Cedar Wealth Management LLC Sells 3,509 Shares of Grocery Outlet Holding Corp. (NASDAQ:GO)

Cedar Wealth Management LLC trimmed its position in Grocery Outlet Holding Corp. (NASDAQ:GO) by 15.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,605 shares of the company’s stock after selling 3,509 shares during the period. Cedar Wealth Management LLC’s holdings in Grocery Outlet were worth $344,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in GO. Allspring Global Investments Holdings LLC acquired a new position in Grocery Outlet during the first quarter worth $25,000. Blue Trust Inc. increased its position in shares of Grocery Outlet by 76.6% during the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after acquiring an additional 722 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Grocery Outlet in the 2nd quarter worth about $38,000. Capital Performance Advisors LLP bought a new position in Grocery Outlet in the 3rd quarter valued at about $32,000. Finally, Canada Pension Plan Investment Board acquired a new position in Grocery Outlet during the 2nd quarter valued at about $82,000. 99.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GO. Bank of America downgraded Grocery Outlet from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $29.00 to $17.00 in a research note on Wednesday, October 30th. The Goldman Sachs Group lowered their price target on Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a research report on Friday, November 1st. Roth Mkm cut their price objective on shares of Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th. Telsey Advisory Group reduced their target price on shares of Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating for the company in a research note on Wednesday, November 6th. Finally, Roth Capital raised shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.00.

Insider Buying and Selling at Grocery Outlet

In other Grocery Outlet news, Director Erik D. Ragatz bought 110,000 shares of Grocery Outlet stock in a transaction dated Friday, November 15th. The stock was purchased at an average price of $18.25 per share, for a total transaction of $2,007,500.00. Following the completion of the purchase, the director now directly owns 539,785 shares of the company’s stock, valued at approximately $9,851,076.25. This trade represents a 25.59 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the sale, the director now owns 70,938 shares in the company, valued at $1,155,580.02. The trade was a 73.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.50% of the stock is owned by corporate insiders.

Grocery Outlet Price Performance

GO opened at $18.63 on Wednesday. Grocery Outlet Holding Corp. has a fifty-two week low of $13.60 and a fifty-two week high of $29.80. The firm has a 50-day moving average of $16.68 and a 200 day moving average of $19.16. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 1.46. The firm has a market cap of $1.81 billion, a P/E ratio of 36.53, a PEG ratio of 4.45 and a beta of 0.13.

Grocery Outlet (NASDAQ:GO) last released its earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.10 billion. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The company’s revenue was up 10.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 EPS. On average, research analysts expect that Grocery Outlet Holding Corp. will post 0.63 EPS for the current year.

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.