Grocery Outlet (NASDAQ:GO) Upgraded by Craig Hallum to Buy

Grocery Outlet (NASDAQ:GOGet Rating) was upgraded by equities research analysts at Craig Hallum from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Briefing.com reports.

Several other equities research analysts have also recently issued reports on the stock. TheStreet raised shares of Grocery Outlet from a “d+” rating to a “c-” rating in a research report on Friday, February 25th. Telsey Advisory Group reissued an “outperform” rating on shares of Grocery Outlet in a research report on Thursday, February 24th. Bank of America raised shares of Grocery Outlet from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $23.00 to $37.00 in a research report on Friday, April 29th. They noted that the move was a valuation call. Cowen boosted their price objective on shares of Grocery Outlet from $30.00 to $32.00 in a research report on Thursday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Grocery Outlet from a “hold” rating to a “buy” rating and boosted their price target for the company from $29.00 to $40.00 in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $31.90.

Shares of GO stock traded up $4.11 during trading hours on Wednesday, reaching $35.18. 133,661 shares of the stock were exchanged, compared to its average volume of 826,524. Grocery Outlet has a 12-month low of $21.01 and a 12-month high of $41.31. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.86 and a quick ratio of 0.70. The stock’s 50-day moving average is $32.55. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 56.70, a price-to-earnings-growth ratio of 3.36 and a beta of -0.19.

Grocery Outlet (NASDAQ:GOGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.02. The company had revenue of $831.40 million during the quarter, compared to analysts’ expectations of $810.39 million. Grocery Outlet had a net margin of 2.02% and a return on equity of 8.98%. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.23 EPS. Equities research analysts anticipate that Grocery Outlet will post 0.95 earnings per share for the current fiscal year.

In related news, Director Thomas F. Herman sold 2,000 shares of the firm’s stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $34.07, for a total transaction of $68,140.00. Following the completion of the sale, the director now directly owns 43,517 shares in the company, valued at $1,482,624.19. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Brian Mcandrews sold 10,000 shares of the firm’s stock in a transaction dated Friday, March 4th. The stock was sold at an average price of $29.26, for a total transaction of $292,600.00. The disclosure for this sale can be found here. Insiders have sold 130,980 shares of company stock worth $4,318,598 over the last three months. 11.80% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in GO. BlackRock Inc. lifted its stake in Grocery Outlet by 4.7% in the fourth quarter. BlackRock Inc. now owns 8,220,729 shares of the company’s stock worth $232,483,000 after acquiring an additional 368,445 shares during the last quarter. Capital Research Global Investors raised its holdings in Grocery Outlet by 1.1% during the third quarter. Capital Research Global Investors now owns 6,870,625 shares of the company’s stock worth $148,199,000 after purchasing an additional 76,221 shares in the last quarter. Capital World Investors raised its holdings in Grocery Outlet by 44.7% during the fourth quarter. Capital World Investors now owns 5,693,839 shares of the company’s stock worth $161,022,000 after purchasing an additional 1,760,000 shares in the last quarter. Parnassus Investments LLC raised its holdings in Grocery Outlet by 12.5% during the first quarter. Parnassus Investments LLC now owns 5,448,421 shares of the company’s stock worth $178,599,000 after purchasing an additional 605,392 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Grocery Outlet by 3.1% during the fourth quarter. Mackenzie Financial Corp now owns 4,998,053 shares of the company’s stock worth $141,345,000 after purchasing an additional 150,093 shares in the last quarter. 96.41% of the stock is owned by institutional investors.

About Grocery Outlet (Get Rating)

Grocery Outlet Holding Corp. owns and operates a network of independently operated stores in the United States. The company's stores offer products in various categories, such as dairy and deli, produce, floral, and fresh meat and seafood products, as well as grocery, general merchandise, health and beauty care, frozen foods, and beer and wine.

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