127,707 Shares in Grocery Outlet Holding Corp. (NASDAQ:GO) Purchased by Fred Alger Management LLC

Fred Alger Management LLC purchased a new stake in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 127,707 shares of the company’s stock, valued at approximately $2,241,000. Fred Alger Management LLC owned about 0.13% of Grocery Outlet at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GSA Capital Partners LLP purchased a new position in shares of Grocery Outlet during the third quarter valued at about $2,507,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Grocery Outlet during the 3rd quarter worth approximately $441,000. Millennium Management LLC raised its position in shares of 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 in the last quarter. CWM LLC lifted its stake in shares of Grocery Outlet by 505.6% in the 3rd quarter. CWM LLC now owns 51,933 shares of the company’s stock valued at $911,000 after purchasing an additional 43,358 shares during the period. Finally, Thrivent Financial for Lutherans boosted its position 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 purchasing an additional 114,576 shares in the last quarter. Institutional investors own 99.87% of the company’s stock.

Grocery Outlet Stock Performance

GO opened at $21.00 on Monday. The company has a 50 day simple moving average of $17.29 and a two-hundred day simple moving average of $19.06. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.33. The firm has a market cap of $2.04 billion, a P/E ratio of 41.18, a PEG ratio of 5.28 and a beta of 0.13. Grocery Outlet Holding Corp. has a 1-year low of $13.60 and a 1-year high of $29.80.

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. 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 during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the business posted $0.25 EPS. Grocery Outlet’s revenue for the quarter was up 10.4% compared to the same quarter last year. Equities analysts forecast that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GO has been the topic of a number of recent research reports. UBS Group reduced their target price on shares of Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Grocery Outlet from $29.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Wells Fargo & Company dropped their price target 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. The Goldman Sachs Group reduced their price objective on Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a research report on Friday, November 1st. Finally, Melius Research initiated coverage on Grocery Outlet in a report on Monday, September 23rd. They issued a “hold” rating and a $17.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Grocery Outlet has an average rating of “Hold” and a consensus target price of $18.00.

Insider Transactions at Grocery Outlet

In other news, Director Erik D. Ragatz acquired 110,000 shares of Grocery Outlet stock in a transaction on Friday, November 15th. The shares were acquired at an average price of $18.25 per share, with a total value of $2,007,500.00. Following the purchase, the director now directly owns 539,785 shares in the company, valued at $9,851,076.25. The trade was a 25.59 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the 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 transaction, 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 disclosure for this sale can be found here. 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.