Bank of America Corp DE Cuts Position in Grocery Outlet Holding Corp. (NASDAQ:GO)

Bank of America Corp DE decreased its position in shares of Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) by 21.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 639,426 shares of the company's stock after selling 169,561 shares during the quarter. Bank of America Corp DE owned approximately 0.66% of Grocery Outlet worth $9,981,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Amundi grew its holdings in Grocery Outlet by 0.6% during the 4th quarter. Amundi now owns 116,139 shares of the company's stock valued at $1,895,000 after buying an additional 719 shares in the last quarter. Cedar Wealth Management LLC boosted its position in shares of Grocery Outlet by 3.9% during the fourth quarter. Cedar Wealth Management LLC now owns 20,370 shares of the company's stock worth $318,000 after acquiring an additional 765 shares during the last quarter. Integrated Wealth Concepts LLC grew its stake in Grocery Outlet by 9.6% during the fourth quarter. Integrated Wealth Concepts LLC now owns 15,671 shares of the company's stock valued at $245,000 after acquiring an additional 1,377 shares in the last quarter. Guggenheim Capital LLC increased its holdings in Grocery Outlet by 9.1% in the 4th quarter. Guggenheim Capital LLC now owns 16,955 shares of the company's stock valued at $265,000 after acquiring an additional 1,408 shares during the last quarter. Finally, KBC Group NV lifted its stake in Grocery Outlet by 62.7% in the 4th quarter. KBC Group NV now owns 4,506 shares of the company's stock worth $70,000 after purchasing an additional 1,736 shares in the last quarter. Institutional investors own 99.87% of the company's stock.

Grocery Outlet Trading Up 5.4%

GO traded up $0.72 during trading hours on Tuesday, reaching $14.01. 4,042,796 shares of the company's stock traded hands, compared to its average volume of 2,435,401. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $14.38 and a 200 day moving average price of $15.71. Grocery Outlet Holding Corp. has a 52-week low of $10.26 and a 52-week high of $22.79. The firm has a market capitalization of $1.37 billion, a PE ratio of 27.47, a PEG ratio of 9.08 and a beta of 0.42.

Grocery Outlet (NASDAQ:GO - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.06. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The business's revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.09 earnings per share. As a group, sell-side analysts predict that Grocery Outlet Holding Corp. will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling at Grocery Outlet

In other Grocery Outlet news, CFO Christopher M. Miller bought 10,000 shares of the business's stock in a transaction on Thursday, February 27th. The shares were acquired at an average price of $11.68 per share, with a total value of $116,800.00. Following the transaction, the chief financial officer now owns 10,000 shares of the company's stock, valued at approximately $116,800. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Erik D. Ragatz purchased 165,000 shares of Grocery Outlet stock in a transaction dated Friday, February 28th. The stock was acquired at an average price of $12.25 per share, with a total value of $2,021,250.00. Following the acquisition, the director now owns 201,500 shares in the company, valued at approximately $2,468,375. This represents a 452.05% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 219,000 shares of company stock valued at $2,709,790 and sold 19,124 shares valued at $235,730. 4.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Telsey Advisory Group reaffirmed a "market perform" rating and issued a $16.00 target price on shares of Grocery Outlet in a report on Wednesday, April 30th. Jefferies Financial Group upgraded shares of Grocery Outlet from a "hold" rating to a "buy" rating and boosted their price target for the stock from $13.00 to $18.00 in a research report on Wednesday, April 16th. Bank of America lowered their price objective on shares of Grocery Outlet from $20.00 to $17.00 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft downgraded shares of Grocery Outlet from a "buy" rating to a "hold" rating and set a $12.00 target price on the stock. in a report on Wednesday, February 26th. Finally, Morgan Stanley lowered their price target on shares of Grocery Outlet from $13.00 to $10.00 and set an "underperform" rating for the company in a report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $15.62.

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.