TIAA CREF Investment Management LLC raised its stake in Fred’s, Inc. (NASDAQ:FRED) by 96.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 196,019 shares of the company’s stock after buying an additional 96,417 shares during the period. TIAA CREF Investment Management LLC owned about 0.52% of Fred’s worth $2,568,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Teachers Advisors LLC boosted its stake in shares of Fred’s by 195.1% in the first quarter. Teachers Advisors LLC now owns 163,380 shares of the company’s stock worth $2,140,000 after buying an additional 108,011 shares in the last quarter. Harvest Management LLC purchased a new stake in shares of Fred’s during the first quarter worth approximately $590,000. Principal Financial Group Inc. boosted its stake in shares of Fred’s by 3.8% in the first quarter. Principal Financial Group Inc. now owns 267,355 shares of the company’s stock worth $3,502,000 after buying an additional 9,888 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Fred’s during the first quarter worth approximately $563,000. Finally, Arizona State Retirement System boosted its stake in shares of Fred’s by 1.7% in the first quarter. Arizona State Retirement System now owns 18,375 shares of the company’s stock worth $241,000 after buying an additional 300 shares in the last quarter.
Fred’s, Inc. (NASDAQ:FRED) traded up 0.16% during trading on Friday, reaching $6.36. The company had a trading volume of 506,754 shares. The firm has a 50-day moving average of $7.39 and a 200-day moving average of $12.62. The stock’s market capitalization is $242.00 million. Fred’s, Inc. has a 1-year low of $6.17 and a 1-year high of $21.77.
Fred’s (NASDAQ:FRED) last announced its quarterly earnings results on Tuesday, June 6th. The company reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.03. Fred’s had a negative return on equity of 3.93% and a negative net margin of 4.94%. The business had revenue of $532.32 million for the quarter, compared to analyst estimates of $520.28 million. During the same quarter last year, the company earned $0.03 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, analysts anticipate that Fred’s, Inc. will post ($0.41) EPS for the current fiscal year.
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A number of analysts have commented on FRED shares. ValuEngine cut 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 price objective (down previously from $19.00) on shares of Fred’s in a report on Saturday, June 3rd. Finally, TheStreet cut Fred’s from a “c-” rating to a “d” rating in a report on Monday, July 3rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $14.25.
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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