Grocery Outlet Holding Corp. (NYSE:GO) – Research analysts at DA Davidson boosted their Q3 2020 EPS estimates for Grocery Outlet in a research report issued on Thursday, October 22nd. DA Davidson analyst M. Baker now expects that the company will earn $0.25 per share for the quarter, up from their previous estimate of $0.24. DA Davidson has a “Buy” rating and a $53.00 price objective on the stock. DA Davidson also issued estimates for Grocery Outlet’s FY2020 earnings at $0.98 EPS and FY2021 earnings at $1.24 EPS.
Other equities research analysts also recently issued research reports about the company. UBS Group upped their target price on Grocery Outlet from $40.00 to $46.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Zacks Investment Research downgraded Grocery Outlet from a “strong-buy” rating to a “hold” rating and set a $45.00 target price for the company. in a research report on Tuesday, October 13th. MKM Partners assumed coverage on Grocery Outlet in a research report on Wednesday, July 29th. They issued a “buy” rating and a $50.00 target price for the company. Deutsche Bank Aktiengesellschaft increased their price target on Grocery Outlet from $43.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Morgan Stanley lifted their target price on Grocery Outlet from $41.00 to $43.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 12th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Grocery Outlet currently has a consensus rating of “Buy” and an average target price of $46.58.
Shares of NYSE GO opened at $42.32 on Friday. Grocery Outlet has a 1-year low of $28.11 and a 1-year high of $46.00. The business has a 50-day moving average of $40.00 and a 200-day moving average of $38.90.
Grocery Outlet (NYSE:GO) last posted its quarterly 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 firm had revenue of $803.43 million for the quarter, compared to analysts’ expectations of $780.56 million. During the same period last year, the firm posted $0.20 EPS. Grocery Outlet’s revenue was up 24.5% on a year-over-year basis.
In other Grocery Outlet news, Director S. Macgregor Jr. Read sold 107,881 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $42.25, for a total value of $4,557,972.25. Following the completion of the sale, the director now directly owns 110,593 shares of the company’s stock, valued at approximately $4,672,554.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Pamela B. Burke sold 11,314 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 $486,502.00. Following the completion of the sale, the chief accounting officer now directly owns 20,364 shares of the company’s stock, valued at $875,652. The disclosure for this sale can be found here. Insiders sold 832,380 shares of company stock valued at $34,852,576 in the last ninety days.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Copper Rock Capital Partners LLC lifted its holdings in Grocery Outlet by 3,683.3% in the 2nd quarter. Copper Rock Capital Partners LLC now owns 20,315,500 shares of the company’s stock valued at $725,049,000 after acquiring an additional 19,778,517 shares during the last quarter. Jackson Square Partners LLC raised its holdings in Grocery Outlet by 39.8% during the 2nd quarter. Jackson Square Partners LLC now owns 7,880,464 shares of the company’s stock worth $321,522,000 after buying an additional 2,241,531 shares during the period. Vanguard Group Inc. raised its holdings in Grocery Outlet by 45.3% during the 2nd quarter. Vanguard Group Inc. now owns 6,429,555 shares of the company’s stock worth $262,325,000 after buying an additional 2,004,975 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Grocery Outlet by 12.9% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,729,549 shares of the company’s stock worth $233,766,000 after buying an additional 655,095 shares during the period. Finally, Neuberger Berman Group LLC raised its holdings in Grocery Outlet by 2.3% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,825,632 shares of the company’s stock worth $74,486,000 after buying an additional 41,917 shares during the period.
Grocery Outlet Company Profile
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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