Avalon Investment & Advisory lessened its stake in shares of Grocery Outlet Holding Corp. (NYSE:GO) by 22.5% in the second quarter, Holdings Channel reports. The institutional investor owned 89,249 shares of the company’s stock after selling 25,978 shares during the period. Avalon Investment & Advisory’s holdings in Grocery Outlet were worth $3,641,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. CSat Investment Advisory L.P. acquired a new position in shares of Grocery Outlet in the second quarter worth $25,000. AllSquare Wealth Management LLC purchased a new stake in Grocery Outlet in the first quarter valued at $26,000. American International Group Inc. lifted its position in Grocery Outlet by 68.8% in the first quarter. American International Group Inc. now owns 915 shares of the company’s stock valued at $31,000 after acquiring an additional 373 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in Grocery Outlet by 24.9% in the first quarter. BNP Paribas Arbitrage SA now owns 1,784 shares of the company’s stock valued at $61,000 after acquiring an additional 356 shares during the last quarter. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Grocery Outlet in the first quarter valued at about $68,000.
GO has been the subject of a number of research reports. Deutsche Bank upped their target price on shares of Grocery Outlet from $43.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Nomura Instinet initiated coverage on shares of Grocery Outlet in a research note on Tuesday, June 16th. They set a “buy” rating and a $40.00 price target on the stock. Morgan Stanley boosted their price target on shares of Grocery Outlet from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 12th. MKM Partners initiated coverage on shares of Grocery Outlet in a research note on Wednesday, July 29th. They set a “buy” rating and a $50.00 price target on the stock. Finally, DA Davidson initiated coverage on shares of Grocery Outlet in a research note on Friday, August 14th. They set a “buy” rating and a $53.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $47.00.
In other Grocery Outlet news, CFO Charles Bracher sold 18,750 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $43.00, for a total transaction of $806,250.00. Following the transaction, the chief financial officer now directly owns 72,519 shares in the company, valued at approximately $3,118,317. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Pamela B. Burke sold 35,075 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $37.31, for a total value of $1,308,648.25. Following the completion of the sale, the chief accounting officer now directly owns 44,125 shares of the company’s stock, valued at $1,646,303.75. The disclosure for this sale can be found here. Insiders sold a total of 396,289 shares of company stock worth $16,774,537 in the last three months.
Shares of Grocery Outlet stock traded down $0.13 during trading on Thursday, hitting $41.96. The stock had a trading volume of 36,501 shares, compared to its average volume of 1,286,475. The stock has a 50 day simple moving average of $42.37 and a 200 day simple moving average of $36.25. Grocery Outlet Holding Corp. has a 1 year low of $28.11 and a 1 year high of $46.74.
Grocery Outlet (NYSE:GO) last posted its earnings results on Monday, August 10th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.19. The business had revenue of $803.43 million during the quarter, compared to analyst estimates of $780.56 million. During the same quarter last year, the firm earned $0.20 earnings per share. Grocery Outlet’s revenue was up 24.5% compared to the same quarter last year.
About Grocery Outlet
Grocery Outlet Holding Corp. owns and operates a chain of grocery stores in the United States. The company offers products in various categories, such as grocery, dairy and deli, produce, refrigerated and frozen, floral, beer and wine, general merchandise, and health and beauty care, as well as fresh meat and seafood; and natural, organic, specialty, and healthy products.
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