Q3 2017 EPS Estimates for Fred’s Inc. Lowered by Analyst (FRED)
Fred’s Inc. (NASDAQ:FRED) – Equities research analysts at SunTrust Banks cut their Q3 2017 earnings estimates for Fred’s in a note issued to investors on Thursday. SunTrust Banks analyst D. Magee now anticipates that the brokerage will post earnings of ($0.15) per share for the quarter, down from their prior forecast of ($0.13). SunTrust Banks also issued estimates for Fred’s’ Q4 2017 earnings at ($0.08) EPS.
Fred’s (NASDAQ:FRED) last posted its quarterly earnings data on Tuesday, August 30th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.03. The company had revenue of $529.50 million for the quarter, compared to analyst estimates of $546.23 million. Fred’s had a positive return on equity of 0.13% and a negative net margin of 0.37%. The business’s revenue was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.13) earnings per share.
FRED has been the topic of several other research reports. Deutsche Bank AG raised Fred’s from a “sell” rating to a “hold” rating and set a $10.00 price objective on the stock in a report on Monday, October 3rd. Zacks Investment Research raised Fred’s from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a report on Wednesday, July 20th. Sidoti raised Fred’s from a “neutral” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Friday. They noted that the move was a valuation call. MKM Partners reissued a “neutral” rating and set a $10.00 price objective (down previously from $13.00) on shares of Fred’s in a report on Monday, September 5th. Finally, Stephens downgraded Fred’s from an “equal weight” rating to an “underperform” rating and set a $9.00 price objective on the stock. in a report on Wednesday, August 31st. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $11.80.
Fred’s (NASDAQ:FRED) traded up 0.21% during trading on Monday, reaching $9.50. The company’s stock had a trading volume of 10,692 shares. The stock’s market cap is $354.81 million. The company’s 50 day moving average price is $10.58 and its 200-day moving average price is $13.79. Fred’s has a 1-year low of $8.98 and a 1-year high of $17.14.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Mason Street Advisors LLC acquired a new position in Fred’s during the second quarter valued at $110,000. BlackRock Inc. raised its position in Fred’s by 198.6% in the second quarter. BlackRock Inc. now owns 9,267 shares of the company’s stock valued at $150,000 after buying an additional 6,163 shares during the period. Hsbc Holdings PLC acquired a new position in Fred’s during the second quarter valued at $164,000. Trexquant Investment LP acquired a new position in Fred’s during the second quarter valued at $168,000. Finally, BNP Paribas Arbitrage SA raised its position in Fred’s by 111.2% in the second quarter. BNP Paribas Arbitrage SA now owns 10,897 shares of the company’s stock valued at $176,000 after buying an additional 5,737 shares during the period. 95.09% of the stock is owned by hedge funds and other institutional investors.
In other Fred’s news, Director Michael Hayes sold 9,369 shares of Fred’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $10.17, for a total transaction of $95,282.73. Following the transaction, the director now directly owns 1,538,152 shares of the company’s stock, valued at approximately $15,643,005.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.40% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, September 2nd were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 2.53%. The ex-dividend date was Wednesday, August 31st. Fred’s’s payout ratio is presently -109.09%.
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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