Millennium Management LLC Buys 1,726,741 Shares of Grocery Outlet Holding Corp. (NASDAQ:GO)

Millennium Management LLC raised its stake in Grocery Outlet Holding Corp. (NASDAQ:GO) by 677.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,981,558 shares of the company’s stock after buying an additional 1,726,741 shares during the period. Millennium Management LLC owned about 1.98% of Grocery Outlet worth $43,832,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GO. Treasurer of the State of North Carolina grew its position in shares of Grocery Outlet by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 42,093 shares of the company’s stock valued at $1,135,000 after buying an additional 410 shares during the last quarter. Blueshift Asset Management LLC bought a new stake in shares of Grocery Outlet in the 4th quarter valued at about $330,000. Capital Research Global Investors lifted its stake in shares of Grocery Outlet by 2.2% in the 4th quarter. Capital Research Global Investors now owns 9,342,414 shares of the company’s stock valued at $251,871,000 after purchasing an additional 199,926 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Grocery Outlet by 261.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 57,471 shares of the company’s stock valued at $1,549,000 after purchasing an additional 41,592 shares during the period. Finally, Verition Fund Management LLC acquired a new position in shares of Grocery Outlet in the 4th quarter valued at about $16,049,000. Institutional investors own 99.87% of the company’s stock.

Insiders Place Their Bets

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the transaction, the director now directly owns 70,938 shares of the company’s stock, valued at $1,340,728.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the transaction, the director now directly owns 70,938 shares of the company’s stock, valued at $1,340,728.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction that occurred 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 directly owns 70,938 shares of the company’s stock, valued at $1,155,580.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,095 shares of company stock valued at $8,876,548. Corporate insiders own 4.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GO shares. UBS Group dropped their price objective on Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Roth Capital raised Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Telsey Advisory Group dropped their price objective on Grocery Outlet from $31.00 to $27.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Melius Research started coverage on Grocery Outlet in a research note on Monday, September 23rd. They issued a “hold” rating and a $17.00 price objective on the stock. Finally, Wells Fargo & Company started coverage on Grocery Outlet in a research note on Thursday, July 18th. They set an “overweight” rating and a $28.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Grocery Outlet currently has an average rating of “Hold” and a consensus price target of $22.11.

Grocery Outlet Stock Performance

Shares of GO opened at $17.34 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.29 and a current ratio of 1.29. The stock has a 50 day moving average price of $18.15 and a two-hundred day moving average price of $21.75. The firm has a market capitalization of $1.73 billion, a P/E ratio of 27.09, a P/E/G ratio of 3.12 and a beta of 0.10. Grocery Outlet Holding Corp. has a 52 week low of $15.72 and a 52 week high of $29.98.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.23 EPS. Equities analysts forecast that Grocery Outlet Holding Corp. will post 0.68 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.