The Manufacturers Life Insurance Company Sells 63,854 Shares of Grocery Outlet Holding Corp. (NASDAQ:GO)

The Manufacturers Life Insurance Company lowered its holdings in shares of Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) by 76.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,622 shares of the company's stock after selling 63,854 shares during the period. The Manufacturers Life Insurance Company's holdings in Grocery Outlet were worth $434,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Grocery Outlet by 0.7% during the first quarter. Vanguard Group Inc. now owns 9,333,850 shares of the company's stock worth $268,628,000 after purchasing an additional 60,830 shares during the period. 12 West Capital Management LP boosted its holdings in Grocery Outlet by 383.3% in the first quarter. 12 West Capital Management LP now owns 3,625,000 shares of the company's stock worth $104,328,000 after acquiring an additional 2,875,000 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Grocery Outlet by 22.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,613,617 shares of the company's stock worth $79,933,000 after acquiring an additional 655,065 shares in the last quarter. Capital World Investors boosted its holdings in Grocery Outlet by 281.4% in the first quarter. Capital World Investors now owns 3,579,683 shares of the company's stock worth $103,023,000 after acquiring an additional 2,641,016 shares in the last quarter. Finally, Van Berkom & Associates Inc. boosted its holdings in Grocery Outlet by 21.1% in the second quarter. Van Berkom & Associates Inc. now owns 3,498,533 shares of the company's stock worth $77,388,000 after acquiring an additional 609,871 shares in the last quarter. Institutional investors and hedge funds own 99.87% of the company's stock.

Grocery Outlet Stock Performance

Grocery Outlet stock traded up $0.65 during mid-day trading on Thursday, reaching $17.52. 2,431,953 shares of the company's stock were exchanged, compared to its average volume of 1,766,912. The business's fifty day simple moving average is $17.38 and its 200 day simple moving average is $20.85. The firm has a market capitalization of $1.75 billion, a PE ratio of 27.38, a P/E/G ratio of 3.10 and a beta of 0.10. Grocery Outlet Holding Corp. has a one year low of $15.18 and a one year high of $29.98. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

Grocery Outlet (NASDAQ:GO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.25 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.05. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. Grocery Outlet's quarterly revenue was up 11.7% compared to the same quarter last year. During the same period last year, the company posted $0.23 earnings per share. On average, sell-side analysts expect that Grocery Outlet Holding Corp. will post 0.68 earnings per share for the current year.

Insider Activity

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction on Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the completion of the sale, the director now owns 70,938 shares of the company's stock, valued at $1,155,580.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the sale, the director now directly owns 70,938 shares of the company's stock, valued at approximately $1,340,728.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 500,095 shares of company stock worth $8,876,548. 4.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on GO. Wells Fargo & Company began coverage on Grocery Outlet in a report on Thursday, July 18th. They issued an "overweight" rating and a $28.00 price target on the stock. Roth Capital upgraded Grocery Outlet from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 7th. Telsey Advisory Group cut their price target on Grocery Outlet from $31.00 to $27.00 and set an "outperform" rating on the stock in a report on Wednesday, August 7th. Melius Research assumed coverage on Grocery Outlet in a report on Monday, September 23rd. They issued a "hold" rating and a $17.00 price target on the stock. Finally, Roth Mkm dropped their target price on Grocery Outlet from $22.00 to $20.00 and set a "neutral" rating on the stock in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $21.60.

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.