Public Sector Pension Investment Board held its position in shares of Fred's, Inc. (NASDAQ:FRED) during the fourth quarter, Holdings Channel reports. The fund owned 24,088 shares of the company’s stock at the end of the fourth quarter. Public Sector Pension Investment Board owned about 0.06% of Fred's worth $447,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in FRED. Matarin Capital Management LLC bought a new position in shares of Fred's during the third quarter valued at $201,000. Horrell Capital Management Inc. boosted its position in shares of Fred's by 0.5% in the third quarter. Horrell Capital Management Inc. now owns 26,990 shares of the company’s stock valued at $245,000 after buying an additional 128 shares in the last quarter. Comerica Bank boosted its position in shares of Fred's by 5.2% in the fourth quarter. Comerica Bank now owns 37,279 shares of the company’s stock valued at $621,000 after buying an additional 1,844 shares in the last quarter. Martin & Co. Inc. TN boosted its position in shares of Fred's by 0.8% in the third quarter. Martin & Co. Inc. TN now owns 71,715 shares of the company’s stock valued at $650,000 after buying an additional 575 shares in the last quarter. Finally, Sei Investments Co. boosted its position in shares of Fred's by 14.5% in the third quarter. Sei Investments Co. now owns 108,040 shares of the company’s stock valued at $979,000 after buying an additional 13,645 shares in the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.
Fred's, Inc. (NASDAQ:FRED) opened at 14.66 on Tuesday. The firm has a 50-day moving average price of $15.89 and a 200 day moving average price of $12.72. The firm’s market capitalization is $548.56 million. Fred's, Inc. has a one year low of $7.89 and a one year high of $21.77.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend was Monday, February 27th. Fred's’s dividend payout ratio is presently -18.32%.
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Several equities analysts have weighed in on the company. Stephens raised Fred's from an “underweight” rating to an “equal weight” rating in a report on Friday, January 6th. MKM Partners reaffirmed a “neutral” rating and issued a $22.00 price objective (up from $9.00) on shares of Fred's in a report on Friday, December 23rd. TheStreet raised Fred's from a “d+” rating to a “c-” rating in a report on Tuesday, January 24th. Sidoti cut Fred's from a “buy” rating to a “neutral” rating and set a $12.00 price objective for the company. in a report on Tuesday, December 20th. Finally, Zacks Investment Research cut Fred's from a “buy” rating to a “hold” rating in a report on Tuesday, February 21st. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Fred's presently has an average rating of “Hold” and a consensus price target of $18.00.
In other Fred's news, major shareholder Alden Global Capital Llc bought 5,533,005 shares of Fred's stock in a transaction dated Thursday, December 22nd. The stock was bought at an average cost of $19.85 per share, with a total value of $109,830,149.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael Hayes sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, December 23rd. The shares were sold at an average price of $20.17, for a total value of $201,700.00. Following the completion of the transaction, the director now directly owns 1,524,909 shares of the company’s stock, valued at $30,757,414.53. The disclosure for this sale can be found here. Corporate insiders own 6.40% of the company’s stock.
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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