Deutsche Bank AG upgraded shares of Fred’s Inc. (NASDAQ:FRED) from a sell rating to a hold rating in a research report report published on Monday. They currently have $10.00 price target on the stock.
Several other equities analysts have also recently issued reports on the company. Zacks Investment Research cut Fred’s from a hold rating to a strong sell rating in a research report on Wednesday, August 31st. TheStreet cut Fred’s from a hold rating to a sell rating in a research report on Tuesday, August 30th. MKM Partners reiterated a neutral rating and set a $14.00 price target on shares of Fred’s in a research report on Thursday, July 7th. Stephens lowered Fred’s from an equal weight rating to an underperform rating and set a $9.00 price objective for the company. in a research note on Wednesday, August 31st. Finally, Sidoti initiated coverage on Fred’s in a research note on Wednesday, July 6th. They set a neutral rating and a $17.00 price objective for the company. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock presently has a consensus rating of Hold and an average target price of $12.80.
Shares of Fred’s (NASDAQ:FRED) opened at 9.87 on Monday. Fred’s has a 52-week low of $8.98 and a 52-week high of $17.14. The firm’s 50-day moving average price is $10.94 and its 200-day moving average price is $13.91. The stock’s market capitalization is $368.62 million.
Fred’s (NASDAQ:FRED) last issued its quarterly earnings results on Tuesday, August 30th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.03. Fred’s had a positive return on equity of 0.13% and a negative net margin of 0.37%. The company had revenue of $529.50 million for the quarter, compared to analysts’ expectations of $546.23 million. During the same period last year, the firm earned ($0.13) EPS. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. Equities analysts forecast that Fred’s will post ($0.35) earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, September 2nd were given a $0.06 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $0.24 annualized dividend and a dividend yield of 2.43%. Fred’s’s dividend payout ratio (DPR) is presently -109.09%.
In other news, Director Michael Hayes sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $11.04, for a total value of $110,400.00. Following the completion of the sale, the director now owns 1,579,566 shares of the company’s stock, valued at $17,438,408.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 6.40% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Mason Street Advisors LLC purchased a new stake in shares of Fred’s during the second quarter valued at about $110,000. BlackRock Inc. raised its stake in shares of Fred’s by 198.6% in the second quarter. BlackRock Inc. now owns 9,267 shares of the company’s stock valued at $150,000 after buying an additional 6,163 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Fred’s during the second quarter valued at about $164,000. Trexquant Investment LP purchased a new stake in shares of Fred’s during the second quarter valued at about $168,000. Finally, BNP Paribas Arbitrage SA raised its stake in shares of Fred’s by 111.2% in the second quarter. BNP Paribas Arbitrage SA now owns 10,897 shares of the company’s stock valued at $176,000 after buying an additional 5,737 shares in the last quarter. Institutional investors and hedge funds own 95.08% of the company’s stock.
Fred’s Company Profile
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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