Jackson Square Partners cuts stake in Grocery Outlet (GO)

Investing

Published: November 8, 2022 4:04 am

Last Updated: November 8, 2022 11:36 am

Jackson Square Partners, LLC has filed a 13G/A form with the SEC disclosing ownership of 3,775,860 shares of Grocery Outlet Holding Corp (GO). This represents 3.9% of the company.

In their previous filing dated February 11, 2022 they reported 10,769,730 shares and 11.22% of the company, a decrease in shares of 64.94% and a decrease in total ownership of 7.32% (calculated as current – previous percent ownership).

In their most recent earnings update, the company provided the following:

Highlights for the Second Quarter Fiscal 2022 as compared to the Second Quarter Fiscal 2021:

Net sales increased by 15.7% to $897.7 million.
Comparable store sales increased by 11.2% and on a 3-year stacked basis increased by 17.9%.
The Company opened seven new stores, ending the quarter with 425 stores in eight states.
Net income increased by 2.3% to $20.1 million, or $0.20 per diluted share.
Adjusted EBITDA increased by 18.3% to $60.1 million.
Adjusted net income increased by 23.6% to $28.9 million, or $0.29 per adjusted diluted share.

What are other large shareholders doing?

BlackRock Inc. holds 8,786,028 shares representing 9.06% ownership of the company. In it’s prior filing, the firm reported owning 8,852,693 shares, representing a decrease of 0.76%. The firm increased its portfolio allocation in GO by 53.69% over the last quarter.

Vanguard Group Inc holds 8,666,155 shares representing 8.94% ownership of the company. In it’s prior filing, the firm reported owning 8,490,964 shares, representing an increase of 2.02%. The firm increased its portfolio allocation in GO by 57.74% over the last quarter.

Capital Research Global Investors holds 7,441,675 shares representing 7.68% ownership of the company. In it’s prior filing, the firm reported owning 7,339,446 shares, representing an increase of 1.37%. The firm increased its portfolio allocation in GO by 66.38% over the last quarter.

SMCWX – SMALLCAP WORLD FUND INC Class A holds 6,384,486 shares representing 6.59% ownership of the company. In it’s prior filing, the firm reported owning 7,673,486 shares, representing a decrease of 20.19%. The firm increased its portfolio allocation in GO by 33.13% over the last quarter.

Jackson Square Partners, LLC holds 5,495,872 shares representing 5.67% ownership of the company. In it’s prior filing, the firm reported owning 11,041,073 shares, representing a decrease of 100.90%. The firm increased its portfolio allocation in GO by 52.30% over the last quarter.

What is the overall institutional sentiment?

There are 621 funds or institutions reporting positions in Grocery Outlet Holding Corp. This is an increase of 96 owner(s) or 18.29%.

Average portfolio weight of all funds dedicated to Grocery Outlet Holding Corp is 0.2795%, an increase of 32.5044%. Total shares owned by institutions decreased in the last three months by 1.60% to 134,813,162 shares.

Based on this information, institutional sentiment is bullish.

This article originally appeared on Fintel

Get Ready To Retire ^(Sponsored)

Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future