State of New Jersey Common Pension Fund D grew its position in shares of Grocery Outlet Holding Corp. (NASDAQ:GO – Free Report) by 28.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 111,500 shares of the company’s stock after purchasing an additional 24,672 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Grocery Outlet were worth $1,957,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Grocery Outlet in the first quarter worth approximately $25,000. Blue Trust Inc. boosted its position in shares of Grocery Outlet by 76.6% in the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after acquiring an additional 722 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Grocery Outlet in the third quarter worth approximately $32,000. Innealta Capital LLC acquired a new stake in shares of Grocery Outlet in the second quarter worth approximately $38,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Grocery Outlet in the second quarter worth approximately $82,000. 99.87% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on GO shares. Wells Fargo & Company decreased their target price on shares of Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. The Goldman Sachs Group cut their price target on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating on the stock in a report on Friday, November 1st. TD Cowen lowered shares of Grocery Outlet from a “buy” rating to a “hold” rating and cut their price target for the company from $25.00 to $16.00 in a report on Wednesday, November 6th. Roth Capital upgraded shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Finally, Telsey Advisory Group cut their price target on shares of Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Grocery Outlet currently has an average rating of “Hold” and a consensus price target of $18.00.
Grocery Outlet Trading Down 1.6 %
GO opened at $17.82 on Monday. The firm has a market capitalization of $1.73 billion, a P/E ratio of 34.94, a P/E/G ratio of 4.45 and a beta of 0.13. The firm’s 50 day moving average is $16.62 and its 200-day moving average is $19.26. Grocery Outlet Holding Corp. has a 52-week low of $13.60 and a 52-week high of $29.80. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34.
Grocery Outlet (NASDAQ:GO – Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The business’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Analysts expect that Grocery Outlet Holding Corp. will post 0.63 EPS for the current fiscal year.
Insider Buying and Selling
In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total value of $3,259,547.55. Following the completion of the transaction, the director now owns 70,938 shares of the company’s stock, valued at $1,155,580.02. The trade was a 73.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 4.50% of the company’s stock.
About Grocery Outlet
Grocery Outlet Holding Corp. operates as a retailer of consumables and fresh products sold through independently operated stores in the United States. Its stores offer products in various categories, such as dairy and deli, produce, floral, fresh meat, seafood products, grocery, general merchandise, health and beauty care, frozen food, beer and wine, and ethnic products.
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