127,707 Shares in Grocery Outlet Holding Corp. (NASDAQ:GO) Bought by Fred Alger Management LLC

Fred Alger Management LLC acquired a new position in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 127,707 shares of the company’s stock, valued at approximately $2,241,000.

A number of other hedge funds have also bought and sold shares of GO. Dimensional Fund Advisors LP grew its stake in shares of Grocery Outlet by 22.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,613,617 shares of the company’s stock valued at $79,933,000 after buying an additional 655,065 shares during the last quarter. Van Berkom & Associates Inc. grew its position in Grocery Outlet by 21.1% in the 2nd quarter. Van Berkom & Associates Inc. now owns 3,498,533 shares of the company’s stock valued at $77,388,000 after acquiring an additional 609,871 shares during the last quarter. Millennium Management LLC increased its stake in Grocery Outlet by 677.6% in the second 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. Solel Partners LP bought a new stake in shares of Grocery Outlet during the second quarter worth $35,980,000. Finally, Geneva Capital Management LLC boosted its stake in shares of Grocery Outlet by 0.9% during the third quarter. Geneva Capital Management LLC now owns 1,575,495 shares of the company’s stock valued at $27,650,000 after purchasing an additional 13,561 shares during the period. Institutional investors own 99.87% of the company’s stock.

Grocery Outlet Price Performance

Shares of GO stock opened at $21.00 on Monday. The company has a market cap of $2.04 billion, a P/E ratio of 41.18, a PEG ratio of 5.28 and a beta of 0.13. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.33. The stock’s 50-day moving average is $17.29 and its 200 day moving average is $19.06. Grocery Outlet Holding Corp. has a 1-year low of $13.60 and a 1-year high of $29.80.

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Telsey Advisory Group reduced their price target on shares of Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 6th. Bank of America downgraded shares of Grocery Outlet from a “buy” rating to a “neutral” rating and decreased their price target for the company from $29.00 to $17.00 in a research note on Wednesday, October 30th. Loop Capital assumed coverage on Grocery Outlet in a research note on Thursday, October 17th. They issued a “hold” rating and a $17.00 price objective on the stock. Wells Fargo & Company decreased their target price on Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Grocery Outlet from $29.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Insider Transactions at Grocery Outlet

In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s 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 owns 70,938 shares of the company’s stock, valued at approximately $1,155,580.02. The trade was a 73.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Erik D. Ragatz purchased 110,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were bought at an average price of $18.25 per share, for a total transaction of $2,007,500.00. Following the purchase, the director now directly owns 539,785 shares in the company, valued at $9,851,076.25. This represents a 25.59 % increase in their position. The disclosure for this purchase can be found here. 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.