Capstone Asset Management Co. Sells 230 Shares of Fred’s Inc. (FRED)
Capstone Asset Management Co. decreased its position in Fred’s Inc. (NASDAQ:FRED) by 1.2% during the third quarter, Holdings Channel reports. The firm owned 19,020 shares of the company’s stock after selling 230 shares during the period. Capstone Asset Management Co. owned 0.05% of Fred’s worth $172,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Mason Street Advisors LLC acquired a new position in shares of Fred’s during the second quarter worth approximately $110,000. BlackRock Inc. raised its position in shares of Fred’s by 198.6% in the second quarter. BlackRock Inc. now owns 9,267 shares of the company’s stock worth $150,000 after buying an additional 6,163 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Fred’s during the second quarter worth approximately $164,000. Trexquant Investment LP acquired a new position in shares of Fred’s during the second quarter worth approximately $168,000. Finally, BNP Paribas Arbitrage SA raised its position in shares of Fred’s by 111.2% in the second quarter. BNP Paribas Arbitrage SA now owns 10,897 shares of the company’s stock worth $176,000 after buying an additional 5,737 shares during the period. Institutional investors own 95.09% of the company’s stock.
Fred’s Inc. (NASDAQ:FRED) opened at 8.93 on Friday. The firm’s market cap is $333.52 million. Fred’s Inc. has a one year low of $8.84 and a one year high of $17.14. The stock’s 50 day moving average is $10.21 and its 200 day moving average is $13.69.
Fred’s (NASDAQ:FRED) last issued its quarterly earnings results on Tuesday, August 30th. The company reported ($0.18) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.03. The firm had revenue of $529.50 million for the quarter, compared to analyst estimates of $546.23 million. Fred’s had a negative net margin of 0.37% and a positive return on equity of 0.13%. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.13) EPS. On average, analysts predict that Fred’s Inc. will post ($0.35) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, September 2nd were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Wednesday, August 31st. Fred’s’s payout ratio is -109.09%.
A number of brokerages have recently commented on FRED. Deutsche Bank AG upgraded shares of Fred’s from a “sell” rating to a “hold” rating and set a $10.00 price target on the stock in a report on Monday, October 3rd. Zacks Investment Research upgraded shares of Fred’s from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Wednesday, July 20th. Sidoti upgraded shares of Fred’s from a “neutral” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Friday, October 7th. They noted that the move was a valuation call. MKM Partners restated a “neutral” rating and issued a $10.00 target price (down previously from $13.00) on shares of Fred’s in a report on Monday, September 5th. Finally, Stephens lowered shares of 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. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $11.80.
In other news, Director Michael Hayes sold 10,000 shares of the stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $11.04, for a total value of $110,400.00. Following the transaction, the director now owns 1,579,566 shares of the company’s stock, valued at approximately $17,438,408.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 6.40% of the stock is currently owned by insiders.
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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