Fred’s Inc. (FRED) Stock Rating Upgraded by Sidoti
Fred’s Inc. (NASDAQ:FRED) was upgraded by stock analysts at Sidoti from a “neutral” rating to a “buy” rating in a research report issued on Friday.
Several other research analysts also recently commented on the company. Zacks Investment Research downgraded Fred’s from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 31st. Deutsche Bank AG reduced their target price on Fred’s from $12.00 to $10.00 and set a “sell” rating for the company in a research note on Wednesday, August 31st. TheStreet cut Fred’s from a “hold” rating to a “sell” rating in a report on Tuesday, August 30th. MKM Partners reissued a “neutral” rating and set a $14.00 price target on shares of Fred’s in a report on Thursday, July 7th. Finally, Stephens cut Fred’s from an “equal weight” rating to an “underperform” rating and set a $9.00 price target for the company. in a report on Wednesday, August 31st. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $12.80.
Fred’s (NASDAQ:FRED) traded up 3.92% during mid-day trading on Friday, hitting $9.55. 365,998 shares of the stock were exchanged. The company’s market cap is $356.67 million. Fred’s has a one year low of $8.98 and a one year high of $17.14. The company has a 50-day moving average price of $10.81 and a 200-day moving average price of $13.88.
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Fred’s (NASDAQ:FRED) last issued its earnings results on Tuesday, August 30th. The company reported ($0.18) EPS for the quarter, topping the Thomson Reuters’ 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 earned $529.50 million during the quarter, compared to the consensus estimate of $546.23 million. During the same period in the previous year, the company posted ($0.13) EPS. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, analysts predict that Fred’s will post ($0.35) earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, September 2nd were issued a $0.06 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $0.24 annualized dividend and a yield of 2.61%. Fred’s’s dividend payout ratio is presently -109.09%.
In other Fred’s news, Director Michael Hayes sold 10,000 shares of Fred’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $10.75, for a total value of $107,500.00. Following the completion of the transaction, the director now directly owns 1,574,047 shares of the company’s stock, valued at approximately $16,921,005.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.40% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its position in shares of Fred’s by 5.4% in the first quarter. Wellington Management Group LLP now owns 4,560,455 shares of the company’s stock valued at $67,996,000 after buying an additional 233,539 shares in the last quarter. NWQ Investment Management Company LLC boosted its position in shares of Fred’s by 10.0% in the first quarter. NWQ Investment Management Company LLC now owns 3,280,610 shares of the company’s stock valued at $48,914,000 after buying an additional 298,019 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Fred’s by 5.0% in the second quarter. Vanguard Group Inc. now owns 2,866,562 shares of the company’s stock valued at $46,181,000 after buying an additional 136,177 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of Fred’s by 1.7% in the second quarter. BlackRock Fund Advisors now owns 2,365,238 shares of the company’s stock valued at $38,104,000 after buying an additional 38,478 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Fred’s by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 711,012 shares of the company’s stock valued at $11,455,000 after buying an additional 26,292 shares in the last quarter. 95.08% of the stock is owned by hedge funds and other institutional investors.
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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