Fred’s Inc. (FRED) Stock Price Down 5.5%
Fred’s Inc. (NASDAQ:FRED) traded down 5.5% during trading on Thursday . The stock traded as low as $15.06 and last traded at $15.17, with a volume of 87,973 shares. The stock had previously closed at $16.05.
Several equities research analysts have recently commented on the stock. MKM Partners reiterated a “neutral” rating and set a $14.00 price objective on shares of Fred’s in a research note on Thursday. Sidoti assumed coverage on shares of Fred’s in a research note on Wednesday. They set a “neutral” rating and a $17.00 price objective for the company. Deutsche Bank AG lifted their price objective on shares of Fred’s from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, March 10th. Finally, Zacks Investment Research raised shares of Fred’s from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a report on Monday, June 6th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $16.00.
The firm’s market capitalization is $559.71 million. The stock has a 50-day moving average of $14.95 and a 200 day moving average of $14.86.
Fred’s (NASDAQ:FRED) last announced its earnings results on Thursday, May 26th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. The business had revenue of $549.55 million for the quarter, compared to analysts’ expectations of $553.90 million. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. Equities analysts forecast that Fred’s Inc. will post $0.29 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Friday, May 27th.
In related news, Director Michael Hayes sold 5,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 1,601,066 shares of the company’s stock, valued at approximately $23,503,648.88. The sale was disclosed in a legal filing with the SEC, which is available through this link.
Other large investors have recently made changes to their positions in 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 worth $1,128,000 after buying an additional 1,244 shares in the last quarter. Sei Investments Co. increased its stake in shares of Fred’s by 11.5% in the fourth quarter. Sei Investments Co. now owns 99,530 shares of the company’s stock worth $1,629,000 after buying an additional 10,270 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 worth $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 worth $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.