Verition Fund Management LLC Invests $157,000 in Fred’s, Inc. (FRED) Stock
Verition Fund Management LLC bought a new stake in Fred’s, Inc. (NASDAQ:FRED) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 17,042 shares of the company’s stock, valued at approximately $157,000.
Other large investors have also recently bought and sold shares of the company. Mason Street Advisors LLC boosted its holdings in Fred’s by 7.2% in the 1st quarter. Mason Street Advisors LLC now owns 8,225 shares of the company’s stock valued at $108,000 after purchasing an additional 553 shares during the last quarter. Paloma Partners Management Co acquired a new position in Fred’s in the 1st quarter valued at about $136,000. BlueCrest Capital Management Ltd acquired a new position in Fred’s in the 1st quarter valued at about $160,000. Howard Hughes Medical Institute boosted its holdings in Fred’s by 23.7% in the 2nd quarter. Howard Hughes Medical Institute now owns 13,442 shares of the company’s stock valued at $124,000 after purchasing an additional 2,574 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its holdings in Fred’s by 2.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,600 shares of the company’s stock valued at $135,000 after purchasing an additional 300 shares during the last quarter.
Several research firms have weighed in on FRED. Zacks Investment Research lowered shares of Fred’s from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Loop Capital began coverage on shares of Fred’s in a report on Thursday, August 24th. They issued a “hold” rating and a $6.00 target price on the stock. Finally, TheStreet lowered shares of Fred’s from a “c-” rating to a “d” rating in a report on Monday, July 3rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $13.50.
Fred’s, Inc. (NASDAQ:FRED) opened at 4.77 on Friday. The stock has a 50 day moving average of $6.32 and a 200 day moving average of $9.26. The firm’s market capitalization is $181.63 million. Fred’s, Inc. has a one year low of $4.51 and a one year high of $21.77.
Fred’s (NASDAQ:FRED) last issued its quarterly earnings results on Wednesday, September 6th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.04. Fred’s had a negative net margin of 6.08% and a negative return on equity of 4.02%. The business had revenue of $507.80 million during the quarter, compared to the consensus estimate of $504.90 million. During the same period in the previous year, the firm posted ($0.18) earnings per share. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. Analysts forecast that Fred’s, Inc. will post ($0.38) earnings per share for the current year.
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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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