PNC Financial Services Group Inc. Buys 4,040 Shares of Grocery Outlet Holding Corp. (NASDAQ:GO)

PNC Financial Services Group Inc. grew its stake in Grocery Outlet Holding Corp. (NASDAQ:GO) by 472.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,896 shares of the company’s stock after purchasing an additional 4,040 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Grocery Outlet were worth $76,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Decker Retirement Planning Inc. bought a new stake in Grocery Outlet in the 4th quarter worth about $31,000. KBC Group NV grew its holdings in shares of Grocery Outlet by 62.7% in the fourth quarter. KBC Group NV now owns 4,506 shares of the company’s stock valued at $70,000 after acquiring an additional 1,736 shares in the last quarter. True Wealth Design LLC purchased a new stake in shares of Grocery Outlet during the third quarter valued at approximately $75,000. Proficio Capital Partners LLC bought a new stake in Grocery Outlet during the fourth quarter worth $161,000. Finally, Blueshift Asset Management LLC purchased a new position in Grocery Outlet in the third quarter worth $227,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GO. The Goldman Sachs Group lowered their target price on Grocery Outlet from $14.00 to $11.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. Bank of America dropped their target price on shares of Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Wells Fargo & Company decreased their price target on shares of Grocery Outlet from $23.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Morgan Stanley dropped their price objective on Grocery Outlet from $13.00 to $10.00 and set an “underperform” rating on the stock in a research note on Wednesday, February 26th. Finally, Deutsche Bank Aktiengesellschaft downgraded Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Grocery Outlet presently has an average rating of “Hold” and an average price target of $15.25.

Insider Transactions at Grocery Outlet

In other news, Director Kenneth W. Alterman acquired 25,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average cost of $11.88 per share, with a total value of $297,000.00. Following the acquisition, the director now owns 64,592 shares in the company, valued at approximately $767,352.96. This represents a 63.14 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Christopher M. Miller bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average price of $11.68 per share, with a total value of $116,800.00. Following the transaction, the chief financial officer now directly owns 10,000 shares in the company, valued at $116,800. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 200,000 shares of company stock valued at $2,435,050 and sold 17,756 shares valued at $216,892. 4.50% of the stock is owned by insiders.

Grocery Outlet Price Performance

Shares of NASDAQ GO opened at $12.21 on Wednesday. The stock’s 50-day simple moving average is $14.73 and its two-hundred day simple moving average is $16.31. Grocery Outlet Holding Corp. has a twelve month low of $10.26 and a twelve month high of $29.13. The firm has a market capitalization of $1.19 billion, a P/E ratio of 23.94, a P/E/G ratio of 9.08 and a beta of 0.36. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34.

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.