Geode Capital Management LLC Has $28.33 Million Stock Holdings in Grocery Outlet Holding Corp. (NASDAQ:GO)

Geode Capital Management LLC lowered its stake in Grocery Outlet Holding Corp. (NASDAQ:GO) by 1.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,613,882 shares of the company’s stock after selling 25,990 shares during the quarter. Geode Capital Management LLC owned about 1.66% of Grocery Outlet worth $28,331,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Millennium Management LLC boosted its position in shares of Grocery Outlet by 677.6% during the second quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock worth $43,832,000 after buying an additional 1,726,741 shares during the period. Solel Partners LP bought a new stake in Grocery Outlet in the 2nd quarter valued at approximately $35,980,000. American Century Companies Inc. boosted its position in Grocery Outlet by 889.9% during the 2nd quarter. American Century Companies Inc. now owns 1,010,785 shares of the company’s stock worth $22,359,000 after acquiring an additional 908,680 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Grocery Outlet by 159.8% in the third quarter. Point72 Asset Management L.P. now owns 1,235,078 shares of the company’s stock valued at $21,676,000 after purchasing an additional 759,697 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Grocery Outlet by 1,891.8% in the second quarter. Victory Capital Management Inc. now owns 743,069 shares of the company’s stock valued at $16,437,000 after purchasing an additional 705,762 shares during the last quarter. 99.87% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Roth Mkm dropped their price target on shares of Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Bank of America downgraded shares of Grocery Outlet from a “buy” rating to a “neutral” rating and cut their target price for the company from $29.00 to $17.00 in a research note on Wednesday, October 30th. TD Cowen downgraded Grocery Outlet from a “buy” rating to a “hold” rating and lowered their price target for the stock from $25.00 to $16.00 in a research report on Wednesday, November 6th. Melius Research initiated coverage on Grocery Outlet in a research report on Monday, September 23rd. They issued a “hold” rating and a $17.00 price objective for the company. Finally, Telsey Advisory Group reissued a “market perform” rating and set a $18.00 target price on shares of Grocery Outlet in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $18.00.

Insider Activity at Grocery Outlet

In related news, Director Erik D. Ragatz bought 110,000 shares of Grocery Outlet stock in a transaction on Friday, November 15th. The stock was acquired at an average price of $18.25 per share, with a total value of $2,007,500.00. Following the acquisition, the director now directly owns 539,785 shares of the company’s stock, valued at $9,851,076.25. This represents a 25.59 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.50% of the stock is currently owned by corporate insiders.

Grocery Outlet Price Performance

Shares of NASDAQ GO opened at $15.98 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 1.46. The firm’s 50-day simple moving average is $17.81 and its 200 day simple moving average is $18.57. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 31.33, a PEG ratio of 4.74 and a beta of 0.25. Grocery Outlet Holding Corp. has a fifty-two week low of $13.60 and a fifty-two week high of $29.19.

Grocery Outlet (NASDAQ:GO) last posted its earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the business posted $0.25 EPS. The business’s revenue was up 10.4% compared to the same quarter last year. As a group, research analysts anticipate that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current fiscal year.

Grocery Outlet Profile

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.