Grocery Outlet Holding Corp. (NASDAQ:GO) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) by 8.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 598,379 shares of the company's stock after selling 54,380 shares during the period. Bank of New York Mellon Corp owned 0.61% of Grocery Outlet worth $8,365,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Proficio Capital Partners LLC bought a new position in Grocery Outlet during the fourth quarter valued at about $161,000. Raymond James Financial Inc. bought a new position in Grocery Outlet during the fourth quarter valued at about $1,079,000. PNC Financial Services Group Inc. increased its stake in Grocery Outlet by 472.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,896 shares of the company's stock valued at $76,000 after acquiring an additional 4,040 shares during the period. Natixis Advisors LLC bought a new position in Grocery Outlet during the fourth quarter valued at about $240,000. Finally, KLP Kapitalforvaltning AS bought a new position in Grocery Outlet during the fourth quarter valued at about $326,000. 99.87% of the stock is currently owned by institutional investors.

Grocery Outlet Trading Down 0.8%

Shares of GO stock traded down $0.11 on Friday, hitting $13.88. 1,263,248 shares of the company's stock traded hands, compared to its average volume of 3,215,632. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.25 and a current ratio of 1.25. Grocery Outlet Holding Corp. has a one year low of $10.26 and a one year high of $21.67. The company's fifty day simple moving average is $13.42 and its 200 day simple moving average is $14.31. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 86.76, a P/E/G ratio of 4.46 and a beta of 0.29.

Grocery Outlet (NASDAQ:GO - Get Free Report) last issued its quarterly 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. Grocery Outlet had a net margin of 0.39% and a return on equity of 6.21%. The company had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same period last year, the company posted $0.09 EPS. Grocery Outlet's revenue was up 8.6% on a year-over-year basis. Equities analysts forecast that Grocery Outlet Holding Corp. will post 0.63 EPS for the current year.

Insider Buying and Selling

In related news, Director Erik D. Ragatz purchased 19,000 shares of Grocery Outlet stock in a transaction that occurred on Friday, May 9th. The shares were bought at an average price of $14.46 per share, with a total value of $274,740.00. Following the purchase, the director directly owned 19,000 shares of the company's stock, valued at approximately $274,740. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GO shares. Telsey Advisory Group reaffirmed a "market perform" rating and set a $16.00 price objective on shares of Grocery Outlet in a report on Wednesday, April 30th. UBS Group boosted 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. Jefferies Financial Group raised Grocery Outlet from a "hold" rating to a "buy" rating and boosted their target price for the stock from $13.00 to $18.00 in a report on Wednesday, April 16th. Finally, Wells Fargo & Company boosted their target price on Grocery Outlet from $18.00 to $19.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $15.62.

About Grocery Outlet

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.