Mackenzie Financial Corp Has $66.57 Million Stake in Grocery Outlet Holding Corp. (NASDAQ:GO)

Key Points

• Mackenzie Financial Corp reduced its holdings in Grocery Outlet by 0.7%, now owning approximately 4.86% of the company valued at $66.57 million after selling 34,524 shares.
• Analysts have recently upgraded their ratings on Grocery Outlet, with Jefferies raising the price target from $13.00 to $18.00 and Wells Fargo increasing their target from $18.00 to $19.00.
• Grocery Outlet reported earnings of $0.13 per share for the most recent quarter, surpassing analyst expectations of $0.07, with quarterly revenue up 8.6% year-over-year.

Mackenzie Financial Corp reduced its position in Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) by 0.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,761,455 shares of the company's stock after selling 34,524 shares during the period. Mackenzie Financial Corp owned 4.86% of Grocery Outlet worth $66,565,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. TD Asset Management Inc bought a new stake in Grocery Outlet in the first quarter valued at about $1,104,000. Cetera Investment Advisers bought a new stake in Grocery Outlet in the first quarter valued at about $2,349,000. Hussman Strategic Advisors Inc. bought a new position in Grocery Outlet during the first quarter worth about $881,000. New York State Common Retirement Fund lifted its holdings in Grocery Outlet by 49.4% during the first quarter. New York State Common Retirement Fund now owns 131,983 shares of the company's stock worth $1,845,000 after acquiring an additional 43,633 shares in the last quarter. Finally, D.A. Davidson & CO. bought a new position in Grocery Outlet during the first quarter worth about $165,000. 99.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GO has been the subject of several recent research reports. Telsey Advisory Group reaffirmed a "market perform" rating and set a $16.00 price objective on shares of Grocery Outlet in a research report on Tuesday. Jefferies Financial Group raised Grocery Outlet from a "hold" rating to a "buy" rating and upped their price objective for the stock from $13.00 to $18.00 in a research report on Wednesday, April 16th. Wells Fargo & Company upped their price objective on Grocery Outlet from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, UBS Group upped their target price on Grocery Outlet from $14.50 to $17.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $15.62.

Grocery Outlet Price Performance

Shares of GO traded up $0.43 during trading hours on Friday, reaching $13.60. The stock had a trading volume of 1,991,078 shares, compared to its average volume of 3,095,866. Grocery Outlet Holding Corp. has a 12 month low of $10.26 and a 12 month high of $21.67. The stock has a market capitalization of $1.33 billion, a PE ratio of 84.95, a PEG ratio of 4.27 and a beta of 0.29. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.25 and a current ratio of 1.25. The company's 50-day moving average is $13.39 and its two-hundred day moving average is $14.24.

Grocery Outlet (NASDAQ:GO - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.06. The company had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.12 billion. Grocery Outlet had a return on equity of 6.21% and a net margin of 0.39%. Grocery Outlet's revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 EPS. Research analysts expect that Grocery Outlet Holding Corp. will post 0.63 EPS for the current year.

Insiders Place Their Bets

In other Grocery Outlet news, Director Erik D. Ragatz purchased 19,000 shares of the firm's stock in a transaction on Friday, May 9th. The stock was purchased at an average cost of $14.46 per share, for a total transaction of $274,740.00. Following the acquisition, the director owned 19,000 shares in the company, valued at approximately $274,740. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.50% of the company's stock.

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.