California Public Employees Retirement System Acquires 56,251 Shares of Fred's, Inc. (FRED)

California Public Employees Retirement System boosted its stake in Fred's, Inc. (NASDAQ:FRED) by 27.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 260,544 shares of the company’s stock after buying an additional 56,251 shares during the period. California Public Employees Retirement System owned approximately 0.68% of Fred's worth $1,678,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Public Employees Retirement System of Ohio increased its position in Fred's by 6.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 13,594 shares of the company’s stock worth $125,000 after purchasing an additional 804 shares in the last quarter. Verition Fund Management LLC acquired a new position in Fred's in the 2nd quarter valued at approximately $157,000. Quantbot Technologies LP increased its position in Fred's by 41.8% in the 2nd quarter. Quantbot Technologies LP now owns 17,308 shares of the company’s stock valued at $159,000 after acquiring an additional 5,100 shares during the period. BNP Paribas Arbitrage SA increased its position in Fred's by 153.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 26,225 shares of the company’s stock valued at $169,000 after acquiring an additional 15,861 shares during the period. Finally, Crossmark Global Holdings Inc. acquired a new position in Fred's in the 3rd quarter valued at approximately $172,000.

In related news, Director Timothy A. Barton bought 85,000 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was acquired at an average cost of $3.94 per share, for a total transaction of $334,900.00. Following the completion of the transaction, the director now directly owns 113,123 shares in the company, valued at approximately $445,704.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.90% of the company’s stock.

Several equities research analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of Fred's from a “hold” rating to a “strong sell” rating in a research note on Monday, December 11th. Loop Capital reaffirmed a “hold” rating and issued a $4.00 price objective on shares of Fred's in a research note on Thursday, December 7th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $6.00.

Fred's, Inc. (FRED) traded down $0.01 during midday trading on Monday, reaching $3.00. 547,277 shares of the company were exchanged, compared to its average volume of 815,277. Fred's, Inc. has a 1-year low of $2.85 and a 1-year high of $19.14. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.78 and a quick ratio of 0.44. The stock has a market capitalization of $114.69, a P/E ratio of -0.80 and a beta of 1.62.

Fred's (NASDAQ:FRED) last released its quarterly earnings data on Wednesday, December 6th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.29). Fred's had a negative net margin of 6.80% and a negative return on equity of 9.94%. The firm had revenue of $493.60 million during the quarter, compared to the consensus estimate of $499.77 million. During the same quarter last year, the business posted ($0.27) earnings per share. Fred's’s revenue was down 4.5% compared to the same quarter last year. research analysts predict that Fred's, Inc. will post -0.55 earnings per share for the current fiscal year.

Fred's announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, December 6th that authorizes the company to buyback 3,800,000 shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

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Fred's 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.

Institutional Ownership by Quarter for Fred's (NASDAQ:FRED)

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