Systematic Financial Management LP acquired a new stake in shares of Fred’s Inc. (NASDAQ:FRED) during the second quarter, Holdings Channel reports. The institutional investor acquired 84,855 shares of the company’s stock, valued at approximately $1,367,000. Systematic Financial Management LP owned about 0.23% of Fred’s as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in FRED. BNP Paribas Arbitrage SA increased 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 valued at $176,000 after buying an additional 5,737 shares during the last quarter. Springbok Capital Management LLC increased 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 valued at $190,000 after buying an additional 12,091 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Fred’s by 4.6% in the first quarter. Arizona State Retirement System now owns 18,075 shares of the company’s stock valued at $269,000 after buying an additional 800 shares during the period. Huntington Asset Advisors Inc. purchased a new stake in shares of Fred’s during the first quarter valued at about $358,000. Finally, Menta Capital LLC boosted its stake in shares of Fred’s by 9.7% in the first quarter. Menta Capital LLC now owns 25,969 shares of the company’s stock valued at $387,000 after buying an additional 2,287 shares during the period. Institutional investors and hedge funds own 95.23% of the company’s stock.
Shares of Fred’s Inc. (NASDAQ:FRED) traded up 0.70% during midday trading on Monday, reaching $10.00. The company’s stock had a trading volume of 117,879 shares. The company has a 50 day moving average price of $11.95 and a 200-day moving average price of $14.23. The stock’s market capitalization is $373.48 million. Fred’s Inc. has a 52 week low of $9.29 and a 52 week high of $17.14.
Fred’s (NASDAQ:FRED) last posted its earnings results on Tuesday, August 30th. The company reported ($0.18) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.03. Fred’s had a negative net margin of 0.37% and a positive return on equity of 0.13%. The firm earned $529.50 million during the quarter, compared to the consensus estimate of $546.23 million. During the same quarter last year, the firm earned ($0.13) EPS. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, equities research analysts expect that Fred’s Inc. will post ($0.35) EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, September 2nd were given a dividend of $0.06 per share. The ex-dividend date was Wednesday, August 31st. This represents a $0.24 annualized dividend and a dividend yield of 2.42%. Fred’s’s dividend payout ratio (DPR) is currently -109.09%.
Several equities research analysts have recently issued reports on FRED shares. Zacks Investment Research cut Fred’s from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 31st. TheStreet cut Fred’s from a “hold” rating to a “sell” rating in a report on Tuesday, August 30th. Deutsche Bank AG reduced their target price on Fred’s from $12.00 to $10.00 and set a “sell” rating on the stock in a report on Wednesday, August 31st. MKM Partners reaffirmed a “neutral” rating and issued a $14.00 target price 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 target price on the stock. in a report on Wednesday, August 31st. Four research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The stock presently has a consensus rating of “Sell” and a consensus target price of $12.80.
In other news, Director Michael Hayes sold 16,414 shares of Fred’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $10.82, for a total transaction of $177,599.48. Following the completion of the sale, the director now directly owns 1,554,566 shares of the company’s stock, valued at approximately $16,820,404.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 6.40% of the company’s stock.
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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