Covenant Partners LLC Lowers Stock Holdings in Ollie's Bargain Outlet Holdings, Inc. $OLLI

Key Points

• Covenant Partners LLC has reduced its holdings in Ollie's Bargain Outlet by 48.5%, owning 2,284 shares after selling 2,149 shares during the second quarter.
• Multiple institutional investors, including Legacy Wealth Asset Management and Wallace Advisory Group, have increased their shares in Ollie's Bargain Outlet, indicating investor confidence in the company's performance.
• Analysts project a positive outlook for Ollie's Bargain Outlet, with nine research analysts rating the stock as Buy and updated price targets suggesting an average target price of $144.15.

Covenant Partners LLC trimmed its position in Ollie's Bargain Outlet Holdings, Inc. (NASDAQ:OLLI - Free Report) by 48.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,284 shares of the company's stock after selling 2,149 shares during the quarter. Covenant Partners LLC's holdings in Ollie's Bargain Outlet were worth $301,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Wealth Asset Management LLC increased its position in shares of Ollie's Bargain Outlet by 7.2% in the second quarter. Legacy Wealth Asset Management LLC now owns 3,193 shares of the company's stock worth $421,000 after purchasing an additional 214 shares during the last quarter. Wallace Advisory Group LLC increased its position in shares of Ollie's Bargain Outlet by 5.3% in the second quarter. Wallace Advisory Group LLC now owns 5,140 shares of the company's stock worth $677,000 after purchasing an additional 261 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of Ollie's Bargain Outlet by 3.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 60,558 shares of the company's stock worth $7,980,000 after purchasing an additional 1,917 shares during the last quarter. Whittier Trust Co. increased its position in shares of Ollie's Bargain Outlet by 2.7% in the second quarter. Whittier Trust Co. now owns 116,314 shares of the company's stock worth $15,328,000 after purchasing an additional 3,006 shares during the last quarter. Finally, Mutual of America Capital Management LLC increased its position in shares of Ollie's Bargain Outlet by 1.3% in the second quarter. Mutual of America Capital Management LLC now owns 72,100 shares of the company's stock worth $9,501,000 after purchasing an additional 909 shares during the last quarter.

Analysts Set New Price Targets

Several research firms recently weighed in on OLLI. Jefferies Financial Group upped their price objective on shares of Ollie's Bargain Outlet from $111.00 to $135.00 and gave the stock a "hold" rating in a research report on Friday, August 29th. Morgan Stanley upped their price objective on shares of Ollie's Bargain Outlet from $118.00 to $145.00 and gave the stock an "equal weight" rating in a research report on Friday, August 29th. JPMorgan Chase & Co. increased their price target on shares of Ollie's Bargain Outlet from $137.00 to $159.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. UBS Group increased their price target on shares of Ollie's Bargain Outlet from $125.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, August 29th. Finally, Citigroup reiterated a "buy" rating on shares of Ollie's Bargain Outlet in a research report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $144.15.

Insider Transactions at Ollie's Bargain Outlet

In related news, SVP James J. Comitale sold 2,117 shares of Ollie's Bargain Outlet stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $130.00, for a total value of $275,210.00. Following the sale, the senior vice president owned 2,504 shares in the company, valued at $325,520. The trade was a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Larry Kraus sold 8,921 shares of Ollie's Bargain Outlet stock in a transaction on Monday, October 13th. The shares were sold at an average price of $130.31, for a total transaction of $1,162,495.51. Following the completion of the sale, the senior vice president owned 3,679 shares in the company, valued at approximately $479,410.49. This trade represents a 70.80% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,523 shares of company stock valued at $17,013,590. 0.87% of the stock is currently owned by insiders.

Ollie's Bargain Outlet Stock Performance

Shares of Ollie's Bargain Outlet stock opened at $121.38 on Wednesday. Ollie's Bargain Outlet Holdings, Inc. has a 52-week low of $86.88 and a 52-week high of $141.74. The stock has a market capitalization of $7.44 billion, a price-to-earnings ratio of 35.18, a P/E/G ratio of 2.47 and a beta of 0.42. The company's 50 day moving average price is $130.54 and its 200-day moving average price is $123.94.

Ollie's Bargain Outlet (NASDAQ:OLLI - Get Free Report) last issued its earnings results on Thursday, August 28th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.08. Ollie's Bargain Outlet had a net margin of 8.74% and a return on equity of 12.66%. The firm had revenue of $679.56 million for the quarter, compared to analysts' expectations of $658.03 million. During the same quarter last year, the business earned $0.78 earnings per share. The business's revenue was up 17.5% on a year-over-year basis. Ollie's Bargain Outlet has set its FY 2025 guidance at 3.760-3.840 EPS. As a group, equities research analysts forecast that Ollie's Bargain Outlet Holdings, Inc. will post 3.29 earnings per share for the current fiscal year.

Ollie's Bargain Outlet Profile

Ollie's Bargain Outlet Holdings, Inc is a holding company, which engages in the retail of closeouts, excess inventory, and salvage merchandise. It offers overstocks, package changes, manufacturer refurbished goods, and irregulars. The company's products include housewares, food, books and stationery, bed and bath, floor coverings, electronics and toys.

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