Greenlight Capital Inc. Sells 99,097 Shares of Fred's, Inc. (NASDAQ:FRED)

Greenlight Capital Inc. trimmed its holdings in shares of Fred's, Inc. (NASDAQ:FRED) by 6.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,400,903 shares of the company’s stock after selling 99,097 shares during the period. Greenlight Capital Inc. owned approximately 3.68% of Fred's worth $9,022,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Howard Hughes Medical Institute lifted its stake in shares of Fred's by 23.7% in the 2nd quarter. Howard Hughes Medical Institute now owns 13,442 shares of the company’s stock valued at $124,000 after purchasing an additional 2,574 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of Fred's by 6.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 13,594 shares of the company’s stock valued at $125,000 after purchasing an additional 804 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of Fred's by 2.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,600 shares of the company’s stock valued at $135,000 after purchasing an additional 300 shares during the period. GSA Capital Partners LLP acquired a new position in shares of Fred's in the 3rd quarter valued at $109,000. Finally, Verition Fund Management LLC acquired a new position in shares of Fred's in the 2nd quarter valued at $157,000.

Fred's, Inc. (NASDAQ FRED) traded up $0.04 during midday trading on Friday, reaching $4.05. 498,797 shares of the company’s stock were exchanged, compared to its average volume of 1,385,491. Fred's, Inc. has a 52 week low of $3.57 and a 52 week 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 firm has a market capitalization of $153.30, a PE ratio of -1.08 and a beta of 1.81.

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

Fred's announced that its board has authorized a share buyback program on Wednesday, December 6th that permits the company to buyback 3,800,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

In other Fred's news, Director Timothy A. Barton purchased 85,000 shares of Fred's stock in a transaction dated Wednesday, December 13th. The shares were acquired at an average price of $3.94 per share, with a total value of $334,900.00. Following the completion of the transaction, the director now owns 113,123 shares of the company’s stock, valued at $445,704.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 6.90% of the stock is currently owned by corporate insiders.

FRED has been the subject of several analyst reports. Loop Capital reiterated a “hold” rating and issued a $4.00 target price on shares of Fred's in a research note on Thursday, December 7th. Zacks Investment Research lowered shares of Fred's from a “hold” rating to a “strong sell” rating in a report on Monday, December 11th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $10.00.

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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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