Mason Street Advisors LLC acquired a new position in shares of Fred’s Inc. (NASDAQ:FRED) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,845 shares of the company’s stock, valued at approximately $110,000.
A number of other hedge funds and other institutional investors have also modified their holdings of FRED. Swiss National Bank raised its position in shares of Fred’s by 2.2% in the second quarter. Swiss National Bank now owns 60,600 shares of the company’s stock worth $976,000 after buying an additional 1,300 shares during the period. Bank of New York Mellon Corp raised 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 worth $11,455,000 after buying an additional 26,292 shares during the period. Strs Ohio raised its position in shares of Fred’s by 8.3% in the second quarter. Strs Ohio now owns 47,100 shares of the company’s stock worth $758,000 after buying an additional 3,600 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Fred’s by 111.2% in the second quarter. BNP Paribas Arbitrage SA now owns 10,897 shares of the company’s stock worth $176,000 after buying an additional 5,737 shares during the period. Finally, Springbok Capital Management LLC raised its position in shares of Fred’s by 1,889.2% in the first quarter. Springbok Capital Management LLC now owns 12,731 shares of the company’s stock worth $190,000 after buying an additional 12,091 shares during the period. Institutional investors and hedge funds own 95.07% of the company’s stock.
Shares of Fred’s Inc. (NASDAQ:FRED) opened at 8.73 on Tuesday. The firm’s market cap is $326.05 million. The company has a 50-day moving average of $9.98 and a 200 day moving average of $13.58. Fred’s Inc. has a 52-week low of $8.66 and a 52-week high of $17.14.
Fred’s (NASDAQ:FRED) last issued its earnings results on Tuesday, August 30th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.03. The business earned $529.50 million during the quarter, compared to analyst estimates of $546.23 million. Fred’s had a positive return on equity of 0.13% and a negative net margin of 0.37%. Fred’s’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. On average, equities analysts expect that Fred’s Inc. will post ($0.35) earnings per share for the current year.
Several research analysts have issued reports on FRED shares. MKM Partners restated a “neutral” rating and set a $14.00 price target on shares of Fred’s in a report on Thursday, July 7th. Sidoti started coverage on shares of Fred’s in a report on Wednesday, July 6th. They set a “neutral” rating and a $17.00 price target for the company. Zacks Investment Research lowered shares of Fred’s from a “buy” rating to a “hold” rating in a report on Thursday, July 21st. Deutsche Bank AG restated a “hold” rating and set a $15.00 price target on shares of Fred’s in a report on Tuesday, August 2nd. Finally, Stephens lowered shares of 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 equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $11.80.
In other Fred’s news, Director Michael Hayes sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $11.04, for a total value of $110,400.00. Following the completion of the sale, the director now owns 1,579,566 shares in the company, valued at $17,438,408.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.40% of the stock is owned by company insiders.
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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