Brokerages Expect Fred’s, Inc. (NASDAQ:FRED) Will Post Quarterly Sales of $505.79 Million
Equities analysts predict that Fred’s, Inc. (NASDAQ:FRED) will announce sales of $505.79 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Fred’s’ earnings. The lowest sales estimate is $498.60 million and the highest is $519.57 million. Fred’s posted sales of $529.50 million during the same quarter last year, which would indicate a negative year over year growth rate of 4.5%. The business is scheduled to issue its next earnings report before the market opens on Tuesday, September 5th.
On average, analysts expect that Fred’s will report full-year sales of $505.79 million for the current year, with estimates ranging from $2.03 billion to $2.13 billion. For the next year, analysts forecast that the company will post sales of $2.08 billion per share, with estimates ranging from $2.05 billion to $2.12 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Fred’s.
Fred’s (NASDAQ:FRED) last announced its quarterly earnings data on Tuesday, June 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.03. Fred’s had a negative net margin of 4.94% and a negative return on equity of 3.93%. The business had revenue of $532.32 million during the quarter, compared to analyst estimates of $520.28 million. During the same quarter in the prior year, the company posted $0.03 EPS. The company’s quarterly revenue was down 3.1% compared to the same quarter last year.
A number of equities research analysts have recently issued reports on FRED shares. ValuEngine cut shares of 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 issued a $17.00 target price (down previously from $19.00) on shares of Fred’s in a research report on Saturday, June 3rd. Finally, TheStreet cut shares of Fred’s from a “c-” rating to a “d” rating in a research report on Monday, July 3rd. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $14.25.
ILLEGAL ACTIVITY WARNING: “Brokerages Expect Fred’s, Inc. (NASDAQ:FRED) Will Post Quarterly Sales of $505.79 Million” was first published by American Banking News and is owned by of American Banking News. If you are accessing this news story on another site, it was illegally copied and reposted in violation of international trademark & copyright legislation. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2017/08/07/brokerages-expect-freds-inc-nasdaqfred-will-post-quarterly-sales-of-505-79-million.html.
Fred’s (FRED) opened at 6.51 on Monday. The firm’s market cap is $247.71 million. Fred’s has a 52 week low of $6.17 and a 52 week high of $21.77. The stock has a 50 day moving average of $8.29 and a 200-day moving average of $13.09.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp increased its position in Fred’s by 32.8% in the first quarter. State Street Corp now owns 1,126,791 shares of the company’s stock worth $14,761,000 after buying an additional 278,250 shares during the period. Highbridge Capital Management LLC increased its position in Fred’s by 485.6% in the first quarter. Highbridge Capital Management LLC now owns 292,781 shares of the company’s stock worth $3,836,000 after buying an additional 242,781 shares during the period. Vanguard Group Inc. increased its position in Fred’s by 5.5% in the first quarter. Vanguard Group Inc. now owns 3,254,230 shares of the company’s stock worth $42,630,000 after buying an additional 170,717 shares during the period. Wells Fargo & Company MN increased its position in Fred’s by 24.2% in the first quarter. Wells Fargo & Company MN now owns 776,513 shares of the company’s stock worth $10,172,000 after buying an additional 151,144 shares during the period. Finally, State of Wisconsin Investment Board increased its position in Fred’s by 129.7% in the second quarter. State of Wisconsin Investment Board now owns 194,100 shares of the company’s stock worth $1,792,000 after buying an additional 109,600 shares during the period.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fred's Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fred's Inc. and related companies with MarketBeat.com's FREE daily email newsletter.