Grocery Outlet Holding Corp. $GO Shares Acquired by Bank of America Corp DE

Bank of America Corp DE lifted its position in Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) by 31.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,083,541 shares of the company's stock after acquiring an additional 258,292 shares during the period. Bank of America Corp DE owned 1.10% of Grocery Outlet worth $7,639,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS Group AG lifted its holdings in shares of Grocery Outlet by 87.6% in the 4th quarter. UBS Group AG now owns 2,726,299 shares of the company's stock valued at $27,536,000 after buying an additional 1,272,859 shares during the period. Vanguard Group Inc. grew its holdings in Grocery Outlet by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 11,255,936 shares of the company's stock worth $113,685,000 after acquiring an additional 213,325 shares during the period. CenterBook Partners LP grew its holdings in Grocery Outlet by 262.2% during the fourth quarter. CenterBook Partners LP now owns 645,159 shares of the company's stock worth $6,516,000 after acquiring an additional 467,019 shares during the period. Clearbridge Investments LLC raised its position in Grocery Outlet by 6.6% during the fourth quarter. Clearbridge Investments LLC now owns 2,816,721 shares of the company's stock valued at $28,449,000 after acquiring an additional 173,308 shares in the last quarter. Finally, Heartland Advisors Inc. raised its position in Grocery Outlet by 146.3% during the fourth quarter. Heartland Advisors Inc. now owns 682,650 shares of the company's stock valued at $6,895,000 after acquiring an additional 405,500 shares in the last quarter. Hedge funds and other institutional investors own 99.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GO. Wells Fargo & Company boosted their target price on shares of Grocery Outlet from $9.00 to $11.00 and gave the company an "equal weight" rating in a research note on Thursday, August 13th. Morgan Stanley raised their price target on shares of Grocery Outlet from $7.00 to $11.00 and gave the company an "equal weight" 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 report on Thursday, August 13th. UBS Group upped their price objective on shares of Grocery Outlet from $10.00 to $11.50 and gave the stock a "neutral" rating in a research report on Monday, August 17th. Finally, Weiss Ratings raised shares of Grocery Outlet from a "sell (d-)" rating to a "sell (d)" rating in a research note on Thursday, August 13th. Twelve investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $10.59.

Insider Activity

In other Grocery Outlet news, insider Paul Blaine Miller acquired 8,000 shares of the stock in a transaction dated Thursday, August 20th. The stock was acquired at an average price of $10.90 per share, with a total value of $87,200.00. Following the completion of the purchase, the insider owned 72,171 shares in the company, valued at $786,663.90. This trade represents a 12.47% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have bought a total of 23,000 shares of company stock worth $228,400 over the last 90 days. 5.60% of the stock is currently owned by corporate insiders.

Grocery Outlet Price Performance

Grocery Outlet stock opened at $12.12 on Wednesday. Grocery Outlet Holding Corp. has a 12-month low of $5.66 and a 12-month high of $19.23. The stock has a market cap of $1.20 billion, a P/E ratio of -3.13, a PEG ratio of 8.49 and a beta of 0.65. The company has a 50-day moving average price of $9.99 and a 200 day moving average price of $8.74. The company has a current ratio of 1.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.60.

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

Grocery Outlet 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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