Empowered Funds LLC Takes Position in Grocery Outlet Holding Corp. $GO

Key Points

• Empowered Funds LLC acquired 390,196 shares of Grocery Outlet, valued at approximately $3.9 million, giving it a 0.39% stake. Institutional investors collectively own 99.87% of the company.
• Grocery Outlet insiders bought 38,000 shares worth $403,900 over the past 90 days, including purchases by an insider and a director.
• Analysts maintain a cautious outlook, with a consensus “Reduce” rating and $10.59 price target, despite the company beating quarterly earnings and revenue estimates. Shares opened at $12.11, while quarterly revenue rose 1.1% year over year to $1.19 billion.

Empowered Funds LLC purchased a new position in shares of Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 390,196 shares of the company's stock, valued at approximately $3,894,000. Empowered Funds LLC owned 0.39% of Grocery Outlet as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of GO. Aster Capital Management DIFC Ltd raised its position in Grocery Outlet by 1,030.4% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 2,532 shares of the company's stock worth $26,000 after purchasing an additional 2,308 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Grocery Outlet in the fourth quarter valued at about $35,000. Allworth Financial LP acquired a new stake in shares of Grocery Outlet in the second quarter valued at about $40,000. Quantbot Technologies LP acquired a new stake in shares of Grocery Outlet in the second quarter valued at about $46,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Grocery Outlet during the second quarter worth about $58,000. Institutional investors own 99.87% of the company's stock.

Insider Activity at Grocery Outlet

In related news, insider Paul Blaine Miller bought 8,000 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The shares were bought at an average price of $10.90 per share, for a total transaction of $87,200.00. Following the transaction, the insider directly owned 72,171 shares of the company's stock, valued at approximately $786,663.90. The trade was a 12.47% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carey F. Jaros bought 15,000 shares of the business's stock in a transaction that occurred on Thursday, August 27th. The shares were bought at an average cost of $11.70 per share, for a total transaction of $175,500.00. Following the completion of the purchase, the director owned 60,000 shares of the company's stock, valued at $702,000. This represents a 33.33% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have bought 38,000 shares of company stock valued at $403,900. Insiders own 5.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GO. Telsey Advisory Group reaffirmed a "market perform" rating on shares of Grocery Outlet in a research note on Thursday, August 13th. Wells Fargo & Company raised their price target on shares of Grocery Outlet from $9.00 to $11.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. Weiss Ratings upgraded shares of Grocery Outlet from a "sell (d-)" rating to a "sell (d)" rating in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $9.00 price objective on shares of Grocery Outlet in a research note on Thursday, August 13th. Finally, Roth Capital reiterated a "neutral" rating and set a $10.00 price objective on shares of Grocery Outlet in a research report on Thursday, August 13th. Twelve analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Grocery Outlet has a consensus rating of "Reduce" and a consensus price target of $10.59.

Grocery Outlet Stock Up 1.3%

Shares of Grocery Outlet stock opened at $12.11 on Wednesday. Grocery Outlet Holding Corp. has a one year low of $5.66 and a one year high of $18.79. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.29 and a quick ratio of 0.30. The stock's 50-day moving average is $10.26 and its 200 day moving average is $8.82. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -3.13, a PEG ratio of 8.31 and a beta of 0.72.

Grocery Outlet (NASDAQ:GO - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.07. Grocery Outlet had a positive return on equity of 5.84% and a negative net margin of 8.04%.The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the company posted $0.23 earnings per share. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts anticipate that Grocery Outlet Holding Corp. will post 0.42 EPS for the current year.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. NASDAQ: GO is a specialty discount retailer that offers consumers deeply discounted groceries by purchasing excess inventory, closeouts, and overstocks from manufacturers and distributors. Headquartered in Emeryville, California, the company operates two primary banners—Grocery Outlet and Fresh2Go—with a combined footprint of more than 400 stores. Its product assortment spans fresh produce, meat, dairy, bakery items, household staples, natural and organic offerings, and select specialty products, all sold at significant markdowns compared to conventional supermarkets.

The company's unique buying model enables it to source inventory through opportunistic purchases of surplus freight, discontinued items, and closeout deals, which it then passes on as savings to its customers.

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