State of Alaska Department of Revenue Boosts Holdings in Grocery Outlet Holding Corp. $GO

State of Alaska Department of Revenue raised its holdings in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) by 8.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,360 shares of the company’s stock after acquiring an additional 4,538 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of Grocery Outlet worth $724,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in GO. Wellington Management Group LLP purchased a new position in Grocery Outlet during the 1st quarter valued at about $43,509,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of Grocery Outlet by 1,577.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,262,956 shares of the company’s stock worth $45,617,000 after purchasing an additional 3,068,405 shares during the last quarter. Solas Capital Management LLC acquired a new stake in shares of Grocery Outlet during the 1st quarter worth about $13,736,000. Vanguard Group Inc. boosted its stake in shares of Grocery Outlet by 5.8% during the 1st quarter. Vanguard Group Inc. now owns 10,717,454 shares of the company’s stock worth $149,830,000 after purchasing an additional 582,822 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Grocery Outlet during the 1st quarter worth about $6,621,000. 99.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on GO. Craig Hallum raised shares of Grocery Outlet from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Wednesday, August 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Grocery Outlet in a research note on Saturday, September 27th. Morgan Stanley raised shares of Grocery Outlet from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $13.00 to $16.00 in a research note on Wednesday, August 6th. Finally, Telsey Advisory Group raised shares of Grocery Outlet from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $16.00 to $20.00 in a research note on Wednesday, October 1st. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Grocery Outlet has a consensus rating of “Hold” and a consensus target price of $16.33.

Insider Buying and Selling

In related news, EVP Steven K. Wilson sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $19.20, for a total value of $384,000.00. Following the transaction, the executive vice president owned 146,923 shares in the company, valued at approximately $2,820,921.60. This trade represents a 11.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.50% of the company’s stock.

Grocery Outlet Price Performance

GO opened at $16.09 on Wednesday. The company’s 50 day simple moving average is $17.02 and its 200 day simple moving average is $15.01. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.25 and a current ratio of 1.21. Grocery Outlet Holding Corp. has a 1 year low of $10.26 and a 1 year high of $21.67. The stock has a market capitalization of $1.58 billion, a PE ratio of 229.89, a P/E/G ratio of 3.45 and a beta of 0.29.

Grocery Outlet (NASDAQ:GO) last released its earnings results on Tuesday, August 5th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. Grocery Outlet had a net margin of 0.18% and a return on equity of 6.34%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.20 billion. During the same period last year, the company earned $0.25 earnings per share. The company’s quarterly revenue was up 4.5% on a year-over-year basis. Grocery Outlet has set its FY 2025 guidance at 0.750-0.800 EPS. As a group, sell-side analysts expect that Grocery Outlet Holding Corp. will post 0.63 EPS for the current year.

Grocery Outlet Company 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.