iA Global Asset Management Inc. increases stake in Grocery Outlet Holding Corp. (NASDAQ:GO)

iA Global Asset Management Inc. grew its position in Grocery Outlet Holding Corp. (NASDAQ:GO – Free Report) by 22.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,178 shares of the company’s stock after buying an additional 4,103 shares during the quarter. Holdings of iA Global Asset Management Inc. in Grocery Outlet were worth $491,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Grocery Outlet in the first quarter valued at about $25,000. Inçalta Capital LLC acquired a new position in Grocery Outlet in the second quarter valued at approximately $38,000. Daiwa Securities Group Inc. purchased a new position in shares of Grocery Outlet in the first quarter worth $127,000. Quest Partners LLC purchased a new stake in shares of Grocery Outlet in the fourth quarter valued at $193,000. Finally, Simplicity Wealth LLC acquired a new stake in shares of Grocery Outlet in the first quarter valued at $217,000. 99.87% of shares are currently owned by institutional investors and hedge funds.

Stock of grocery stores up 2.7%

Shares of NASDAQ:GO opened at $18.94 on Friday. The firm has a 50-day simple moving average of $20.13 and a 200-day simple moving average of $23.21. Grocery Outlet Holding Corp. has a 12-month low of $17.46 and a 12-month high of $31.44. The company has a current ratio of 1.25, a quick ratio of 0.30, and a debt-to-equity ratio of 0.23. The company has a market cap of $1.89 billion, a PE ratio of 29.59, a P/E/G ratio of 3.55 and a beta of 0.09.

Grocery Outlet (NASDAQ:GO – Get Free Report ) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. Grocery Outlet had a net margin of 1.60% and a return on equity of 5.46%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.10 billion. In the same period last year, the company earned $0.23 per share. Grocery Outlet’s quarterly revenue was up 11.7% compared to the same quarter last year. On average, equities analysts predict that Grocery Outlet Holding Corp. will post 0.69 EPS for the current fiscal year.

Analyst upgrades and downgrades

GO has been the subject of several recent research reports. Craig Hallum downgraded Grocery Outlet from a “buy” rating to a “hold” rating and cut their price target for the stock from $32.00 to $20.00 in a report on Wednesday, July 31st . Roth Capital upgraded shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Roth Mkm cut their price target on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Telsey Advisory Group decreased their price objective on shares of Grocery Outlet from $31.00 to $27.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, UBS Group reduced their price objective on shares of Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th . Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Grocery Outlet has an average rating of “Hold” and a consensus price target of $22.75, based on data from MarketBeat.com.

Read the latest stock report on GO

Insider buying and selling

In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $18.44, for a total value of $1,844,000.00. Following the completion of the sale, the director now owns 70,938 shares in the company, valued at approximately $1,308,096.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC’s website. Insiders sold 300,000 shares of company stock worth $5,617,000 in the last quarter. 4.50% of shares are held by insiders.

About Grocery Outlet

(Free report)

Grocery Outlet Holding Corp. operates as a retailer of groceries and fresh produce sold through independently operated stores in the United States. Its stores offer products from various categories such as dairy and deli, vegetables, flowers, fresh meat, seafood, grocery, general merchandise, health and beauty care, frozen goods, beer and wine, and ethnic products.

Further reading

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