Central Garden & Pet (NASDAQ:CENT) Sees Significant Increase in Short Interest

Central Garden & Pet (NASDAQ:CENT) was the recipient of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,600,000 shares, a growth of 8.8% from the October 31st total of 1,470,000 shares. Approximately 16.9% of the company’s stock are short sold. Based on an average daily trading volume, of 119,600 shares, the short-interest ratio is currently 13.4 days.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Truist Financial reduced their price target on Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Canaccord Genuity Group lowered their price objective on Central Garden & Pet from $48.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Three investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $46.75.

Central Garden & Pet Stock Performance

Shares of CENT traded up $0.20 during midday trading on Wednesday, hitting $40.47. 31,446 shares of the stock traded hands, compared to its average volume of 115,555. The firm has a market capitalization of $2.73 billion, a PE ratio of 24.91 and a beta of 0.81. The business’s 50 day moving average price is $36.06 and its two-hundred day moving average price is $38.37. Central Garden & Pet has a 1-year low of $32.17 and a 1-year high of $47.48. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.19 and a current ratio of 3.66.

Central Garden & Pet (NASDAQ:CENT) last released its quarterly earnings results on Monday, November 25th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. Central Garden & Pet had a return on equity of 9.31% and a net margin of 3.37%. The company had revenue of $669.49 million for the quarter, compared to analysts’ expectations of $707.83 million. The business’s revenue for the quarter was down 10.8% on a year-over-year basis. Equities research analysts predict that Central Garden & Pet will post 2.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its position in Central Garden & Pet by 0.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 893,226 shares of the company’s stock worth $32,576,000 after purchasing an additional 7,893 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Central Garden & Pet by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 777,297 shares of the company’s stock valued at $29,926,000 after buying an additional 5,571 shares during the period. American Century Companies Inc. boosted its stake in Central Garden & Pet by 24.5% during the second quarter. American Century Companies Inc. now owns 162,647 shares of the company’s stock valued at $6,262,000 after buying an additional 32,009 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in Central Garden & Pet by 1.7% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 148,910 shares of the company’s stock worth $5,431,000 after acquiring an additional 2,450 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Central Garden & Pet by 11.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 112,305 shares of the company’s stock worth $4,096,000 after acquiring an additional 11,671 shares in the last quarter. Institutional investors own 16.13% of the company’s stock.

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.