Municipal Employees Retirement System of Michigan Maintains Position in Fred’s, Inc. (FRED)
Municipal Employees Retirement System of Michigan held its stake in Fred’s, Inc. (NASDAQ:FRED) during the first quarter, Holdings Channel reports. The firm owned 7,910 shares of the company’s stock at the end of the first quarter. Municipal Employees Retirement System of Michigan’s holdings in Fred’s were worth $104,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of FRED. State Street Corp increased its stake in Fred’s by 4.1% in the fourth quarter. State Street Corp now owns 848,541 shares of the company’s stock valued at $15,746,000 after buying an additional 33,755 shares during the last quarter. 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 last quarter. Norges Bank purchased a new stake in Fred’s during the fourth quarter valued at $1,648,000. State of Wisconsin Investment Board purchased a new stake in Fred’s during the first quarter valued at $1,107,000. Finally, Baird Financial Group Inc. purchased a new stake in Fred’s during the first quarter valued at $891,000.
Shares of Fred’s, Inc. (NASDAQ:FRED) opened at 6.40 on Monday. The firm’s market capitalization is $243.53 million. Fred’s, Inc. has a one year low of $6.17 and a one year high of $21.77. The company’s 50 day moving average price is $12.42 and its 200 day moving average price is $14.69.
Fred’s (NASDAQ:FRED) last issued its quarterly earnings data on Tuesday, June 6th. The company reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.03) by $0.03. The company had revenue of $532.32 million for the quarter, compared to the consensus estimate of $520.28 million. Fred’s had a negative return on equity of 3.93% and a negative net margin of 4.94%. Fred’s’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.03 earnings per share. On average, analysts expect that Fred’s, Inc. will post ($0.40) EPS for the current fiscal year.
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Several equities research analysts have recently weighed in on FRED shares. Zacks Investment Research downgraded Fred’s from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 4th. Deutsche Bank AG reaffirmed a “hold” rating and set a $17.00 price target (down from $19.00) on shares of Fred’s in a report on Saturday, June 3rd. TheStreet downgraded Fred’s from a “c-” rating to a “d” rating in a report on Monday, July 3rd. Finally, ValuEngine downgraded Fred’s from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Fred’s currently has a consensus rating of “Hold” and a consensus price target of $15.00.
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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