Fred’s, Inc. (FRED) Trading 9% Higher
Shares of Fred’s, Inc. (NASDAQ:FRED) traded up 9% during mid-day trading on Friday . The company traded as high as $7.47 and last traded at $7.40. 3,450,031 shares were traded during trading, an increase of 108% from the average session volume of 1,656,330 shares. The stock had previously closed at $6.79.
A number of analysts recently issued reports on the company. ValuEngine downgraded Fred’s from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Deutsche Bank AG reissued a “hold” rating and set a $17.00 price objective (down from $19.00) on shares of Fred’s in a research report on Saturday, June 3rd. Zacks Investment Research downgraded Fred’s from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th. TheStreet downgraded Fred’s from a “c-” rating to a “d” rating in a research report on Monday, July 3rd. Finally, Loop Capital assumed coverage on Fred’s in a research report on Thursday, August 24th. They issued a “hold” rating and a $6.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $13.50.
The firm’s 50-day moving average is $6.43 and its 200-day moving average is $11.01. The stock’s market capitalization is $281.77 million.
Fred’s (NASDAQ:FRED) last announced its quarterly earnings results on Wednesday, September 6th. The company reported ($0.15) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.19) by $0.04. The company had revenue of $507.80 million during the quarter, compared to analyst estimates of $504.90 million. Fred’s had a negative return on equity of 4.02% and a negative net margin of 6.08%. The firm’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.18) earnings per share. On average, analysts anticipate that Fred’s, Inc. will post ($0.38) earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.06 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.24 annualized dividend and a yield of 3.24%. Fred’s’s dividend payout ratio is presently -7.04%.
A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Fred’s by 0.9% during the second quarter. Vanguard Group Inc. now owns 3,284,949 shares of the company’s stock worth $30,321,000 after acquiring an additional 30,719 shares during the last quarter. State Street Corp increased its stake in Fred’s by 12.8% during the second quarter. State Street Corp now owns 1,271,228 shares of the company’s stock worth $11,732,000 after acquiring an additional 144,437 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Fred’s during the second quarter worth about $11,058,000. Wells Fargo & Company MN increased its stake in Fred’s by 24.2% during the first quarter. Wells Fargo & Company MN now owns 776,513 shares of the company’s stock worth $10,172,000 after acquiring an additional 151,144 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Fred’s by 4.3% during the second quarter. Bank of New York Mellon Corp now owns 550,478 shares of the company’s stock worth $5,081,000 after acquiring an additional 22,736 shares during the last quarter.
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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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