Central Garden & Pet (NASDAQ:CENT) Shares Gap Up Following Earnings Beat

Central Garden & Pet (NASDAQ:CENT) shares gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $37.07, but opened at $39.87. Central Garden & Pet shares last traded at $40.21, with a volume of 12,915 shares trading hands.

The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.24. Central Garden & Pet had a net margin of 3.37% and a return on equity of 9.31%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CENT shares. Truist Financial reduced their target price on Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Canaccord Genuity Group reduced their price objective on shares of Central Garden & Pet from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Finally, Argus lowered shares of Central Garden & Pet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Central Garden & Pet has a consensus rating of “Buy” and an average price target of $46.75.

Institutional Investors Weigh In On Central Garden & Pet

Institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new stake in Central Garden & Pet during the 2nd quarter worth approximately $187,000. SG Americas Securities LLC acquired a new position in shares of Central Garden & Pet in the third quarter worth $111,000. Inspire Investing LLC grew its stake in shares of Central Garden & Pet by 21.5% in the third quarter. Inspire Investing LLC now owns 11,235 shares of the company’s stock worth $410,000 after acquiring an additional 1,988 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Central Garden & Pet by 0.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 893,226 shares of the company’s stock worth $32,576,000 after acquiring an additional 7,893 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in shares of Central Garden & Pet in the third quarter valued at $272,000. 16.13% of the stock is owned by institutional investors and hedge funds.

Central Garden & Pet Stock Performance

The stock has a market capitalization of $2.63 billion, a PE ratio of 24.82 and a beta of 0.79. The company has a quick ratio of 2.19, a current ratio of 3.66 and a debt-to-equity ratio of 0.76. The stock has a fifty day moving average of $38.38 and a 200-day moving average of $37.66.

Central Garden & Pet Company Profile

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.