.5% in the first quarter. Geode Capital Management LLC now owns 239,899 shares of the company’s stock valued at $3,576,000 after buying an additional 5,796 shares during the last quarter. 95.08% of the stock is currently owned by hedge funds and other institutional investors.
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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