American International Group Inc. reduced its stake in shares of Fred’s, Inc. (NASDAQ:FRED) by 15.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,758 shares of the company’s stock after selling 4,100 shares during the period. American International Group Inc. owned approximately 0.06% of Fred’s worth $285,000 as of its most recent filing with the SEC.
A number of other hedge funds have also added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its stake in Fred’s by 24.2% in the first quarter. Wells Fargo & Company MN now owns 776,513 shares of the company’s stock valued at $10,172,000 after buying an additional 151,144 shares during the period. Norges Bank acquired a new stake in Fred’s during the fourth quarter valued at approximately $1,648,000. State of Wisconsin Investment Board acquired a new stake in Fred’s during the first quarter valued at approximately $1,107,000. Baird Financial Group Inc. acquired a new stake in Fred’s during the first quarter valued at approximately $891,000. Finally, Highbridge Capital Management LLC acquired a new stake in Fred’s during the fourth quarter valued at approximately $928,000.
Shares of Fred’s, Inc. (FRED) traded up 0.67% during trading on Friday, reaching $6.04. 332,184 shares of the company’s stock were exchanged. Fred’s, Inc. has a 52 week low of $5.62 and a 52 week high of $21.77. The company’s 50-day moving average is $6.75 and its 200 day moving average is $12.38. The stock’s market capitalization is $229.83 million.
Fred’s (NASDAQ:FRED) last issued its quarterly earnings data on Tuesday, June 6th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.03. Fred’s had a negative net margin of 4.94% and a negative return on equity of 3.93%. The company had revenue of $532.32 million for the quarter, compared to the consensus estimate of $520.28 million. During the same quarter in the prior year, the firm earned $0.03 earnings per share. Fred’s’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, analysts forecast that Fred’s, Inc. will post ($0.41) earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 3.97%. Fred’s’s dividend payout ratio (DPR) is presently -8.54%.
FRED has been the subject of several research reports. Deutsche Bank AG reiterated a “hold” rating and issued a $17.00 price target (down previously from $19.00) on shares of Fred’s in a research report on Saturday, June 3rd. TheStreet downgraded shares of Fred’s from a “c-” rating to a “d” rating in a research report on Monday, July 3rd. Finally, ValuEngine downgraded shares of Fred’s from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Fred’s currently has an average rating of “Hold” and an average 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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