Central Garden & Pet (NASDAQ:CENT) Shares Gap Down to $40.22

Central Garden & Pet (NASDAQ:CENT) gapped down before the market opened on Monday . The stock had previously closed at $40.22, but opened at $39.19. Central Garden & Pet shares last traded at $39.01, with a volume of 2,297 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CENT shares. Monness Crespi & Hardt raised shares of Central Garden & Pet to a “strong-buy” rating in a report on Thursday, May 9th. Canaccord Genuity Group upgraded Central Garden & Pet to a “strong-buy” rating in a report on Monday, July 1st. Argus upgraded Central Garden & Pet from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, May 28th. Finally, Canaccord Genuity Group lowered their price target on Central Garden & Pet from $52.00 to $49.00 and set a “buy” rating for the company in a research report on Monday, July 1st. Three analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $52.75.

Central Garden & Pet Stock Performance

The company has a quick ratio of 1.68, a current ratio of 3.33 and a debt-to-equity ratio of 0.79. The business has a 50 day moving average price of $39.15 and a 200 day moving average price of $41.09. The stock has a market cap of $2.59 billion, a P/E ratio of 17.49 and a beta of 0.78.

Central Garden & Pet (NASDAQ:CENT) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.21 by $0.11. Central Garden & Pet had a return on equity of 11.30% and a net margin of 4.49%. The company had revenue of $996.35 million for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the company posted $1.40 EPS. Central Garden & Pet’s quarterly revenue was down 2.6% on a year-over-year basis. As a group, sell-side analysts expect that Central Garden & Pet will post 2.23 EPS for the current year.

Insider Buying and Selling

In other Central Garden & Pet news, Chairman William E. Brown sold 700,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $36.25, for a total transaction of $25,375,000.00. Following the transaction, the chairman now directly owns 1,189,615 shares in the company, valued at approximately $43,123,543.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman William E. Brown sold 700,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $36.25, for a total value of $25,375,000.00. Following the completion of the sale, the chairman now owns 1,189,615 shares of the company’s stock, valued at approximately $43,123,543.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Howard Machek sold 10,000 shares of Central Garden & Pet stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $40.05, for a total transaction of $400,500.00. Following the transaction, the chief accounting officer now directly owns 51,474 shares in the company, valued at $2,061,533.70. The disclosure for this sale can be found here. Insiders have sold 714,218 shares of company stock valued at $25,945,528 in the last 90 days. Company insiders own 9.53% of the company’s stock.

Institutional Investors Weigh In On Central Garden & Pet

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its holdings in Central Garden & Pet by 6.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 885,333 shares of the company’s stock worth $34,085,000 after purchasing an additional 51,454 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Central Garden & Pet by 24.5% during the 2nd quarter. American Century Companies Inc. now owns 162,647 shares of the company’s stock worth $6,262,000 after acquiring an additional 32,009 shares in the last quarter. ProShare Advisors LLC lifted its position in Central Garden & Pet by 92.6% during the first quarter. ProShare Advisors LLC now owns 51,117 shares of the company’s stock valued at $2,189,000 after acquiring an additional 24,575 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Central Garden & Pet by 32.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 41,862 shares of the company’s stock valued at $1,793,000 after acquiring an additional 10,237 shares during the last quarter. Finally, Orchard Capital Management LLC boosted its stake in Central Garden & Pet by 5.6% in the fourth quarter. Orchard Capital Management LLC now owns 169,107 shares of the company’s stock valued at $8,474,000 after acquiring an additional 8,914 shares in the last quarter. 16.13% of the stock is currently owned by hedge funds and other institutional investors.

Central Garden & Pet Company Profile

Central Garden & Pet Company produces and distributes various products for the lawn and garden, and pet supplies markets in the United States. It operates through two segments: Pet and Garden. The Pet segment provides dog and cat supplies, such as dog treats and chews, toys, pet beds and containment, grooming products, waste management, and training pads; supplies for aquatics, small animals, reptiles, and pet birds, including toys, cages and habitats, bedding, and food and supplements; products for equine and livestock; animal and household health and insect control products; aquariums and terrariums, including fixtures and stands, water conditioners and supplements, water pumps and filters, and lighting systems and accessories; and live fish and small animals, as well as outdoor cushions.