Simcoe Capital Management LLC Purchases New Position in Grocery Outlet Holding Corp. (NASDAQ:GO)

Simcoe Capital Management LLC acquired a new position in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,407,125 shares of the company’s stock, valued at approximately $53,185,000. Grocery Outlet accounts for approximately 7.8% of Simcoe Capital Management LLC’s investment portfolio, making the stock its 4th biggest position. Simcoe Capital Management LLC owned 3.51% of Grocery Outlet as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Decker Retirement Planning Inc. acquired a new stake in Grocery Outlet in the fourth quarter valued at approximately $31,000. Aster Capital Management DIFC Ltd acquired a new stake in Grocery Outlet in the 4th quarter valued at $41,000. Quadrant Capital Group LLC grew its stake in Grocery Outlet by 276.3% in the 4th quarter. Quadrant Capital Group LLC now owns 2,773 shares of the company’s stock valued at $43,000 after acquiring an additional 2,036 shares during the period. KBC Group NV increased its holdings in Grocery Outlet by 62.7% in the 4th quarter. KBC Group NV now owns 4,506 shares of the company’s stock worth $70,000 after acquiring an additional 1,736 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of Grocery Outlet by 472.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,896 shares of the company’s stock valued at $76,000 after purchasing an additional 4,040 shares during the period. 99.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on GO shares. The Goldman Sachs Group reduced their price target on shares of Grocery Outlet from $14.00 to $11.00 and set a “sell” rating for the company in a research report on Thursday, February 27th. Telsey Advisory Group reiterated a “market perform” rating and set a $16.00 price objective on shares of Grocery Outlet in a research note on Wednesday, April 30th. Jefferies Financial Group upgraded Grocery Outlet from a “hold” rating to a “buy” rating and raised their target price for the company from $13.00 to $18.00 in a research report on Wednesday, April 16th. Bank of America lowered their price target on Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Finally, UBS Group increased their price objective on Grocery Outlet from $14.50 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Grocery Outlet presently has an average rating of “Hold” and a consensus target price of $15.62.

Grocery Outlet Trading Up 3.6%

Shares of GO stock opened at $13.97 on Friday. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. Grocery Outlet Holding Corp. has a twelve month low of $10.26 and a twelve month high of $23.25. The company’s 50-day moving average price is $14.22 and its 200-day moving average price is $15.79. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 9.08 and a beta of 0.42.

Grocery Outlet (NASDAQ:GO) last posted its earnings results on Tuesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.06. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. Grocery Outlet’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.09 EPS. As a group, equities analysts predict that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Christopher M. Miller bought 10,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were bought at an average price of $11.68 per share, with a total value of $116,800.00. Following the completion of the transaction, the chief financial officer now directly owns 10,000 shares in the company, valued at $116,800. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Erik D. Ragatz purchased 165,000 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $12.25 per share, for a total transaction of $2,021,250.00. Following the completion of the purchase, the director now directly owns 201,500 shares of the company’s stock, valued at $2,468,375. This represents a 452.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 219,000 shares of company stock worth $2,709,790 and sold 17,756 shares worth $216,892. 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.