Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 25,122 Grocery Outlet Holding Corp. (NASDAQ:GO)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Grocery Outlet Holding Corp. (NASDAQ:GO) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 25,122 shares of the company’s stock, valued at approximately $441,000.

A number of other large investors have also modified their holdings of GO. GSA Capital Partners LLP purchased a new stake in Grocery Outlet during the 3rd quarter worth approximately $2,507,000. Millennium Management LLC lifted its stake 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. CWM LLC grew its holdings in shares of Grocery Outlet by 505.6% during the third quarter. CWM LLC now owns 51,933 shares of the company’s stock valued at $911,000 after buying an additional 43,358 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Grocery Outlet by 137.5% during the second quarter. Thrivent Financial for Lutherans now owns 197,916 shares of the company’s stock valued at $4,378,000 after buying an additional 114,576 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Grocery Outlet by 23.2% in the 3rd quarter. Victory Capital Management Inc. now owns 915,119 shares of the company’s stock valued at $16,060,000 after acquiring an additional 172,050 shares during the period. Hedge funds and other institutional investors own 99.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on GO. Craig Hallum dropped their price target on Grocery Outlet from $20.00 to $17.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Wells Fargo & Company dropped their target price on Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Telsey Advisory Group reduced their price target on shares of Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating for the company in a research report on Wednesday, November 6th. Roth Capital raised shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Finally, Melius Research initiated coverage on shares of Grocery Outlet in a report on Monday, September 23rd. They set a “hold” rating and a $17.00 target price for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $18.00.

Grocery Outlet Stock Down 1.2 %

GO opened at $21.00 on Friday. The company has a fifty day moving average of $17.29 and a two-hundred day moving average of $19.09. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 41.18, a PEG ratio of 5.35 and a beta of 0.13. Grocery Outlet Holding Corp. has a fifty-two week low of $13.60 and a fifty-two week high of $29.80. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 1.46.

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

Insider Activity at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at $1,155,580.02. This represents a 73.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Erik D. Ragatz purchased 110,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was acquired at an average cost of $18.25 per share, for a total transaction of $2,007,500.00. Following the completion of the purchase, 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 position. The disclosure for this purchase can be found here. 4.50% of the stock is owned by corporate 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.