Red Spruce Capital LLC Raises Stock Position in Grocery Outlet Holding Corp. (NASDAQ:GO)

Red Spruce Capital LLC raised its stake in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) by 10.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 130,924 shares of the company’s stock after acquiring an additional 12,124 shares during the quarter. Red Spruce Capital LLC’s holdings in Grocery Outlet were worth $2,044,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Decker Retirement Planning Inc. purchased a new position in Grocery Outlet in the 4th quarter valued at $31,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Grocery Outlet by 2.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 46,875 shares of the company’s stock worth $732,000 after purchasing an additional 1,240 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Grocery Outlet by 1.8% in the third quarter. Franklin Resources Inc. now owns 29,987 shares of the company’s stock valued at $526,000 after purchasing an additional 529 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Grocery Outlet during the third quarter worth $360,000. Finally, Barclays PLC grew its holdings in Grocery Outlet by 1,224.1% in the 3rd quarter. Barclays PLC now owns 300,393 shares of the company’s stock valued at $5,271,000 after buying an additional 277,706 shares in the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.

Grocery Outlet Price Performance

Shares of GO opened at $15.95 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 1.46. The stock has a market capitalization of $1.55 billion, a PE ratio of 31.28, a P/E/G ratio of 16.92 and a beta of 0.31. The company’s 50-day simple moving average is $17.72 and its 200-day simple moving average is $17.90. Grocery Outlet Holding Corp. has a 1 year low of $13.60 and a 1 year high of $29.19.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.10 billion. During the same period last year, the firm earned $0.25 earnings per share. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. Analysts forecast that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current fiscal year.

Insider Transactions at Grocery Outlet

In other news, Director Erik D. Ragatz acquired 110,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was acquired at an average cost of $18.25 per share, with a total value of $2,007,500.00. Following the completion of the acquisition, the director now owns 539,785 shares of the company’s stock, valued at $9,851,076.25. The trade was a 25.59 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group lowered their price target on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating on the stock in a research report on Friday, November 1st. Roth Mkm decreased their price objective on Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th. TD Cowen cut Grocery Outlet from a “buy” rating to a “hold” rating and cut their target price for the stock from $25.00 to $16.00 in a research note on Wednesday, November 6th. Bank of America lowered 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. Finally, Loop Capital began coverage on shares of Grocery Outlet in a report on Thursday, October 17th. They issued a “hold” rating and a $17.00 price objective on the stock. 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $18.00.

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.