Fred’s Inc. (FRED) Shares Down 3.3%
Fred’s Inc. (NASDAQ:FRED)’s share price was down 3.3% during mid-day trading on Friday . The stock traded as low as $13.38 and last traded at $13.38, with a volume of 84,812 shares changing hands. The stock had previously closed at $13.83.
Several equities analysts recently issued reports on FRED shares. Zacks Investment Research upgraded Fred’s from a “strong sell” rating to a “hold” rating in a research report on Friday, May 27th. Deutsche Bank AG boosted their price target on Fred’s from $14.00 to $15.00 and gave the company a “hold” rating in a research report on Tuesday, May 31st. MKM Partners restated a “hold” rating on shares of Fred’s in a research report on Tuesday, May 31st. Finally, Sidoti started coverage on Fred’s in a research report on Wednesday, July 6th. They issued a “neutral” rating and a $17.00 price target on the stock.
The firm’s market cap is $498.93 million. The stock has a 50-day moving average of $15.19 and a 200-day moving average of $14.76.
Fred’s (NASDAQ:FRED) last posted its quarterly earnings data on Thursday, May 26th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The firm earned $549.55 million during the quarter, compared to analysts’ expectations of $553.90 million. Fred’s’s quarterly revenue was up 8.0% on a year-over-year basis. On average, equities analysts forecast that Fred’s Inc. will post $0.04 earnings per share for the current fiscal year.
In other Fred’s news, Director Michael Hayes sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 31st. The shares were 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 of the company’s stock, valued at approximately $23,404,580.86. The transaction was disclosed in a filing with the SEC, which is accessible through this link.
An institutional investor recently raised its position in Fred’s stock. California Public Employees Retirement System boosted its position in shares of Fred’s Inc. (NASDAQ:FRED) by 12.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 237,393 shares of the company’s stock after buying an additional 26,000 shares during the period. California Public Employees Retirement System owned approximately 0.64% of Fred’s worth $3,886,000 at the end of the most recent 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.
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