Paloma Partners Management Co Purchases New Position in Grocery Outlet Holding Corp. (NASDAQ:GO)

Paloma Partners Management Co acquired a new position in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,498 shares of the company’s stock, valued at approximately $272,000.

Several other hedge funds also recently modified their holdings of the company. GSA Capital Partners LLP acquired a new position in Grocery Outlet during the 3rd quarter worth about $2,507,000. Cerity Partners LLC grew its stake in shares of Grocery Outlet by 887.1% during the third quarter. Cerity Partners LLC now owns 105,675 shares of the company’s stock valued at $1,855,000 after purchasing an additional 94,969 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Grocery Outlet in the third quarter valued at approximately $441,000. Millennium Management LLC raised its position 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 purchasing an additional 1,726,741 shares during the last quarter. Finally, CWM LLC lifted its holdings in Grocery Outlet by 505.6% during the 3rd quarter. CWM LLC now owns 51,933 shares of the company’s stock worth $911,000 after buying an additional 43,358 shares in the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.

Insider Activity at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet 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 sale, the director now directly owns 70,938 shares in the company, valued at $1,155,580.02. This trade represents a 73.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Erik D. Ragatz bought 110,000 shares of Grocery Outlet stock in a transaction that occurred 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 acquisition, the director now directly owns 539,785 shares of the company’s stock, valued at $9,851,076.25. The trade was a 25.59 % increase in their position. The disclosure for this purchase can be found here. 4.50% of the stock is currently owned by insiders.

Grocery Outlet Stock Down 4.7 %

NASDAQ:GO opened at $18.77 on Friday. Grocery Outlet Holding Corp. has a 1 year low of $13.60 and a 1 year high of $29.80. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 36.80, a PEG ratio of 4.98 and a beta of 0.25. The stock has a 50-day moving average price of $17.53 and a two-hundred day moving average price of $19.04.

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

Analyst Ratings Changes

GO has been the subject of a number of recent research reports. Telsey Advisory Group dropped their target price on 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. Loop Capital initiated coverage on Grocery Outlet in a report on Thursday, October 17th. They set a “hold” rating and a $17.00 price objective for the company. Bank of America lowered shares of Grocery Outlet from a “buy” rating to a “neutral” rating and reduced their target price for the company from $29.00 to $17.00 in a research note on Wednesday, October 30th. Craig Hallum dropped their price target 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. Finally, Wells Fargo & Company reduced their price objective on shares of Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $18.00.

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.