Central Garden & Pet (NASDAQ:CENT) Reaches New 1-Year High – Here’s What Happened

Central Garden & Pet Company (NASDAQ:CENT) hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $48.02 and last traded at $47.7590, with a volume of 3,617 shares traded. The stock had previously closed at $46.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Zacks Research lowered Central Garden & Pet from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Weiss Ratings lowered Central Garden & Pet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 6th. Finally, Wall Street Zen upgraded Central Garden & Pet to a “hold” rating in a research report on Saturday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Central Garden & Pet Stock Performance

The firm’s 50-day moving average price is $41.80 and its two-hundred day moving average price is $40.02. The company has a quick ratio of 2.67, a current ratio of 3.79 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $3.03 billion, a PE ratio of 17.98 and a beta of 0.62.

Central Garden & Pet (NASDAQ:CENT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.54 EPS for the quarter, beating the consensus estimate of $1.53 by $0.01. The business had revenue of $883.72 million during the quarter, compared to the consensus estimate of $882.96 million. Central Garden & Pet had a net margin of 5.39% and a return on equity of 11.13%. The firm’s quarterly revenue was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.56 EPS. As a group, research analysts predict that Central Garden & Pet Company will post 2.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Central Garden & Pet news, insider John Walker, III sold 5,000 shares of Central Garden & Pet stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $38.50, for a total transaction of $192,500.00. Following the transaction, the insider directly owned 64,679 shares in the company, valued at approximately $2,490,141.50. The trade was a 7.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 8.20% of the company’s stock.

Institutional Trading of Central Garden & Pet

Hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC boosted its position in shares of Central Garden & Pet by 59.5% in the first quarter. Renaissance Technologies LLC now owns 181,787 shares of the company’s stock worth $6,684,000 after buying an additional 67,800 shares during the period. Empowered Funds LLC grew its holdings in shares of Central Garden & Pet by 15.0% during the first quarter. Empowered Funds LLC now owns 77,792 shares of the company’s stock valued at $2,860,000 after buying an additional 10,132 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Central Garden & Pet by 17.1% during the first quarter. Sei Investments Co. now owns 51,188 shares of the company’s stock valued at $1,882,000 after buying an additional 7,462 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Central Garden & Pet during the second quarter valued at $2,156,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Central Garden & Pet during the second quarter valued at $1,613,000. Hedge funds and other institutional investors own 16.13% of the company’s stock.

Central Garden & Pet Company Profile

Central Garden & Pet Company (NASDAQ:CENT) develops, manufactures, and distributes products for the pet and lawn-and-garden markets. Its pet business serves owners of dogs, cats, birds, fish, small animals, and reptiles with products such as toys, chews, treats, habitats, aquatics equipment, bedding, and animal-care supplies.

The company’s lawn-and-garden operations offer grass seed, fertilizer, weed and pest control products, soil amendments, and other gardening supplies. Its portfolio includes brands such as Pennington, Aqueon, Kaytee, Nylabone, Four Paws, API, and Wild Bird.

Founded in 1955, Central Garden & Pet sells its products primarily through mass merchants, home-improvement and garden retailers, pet specialty stores, independent retailers, distributors, and e-commerce channels.