CIBC Asset Management Inc Buys New Shares in Grocery Outlet Holding Corp. (NASDAQ:GO)

CIBC Asset Management Inc bought a new stake in Grocery Outlet Holding Corp. (NASDAQ:GO) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,822 shares of the company’s stock, valued at approximately $217,000.

Several other hedge funds have also recently made changes to their positions in the company. Capital Research Global Investors grew its position in Grocery Outlet by 2.2% during the 4th quarter. Capital Research Global Investors now owns 9,342,414 shares of the company’s stock worth $251,871,000 after purchasing an additional 199,926 shares during the period. Vanguard Group Inc. grew its position in Grocery Outlet by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 9,333,850 shares of the company’s stock worth $268,628,000 after purchasing an additional 60,830 shares during the period. 12 West Capital Management LP boosted its stake in shares of Grocery Outlet by 383.3% during the 1st quarter. 12 West Capital Management LP now owns 3,625,000 shares of the company’s stock worth $104,328,000 after acquiring an additional 2,875,000 shares in the last quarter. Capital World Investors boosted its stake in shares of Grocery Outlet by 281.4% during the 1st quarter. Capital World Investors now owns 3,579,683 shares of the company’s stock worth $103,023,000 after acquiring an additional 2,641,016 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Grocery Outlet by 16.1% in the 4th quarter. Clearbridge Investments LLC now owns 2,940,288 shares of the company’s stock valued at $79,270,000 after buying an additional 406,824 shares in the last quarter. 99.87% of the stock is owned by institutional investors and hedge funds.

Grocery Outlet Stock Down 2.2 %

Shares of NASDAQ GO opened at $16.95 on Tuesday. Grocery Outlet Holding Corp. has a 52-week low of $16.86 and a 52-week high of $30.72. The business’s 50 day moving average is $19.60 and its two-hundred day moving average is $22.84. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 26.48, a PEG ratio of 3.31 and a beta of 0.10.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the company earned $0.23 earnings per share. The company’s revenue was up 11.7% on a year-over-year basis. Research analysts predict that Grocery Outlet Holding Corp. will post 0.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Wells Fargo & Company began coverage on shares of Grocery Outlet in a research note on Thursday, July 18th. They issued an “overweight” rating and a $28.00 price target on the stock. Roth Capital raised shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Telsey Advisory Group decreased their target price on shares of Grocery Outlet from $31.00 to $27.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Craig Hallum lowered shares of Grocery Outlet from a “buy” rating to a “hold” rating and decreased their target price for the stock from $32.00 to $20.00 in a research note on Wednesday, July 31st. Finally, UBS Group cut their price target on shares of Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Grocery Outlet has an average rating of “Hold” and a consensus price target of $22.75.

Insider Transactions at Grocery Outlet

In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the completion of the transaction, the director now owns 70,938 shares in the company, valued at $1,340,728.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have sold 300,000 shares of company stock valued at $5,617,000. 4.50% of the stock is currently owned by company insiders.

Grocery Outlet Company 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.