Bank of New York Mellon Corp Reduces Stock Position in Grocery Outlet Holding Corp. (NASDAQ:GO)

Bank of New York Mellon Corp lessened its stake in shares of Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) by 22.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 652,759 shares of the company's stock after selling 188,781 shares during the period. Bank of New York Mellon Corp owned 0.67% of Grocery Outlet worth $10,190,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Decker Retirement Planning Inc. acquired a new stake in shares of Grocery Outlet during the 4th quarter valued at $31,000. True Wealth Design LLC acquired a new stake in shares of Grocery Outlet during the 3rd quarter valued at $75,000. KBC Group NV boosted its holdings in shares of Grocery Outlet by 62.7% during the 4th 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. Blueshift Asset Management LLC acquired a new position in Grocery Outlet during the 3rd quarter worth about $227,000. Finally, Entropy Technologies LP acquired a new position in Grocery Outlet during the 3rd quarter worth about $258,000. Institutional investors own 99.87% of the company's stock.

Insiders Place Their Bets

In other news, EVP Steven K. Wilson sold 6,682 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $13.16, for a total value of $87,935.12. Following the transaction, the executive vice president now owns 166,923 shares of the company's stock, valued at approximately $2,196,706.68. This represents a 3.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Christopher M. Miller purchased 10,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was purchased at an average cost of $11.68 per share, for a total transaction of $116,800.00. Following the acquisition, the chief financial officer now owns 10,000 shares of the company's stock, valued at approximately $116,800. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 200,000 shares of company stock worth $2,435,050 and have sold 17,756 shares worth $216,892. Company insiders own 4.50% of the company's stock.

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Wall Street Analyst Weigh In

Several brokerages have commented on GO. Wells Fargo & Company cut their target price on Grocery Outlet from $23.00 to $18.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group dropped their price objective 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. Telsey Advisory Group dropped their price objective on Grocery Outlet from $18.00 to $16.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft lowered Grocery Outlet from a "buy" rating to a "hold" rating and set a $12.00 price objective for the company. in a report on Wednesday, February 26th. Finally, Morgan Stanley decreased their price objective on Grocery Outlet from $13.00 to $10.00 and set an "underperform" rating for the company in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Grocery Outlet currently has an average rating of "Hold" and a consensus price target of $15.25.

Grocery Outlet Stock Performance

Grocery Outlet stock traded down $0.44 during trading on Friday, hitting $11.99. The stock had a trading volume of 1,719,211 shares, compared to its average volume of 2,050,070. Grocery Outlet Holding Corp. has a 1 year low of $10.26 and a 1 year high of $29.13. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34. The stock's 50 day moving average is $15.25 and its two-hundred day moving average is $16.61. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 23.51, a price-to-earnings-growth ratio of 9.08 and a beta of 0.36.

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.