Glenmede Trust Co. NA Sells 8,604 Shares of Grocery Outlet Holding Corp. (NASDAQ:GO)

Glenmede Trust Co. NA trimmed its position in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) by 1.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 670,101 shares of the company’s stock after selling 8,604 shares during the period. Glenmede Trust Co. NA’s holdings in Grocery Outlet were worth $11,760,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GSA Capital Partners LLP acquired a new position in Grocery Outlet during the 3rd quarter valued at $2,507,000. Millennium Management LLC increased its holdings in shares of Grocery Outlet by 677.6% during the 2nd quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock worth $43,832,000 after purchasing an additional 1,726,741 shares during the period. CWM LLC raised its position in shares of Grocery Outlet by 505.6% during the third quarter. CWM LLC now owns 51,933 shares of the company’s stock valued at $911,000 after buying an additional 43,358 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Grocery Outlet by 137.5% in the second quarter. Thrivent Financial for Lutherans now owns 197,916 shares of the company’s stock valued at $4,378,000 after buying an additional 114,576 shares during the period. Finally, Victory Capital Management Inc. grew its position in Grocery Outlet by 23.2% during the third quarter. Victory Capital Management Inc. now owns 915,119 shares of the company’s stock worth $16,060,000 after buying an additional 172,050 shares in the last quarter. 99.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Bank of America cut Grocery Outlet from a “buy” rating to a “neutral” rating and cut their price target for the company from $29.00 to $17.00 in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft reduced their target price on Grocery Outlet from $29.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Loop Capital assumed coverage on shares of Grocery Outlet in a research note on Thursday, October 17th. They issued a “hold” rating and a $17.00 price objective for the company. The Goldman Sachs Group reduced their price objective on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a report on Friday, November 1st. Finally, Craig Hallum dropped their price target on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.00.

Insider Activity

In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the sale, the director now directly owns 70,938 shares of the company’s stock, valued at $1,155,580.02. This represents a 73.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Erik D. Ragatz acquired 110,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was bought at an average price of $18.25 per share, with a total value of $2,007,500.00. Following the transaction, the director now directly owns 539,785 shares in the company, valued at $9,851,076.25. The trade was a 25.59 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.50% of the stock is currently owned by corporate insiders.

Grocery Outlet Price Performance

Shares of Grocery Outlet stock opened at $21.00 on Friday. Grocery Outlet Holding Corp. has a 1-year low of $13.60 and a 1-year high of $29.80. The firm’s 50-day moving average price is $17.29 and its two-hundred day moving average price is $19.09. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 41.18, a P/E/G ratio of 5.35 and a beta of 0.13.

Grocery Outlet (NASDAQ:GO) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Grocery Outlet had a return on equity of 5.25% and a net margin of 1.20%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same period in the prior year, the company earned $0.25 EPS. Grocery Outlet’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, equities analysts predict that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current fiscal year.

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.