Bank of New York Mellon Corp Has $3.40 Million Stake in Fred's, Inc. (FRED)

Bank of New York Mellon Corp trimmed its position in Fred's, Inc. (NASDAQ:FRED) by 4.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 527,379 shares of the company’s stock after selling 23,099 shares during the quarter. Bank of New York Mellon Corp owned about 1.38% of Fred's worth $3,397,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Verition Fund Management LLC acquired a new stake in shares of Fred's in the second quarter worth $157,000. Teachers Advisors LLC lifted its stake in shares of Fred's by 12.5% in the second quarter. Teachers Advisors LLC now owns 183,835 shares of the company’s stock worth $1,697,000 after buying an additional 20,455 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Fred's by 0.9% in the second quarter. Vanguard Group Inc. now owns 3,284,949 shares of the company’s stock worth $30,321,000 after buying an additional 30,719 shares during the last quarter. State Street Corp lifted its stake in shares of Fred's by 12.8% in the second quarter. State Street Corp now owns 1,271,228 shares of the company’s stock worth $11,732,000 after buying an additional 144,437 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in shares of Fred's by 9.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 535,168 shares of the company’s stock worth $4,940,000 after buying an additional 44,795 shares during the last quarter.

In related news, Director Timothy A. Barton bought 85,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was purchased at an average cost of $3.94 per share, for a total transaction of $334,900.00. Following the purchase, the director now directly owns 113,123 shares in the company, valued at $445,704.62. The purchase was disclosed in a filing with the SEC, which is available through this link. 6.90% of the stock is owned by corporate insiders.

Several research firms recently commented on FRED. Zacks Investment Research cut shares of Fred's from a “hold” rating to a “strong sell” rating in a research note on Monday, December 11th. Loop Capital reiterated a “hold” rating and set a $4.00 target price on shares of Fred's in a research note on Thursday, December 7th. Two equities research analysts have rated the stock with a sell rating, three 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 price target of $10.00.

Fred's, Inc. (NASDAQ FRED) opened at $3.86 on Friday. The company has a market cap of $154.44, a price-to-earnings ratio of -1.03 and a beta of 1.82. Fred's, Inc. has a one year low of $3.57 and a one year high of $19.14. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.44 and a current ratio of 1.78.

Fred's (NASDAQ:FRED) last released its earnings results on Wednesday, December 6th. The company reported ($0.42) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.29). The company had revenue of $493.60 million for the quarter, compared to analyst estimates of $499.77 million. Fred's had a negative net margin of 6.80% and a negative return on equity of 9.94%. Fred's’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.27) earnings per share. equities analysts predict that Fred's, Inc. will post -0.55 earnings per share for the current year.

Fred's declared that its Board of Directors has initiated a share repurchase plan on Wednesday, December 6th that allows the company to repurchase 3,800,000 shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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About Fred's

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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Institutional Ownership by Quarter for Fred's (NASDAQ:FRED)

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