Central Garden & Pet’s (CENT) Buy Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Central Garden & Pet (NASDAQ:CENT) in a report issued on Monday morning, Benzinga reports. Canaccord Genuity Group currently has a $48.00 price objective on the stock.

Separately, Canaccord Genuity Group upgraded shares of Central Garden & Pet to a strong-buy rating in a research note on Monday, July 1st. Three analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Central Garden & Pet presently has a consensus rating of Buy and an average price target of $52.50.

Central Garden & Pet Stock Down 2.6 %

NASDAQ:CENT opened at $33.92 on Monday. The company’s 50-day simple moving average is $38.45 and its 200-day simple moving average is $40.27. The stock has a market capitalization of $2.29 billion, a P/E ratio of 15.21 and a beta of 0.75. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.16 and a current ratio of 3.66. Central Garden & Pet has a fifty-two week low of $30.75 and a fifty-two week high of $47.48.

Central Garden & Pet (NASDAQ:CENT) last released its earnings results on Wednesday, August 7th. The company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.11. The company had revenue of $996.35 million during the quarter, compared to analysts’ expectations of $1 billion. Central Garden & Pet had a net margin of 4.42% and a return on equity of 10.66%. Central Garden & Pet’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the business earned $1.40 EPS. On average, equities analysts anticipate that Central Garden & Pet will post 2.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Central Garden & Pet news, Chairman William E. Brown sold 60,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 1,125,773 shares of the company’s stock, valued at approximately $37,758,426.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director John Ranelli sold 2,500 shares of Central Garden & Pet stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $34.28, for a total transaction of $85,700.00. Following the completion of the transaction, the director now directly owns 822 shares of the company’s stock, valued at approximately $28,178.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman William E. Brown sold 60,000 shares of Central Garden & Pet stock in a transaction that occurred 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 transaction, the chairman now directly owns 1,125,773 shares of the company’s stock, valued at $37,758,426.42. The disclosure for this sale can be found here. In the last ninety days, insiders sold 63,986 shares of company stock valued at $2,146,841. 9.53% of the stock is owned by insiders.

Hedge Funds Weigh In On Central Garden & Pet

Institutional investors have recently made changes to their positions in the company. ProShare Advisors LLC increased its holdings in shares of Central Garden & Pet by 92.6% during the 1st quarter. ProShare Advisors LLC now owns 51,117 shares of the company’s stock valued at $2,189,000 after purchasing an additional 24,575 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Central Garden & Pet by 32.4% in the 1st 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 period. Orchard Capital Management LLC grew its stake in Central Garden & Pet by 5.6% in the 4th 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 during the period. American Century Companies Inc. grew its stake in Central Garden & Pet by 24.5% in the 2nd quarter. American Century Companies Inc. now owns 162,647 shares of the company’s stock valued at $6,262,000 after acquiring an additional 32,009 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Central Garden & Pet by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 86,877 shares of the company’s stock valued at $3,345,000 after acquiring an additional 1,873 shares during the period. 16.13% of the stock is owned by hedge funds and other institutional investors.

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.