Geode Capital Management LLC Cuts Stake in Grocery Outlet Holding Corp. (NASDAQ:GO)

Geode Capital Management LLC lowered its holdings in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) by 1.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,613,882 shares of the company’s stock after selling 25,990 shares during the quarter. Geode Capital Management LLC’s holdings in Grocery Outlet were worth $28,331,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in Grocery Outlet by 76.6% in the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after purchasing an additional 722 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Grocery Outlet in the third quarter worth $32,000. Innealta Capital LLC bought a new stake in Grocery Outlet during the 2nd quarter valued at $38,000. True Wealth Design LLC purchased a new stake in Grocery Outlet during the 3rd quarter valued at $75,000. Finally, Canada Pension Plan Investment Board bought a new stake in Grocery Outlet in the 2nd quarter worth $82,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on GO shares. Craig Hallum lowered their price objective on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. UBS Group lowered their price target on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Bank of America lowered Grocery Outlet from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $29.00 to $17.00 in a research report on Wednesday, October 30th. Roth Mkm decreased their target price on Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Finally, Melius Research initiated coverage on shares of Grocery Outlet in a report on Monday, September 23rd. They issued a “hold” rating and a $17.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.00.

Grocery Outlet Stock Performance

Shares of Grocery Outlet stock opened at $15.98 on Friday. The business has a fifty day simple moving average of $17.81 and a two-hundred day simple moving average of $18.57. The firm has a market capitalization of $1.55 billion, a P/E ratio of 31.33, a P/E/G ratio of 4.74 and a beta of 0.25. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. Grocery Outlet Holding Corp. has a 12 month low of $13.60 and a 12 month high of $29.19.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.28 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 business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the firm posted $0.25 earnings per share. Grocery Outlet’s quarterly revenue was up 10.4% on a year-over-year basis. On average, equities analysts forecast that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Erik D. Ragatz bought 110,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was acquired at an average cost of $18.25 per share, with a total value of $2,007,500.00. Following the completion of the acquisition, the director now owns 539,785 shares of the company’s stock, valued at approximately $9,851,076.25. This represents a 25.59 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.50% of the stock is currently owned by company insiders.

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.