Central Garden & Pet (NASDAQ:CENT) Shares Gap Down After Analyst Downgrade

Central Garden & Pet (NASDAQ:CENT)’s stock price gapped down before the market opened on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $48.00 to $45.00. The stock had previously closed at $38.81, but opened at $37.50. Canaccord Genuity Group currently has a buy rating on the stock. Central Garden & Pet shares last traded at $38.46, with a volume of 25,346 shares changing hands.

Separately, Truist Financial decreased their target price on shares of Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Three equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Central Garden & Pet presently has an average rating of “Buy” and an average target price of $46.75.

Insider Activity at Central Garden & Pet

In other Central Garden & Pet news, Chairman William E. Brown sold 60,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $33.54, for a total transaction of $2,012,400.00. Following the completion of the transaction, the chairman now owns 1,125,773 shares of the company’s stock, valued at $37,758,426.42. The trade was a 5.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Glenmede Trust Co. NA increased its holdings in shares of Central Garden & Pet by 23.2% during the 3rd quarter. Glenmede Trust Co. NA now owns 2,101 shares of the company’s stock worth $77,000 after purchasing an additional 395 shares during the period. BNP Paribas Financial Markets grew its stake in Central Garden & Pet by 5.4% during the third quarter. BNP Paribas Financial Markets now owns 9,060 shares of the company’s stock worth $330,000 after buying an additional 464 shares during the last quarter. Inspire Investing LLC grew its stake in Central Garden & Pet by 10.3% during the second quarter. Inspire Investing LLC now owns 9,247 shares of the company’s stock worth $356,000 after buying an additional 861 shares during the last quarter. Public Sector Pension Investment Board grew its stake in Central Garden & Pet by 6.1% during the second quarter. Public Sector Pension Investment Board now owns 20,978 shares of the company’s stock worth $808,000 after buying an additional 1,200 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in Central Garden & Pet during the second quarter worth about $51,000. Institutional investors and hedge funds own 16.13% of the company’s stock.

Central Garden & Pet Price Performance

The stock’s 50-day moving average price is $35.79 and its 200-day moving average price is $38.64. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 17.90 and a beta of 0.75. The company has a quick ratio of 2.16, a current ratio of 3.66 and a debt-to-equity ratio of 0.75.

About Central Garden & Pet

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.