Fred’s, Inc. (FRED) Trading Down 9.8%

Fred’s, Inc. (NASDAQ:FRED) shares dropped 9.8% during mid-day trading on Monday . The stock traded as low as $5.87 and last traded at $5.89. Approximately 2,092,005 shares were traded during trading, an increase of 76% from the average daily volume of 1,190,900 shares. The stock had previously closed at $6.53.

FRED has been the topic of several recent analyst reports. Zacks Investment Research raised Fred’s from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Loop Capital initiated coverage on Fred’s in a research report on Thursday, August 24th. They set a “hold” rating and a $6.00 target price on the stock. TheStreet lowered Fred’s from a “c-” rating to a “d” rating in a research report on Monday, July 3rd. Finally, Deutsche Bank AG reduced their target price on Fred’s from $16.00 to $8.00 and set a “hold” rating on the stock in a research report on Thursday, June 29th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $13.50.

The stock’s market cap is $220.47 million. The firm’s 50-day moving average price is $6.52 and its 200 day moving average price is $9.86.

Fred’s (NASDAQ:FRED) last posted its earnings results on Wednesday, September 6th. The company reported ($0.15) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.04. Fred’s had a negative return on equity of 4.02% and a negative net margin of 6.08%. The business had revenue of $507.80 million during the quarter, compared to the consensus estimate of $504.90 million. During the same period in the previous year, the business earned ($0.18) EPS. The business’s quarterly revenue was down 4.1% on a year-over-year basis. On average, equities research analysts anticipate that Fred’s, Inc. will post ($0.38) EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 4.15%. The ex-dividend date was Wednesday, August 30th. Fred’s’s payout ratio is currently -7.04%.

Several institutional investors have recently bought and sold shares of FRED. Great West Life Assurance Co. Can lifted its holdings in shares of Fred’s by 5.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 47,266 shares of the company’s stock valued at $619,000 after purchasing an additional 2,417 shares during the last quarter. Comerica Bank lifted its holdings in shares of Fred’s by 4.5% in the 1st quarter. Comerica Bank now owns 38,964 shares of the company’s stock valued at $579,000 after purchasing an additional 1,685 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new stake in shares of Fred’s in the 1st quarter valued at about $404,000. State of Tennessee Treasury Department lifted its holdings in shares of Fred’s by 17.8% in the 1st quarter. State of Tennessee Treasury Department now owns 32,687 shares of the company’s stock valued at $428,000 after purchasing an additional 4,933 shares during the last quarter. Finally, Mason Street Advisors LLC lifted its holdings in shares of Fred’s by 7.2% in the 1st quarter. Mason Street Advisors LLC now owns 8,225 shares of the company’s stock valued at $108,000 after purchasing an additional 553 shares during the last quarter.

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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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