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

Central Garden & Pet (NASDAQ:CENT)’s share price gapped down prior to trading 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 lowered their price objective on shares of Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $46.75.

Insider Transactions at Central Garden & Pet

In other Central Garden & Pet news, Chairman William E. Brown sold 60,000 shares of the firm’s stock in a transaction dated 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 sale, the chairman now directly owns 1,125,773 shares of the company’s stock, valued at $37,758,426.42. This trade represents a 5.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On Central Garden & Pet

Several institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace LLP grew its stake in Central Garden & Pet by 748.5% in the 2nd quarter. Marshall Wace LLP now owns 84,000 shares of the company’s stock worth $3,234,000 after acquiring an additional 74,100 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of 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 valued at $34,085,000 after purchasing an additional 51,454 shares during the period. Empowered Funds LLC acquired a new position in Central Garden & Pet in the third quarter valued at $1,681,000. American Century Companies Inc. lifted its position 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 worth $6,262,000 after buying an additional 32,009 shares during the period. Finally, Quest Partners LLC purchased a new position in Central Garden & Pet during the third quarter worth about $797,000. Hedge funds and other institutional investors own 16.13% of the company’s stock.

Central Garden & Pet Trading Up 2.6 %

The company has a current ratio of 3.66, a quick ratio of 2.16 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of 18.37 and a beta of 0.75. The business has a 50 day simple moving average of $35.79 and a 200-day simple moving average of $38.64.

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.