Fred’s (NASDAQ:FRED) Upgraded at ValuEngine

Fred’s (NASDAQ:FRED) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, April 1st, ValuEngine reports.

NASDAQ FRED traded down $0.05 during trading hours on Monday, hitting $1.60. 7,267 shares of the stock were exchanged, compared to its average volume of 389,458. Fred’s has a 12-month low of $1.30 and a 12-month high of $3.58. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.89 and a quick ratio of 0.54.

Fred’s declared that its Board of Directors has authorized a stock repurchase program on Wednesday, January 30th that authorizes the company to buyback 3,500,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

A number of institutional investors and hedge funds have recently modified their holdings of the business. California Public Employees Retirement System lifted its stake in shares of Fred’s by 4.0% during the fourth quarter. California Public Employees Retirement System now owns 398,173 shares of the company’s stock valued at $753,000 after buying an additional 15,195 shares during the period. Citigroup Inc. raised its stake in Fred’s by 130.1% during the fourth quarter. Citigroup Inc. now owns 35,900 shares of the company’s stock worth $68,000 after purchasing an additional 20,300 shares during the period. Two Sigma Securities LLC purchased a new position in Fred’s during the fourth quarter worth approximately $43,000. Virtu Financial LLC purchased a new position in Fred’s during the fourth quarter worth approximately $77,000. Finally, D. E. Shaw & Co. Inc. purchased a new position in Fred’s during the fourth quarter worth approximately $135,000. Institutional investors own 64.40% of the company’s stock.

Fred’s Company Profile

Fred's, Inc, together with its subsidiaries, sells general merchandise through its retail discount stores and full service pharmacies. The company, through its stores, offers health, beauty, and personal care products; household cleaning supplies, disposable diapers, pet foods, and paper products; and various general merchandise, and food and beverage products to low, middle, and fixed income families located in small- to medium-sized towns.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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