State Street Corp Increases Stock Position in Grocery Outlet Holding Corp. (NASDAQ:GO)

State Street Corp raised its position in Grocery Outlet Holding Corp. (NASDAQ:GO) by 0.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,407,152 shares of the company’s stock after acquiring an additional 21,237 shares during the quarter. State Street Corp owned approximately 3.51% of Grocery Outlet worth $59,796,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. increased its position in Grocery Outlet by 76.6% during the 3rd 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 period. Capital Performance Advisors LLP purchased a new position in shares of Grocery Outlet during the third quarter valued at about $32,000. Innealta Capital LLC bought a new position in Grocery Outlet in the second quarter worth about $38,000. True Wealth Design LLC purchased a new stake in Grocery Outlet in the third quarter worth about $75,000. Finally, Canada Pension Plan Investment Board bought a new stake in Grocery Outlet during the 2nd quarter valued at approximately $82,000. 99.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating on the stock in a research report on Friday, November 1st. Craig Hallum decreased their target price 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. Loop Capital initiated coverage on Grocery Outlet in a research report on Thursday, October 17th. They issued a “hold” rating and a $17.00 price target on the stock. Bank of America lowered Grocery Outlet from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $29.00 to $17.00 in a research report on Wednesday, October 30th. Finally, TD Cowen downgraded Grocery Outlet from a “buy” rating to a “hold” rating and dropped their target price for the stock from $25.00 to $16.00 in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $18.00.

Grocery Outlet Price Performance

Shares of NASDAQ:GO opened at $16.54 on Thursday. The company has a market capitalization of $1.61 billion, a P/E ratio of 32.43, a P/E/G ratio of 4.74 and a beta of 0.25. Grocery Outlet Holding Corp. has a 1-year low of $13.60 and a 1-year high of $29.19. The firm’s 50 day simple moving average is $17.84 and its two-hundred day simple moving average is $18.77. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.33.

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

Insiders Place Their Bets

In other Grocery Outlet news, Director Erik D. Ragatz bought 110,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was purchased 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 in the company, valued at $9,851,076.25. This trade represents a 25.59 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.50% of the company’s stock.

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.