Red Spruce Capital LLC Grows Stock Holdings in Grocery Outlet Holding Corp. (NASDAQ:GO)

Red Spruce Capital LLC increased its stake in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) by 32.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,800 shares of the company’s stock after acquiring an additional 28,852 shares during the quarter. Red Spruce Capital LLC owned approximately 0.12% of Grocery Outlet worth $2,085,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GO. 12 West Capital Management LP boosted its stake in Grocery Outlet by 383.3% during the first quarter. 12 West Capital Management LP now owns 3,625,000 shares of the company’s stock worth $104,328,000 after acquiring an additional 2,875,000 shares in the last quarter. Capital World Investors increased its position in shares of Grocery Outlet by 281.4% during the first quarter. Capital World Investors now owns 3,579,683 shares of the company’s stock valued at $103,023,000 after acquiring an additional 2,641,016 shares in the last quarter. Millennium Management LLC raised its holdings in Grocery Outlet by 677.6% in the 2nd quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock worth $43,832,000 after acquiring an additional 1,726,741 shares during the last quarter. Solel Partners LP purchased a new stake in Grocery Outlet during the 2nd quarter valued at $35,980,000. Finally, American Century Companies Inc. increased its holdings in shares of Grocery Outlet by 889.9% in the 2nd quarter. American Century Companies Inc. now owns 1,010,785 shares of the company’s stock worth $22,359,000 after purchasing an additional 908,680 shares in the last quarter. 99.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on GO. UBS Group reduced their price objective on Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Melius Research assumed coverage on shares of Grocery Outlet in a research report on Monday, September 23rd. They issued a “hold” rating and a $17.00 target price for the company. Roth Mkm lowered their price target on Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Craig Hallum cut Grocery Outlet from a “buy” rating to a “hold” rating and dropped their target price for the stock from $32.00 to $20.00 in a research report on Wednesday, July 31st. Finally, Roth Capital raised shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $22.11.

Grocery Outlet Price Performance

Grocery Outlet stock traded up $0.39 during mid-day trading on Friday, hitting $16.58. The stock had a trading volume of 1,800,011 shares, compared to its average volume of 1,753,574. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $17.95 and its 200 day moving average is $21.60. The firm has a market capitalization of $1.66 billion, a P/E ratio of 25.91, a P/E/G ratio of 3.12 and a beta of 0.10. Grocery Outlet Holding Corp. has a one year low of $15.72 and a one year high of $29.98.

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

Insider Activity

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 transaction of $1,890,000.00. Following the sale, the director now directly owns 70,938 shares of the company’s stock, valued at $1,340,728.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the sale, the director now directly owns 70,938 shares of the company’s stock, valued at $1,155,580.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the sale, the director now directly owns 70,938 shares of the company’s stock, valued at $1,340,728.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,095 shares of company stock worth $8,876,548 over the last 90 days. Corporate insiders own 4.50% of the company’s stock.

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.