Fred’s Inc. (FRED) Sees Unusually-High Trading Volume
Shares of Fred’s Inc. (NASDAQ:FRED) saw unusually-high trading volume on Friday . Approximately 211,264 shares changed hands during trading, an increase of 64% from the previous session’s volume of 128,921 shares.The stock last traded at $15.50 and had previously closed at $15.01.
FRED has been the topic of a number of research analyst reports. MKM Partners reissued a “hold” rating on shares of Fred’s in a report on Tuesday, May 31st. Zacks Investment Research raised Fred’s from a “strong sell” rating to a “hold” rating in a report on Friday, May 27th. Deutsche Bank AG boosted their price target on Fred’s from $14.00 to $15.00 and gave the stock a “hold” rating in a report on Tuesday, May 31st. Finally, Sidoti initiated coverage on Fred’s in a report on Wednesday. They issued a “neutral” rating and a $17.00 price target on the stock. Five research analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and a consensus target price of $16.00.
The stock has a 50 day moving average of $15.08 and a 200 day moving average of $14.86. The stock’s market cap is $577.98 million.
Fred’s (NASDAQ:FRED) last announced its quarterly earnings data on Thursday, May 26th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. The firm earned $549.55 million during the quarter, compared to analysts’ expectations of $553.90 million. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. Equities analysts predict that Fred’s Inc. will post $0.28 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Wednesday, June 1st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was Friday, May 27th.
In other news, Director Michael Hayes sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $14.71, for a total value of $147,100.00. Following the completion of the transaction, the director now directly owns 1,591,066 shares in the company, valued at $23,404,580.86. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Other hedge funds and institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position 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 valued at $50,648,000 after buying an additional 54,483 shares during the last quarter. California Public Employees Retirement System raised its stake in Fred’s by 12.3% in the fourth quarter. California Public Employees Retirement System now owns 237,393 shares of the company’s stock valued at $3,886,000 after buying an additional 26,000 shares during the period. Sei Investments Co. raised its stake in Fred’s by 11.5% in the fourth quarter. Sei Investments Co. now owns 99,530 shares of the company’s stock valued at $1,629,000 after buying an additional 10,270 shares during the period. Finally, California State Teachers Retirement System raised its stake in Fred’s by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 68,905 shares of the company’s stock valued at $1,128,000 after buying an additional 1,244 shares during the 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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