Central Garden & Pet (NASDAQ:CENT) Rating Reiterated by Canaccord Genuity Group

Central Garden & Pet (NASDAQ:CENT)‘s stock had its “buy” rating restated by analysts at Canaccord Genuity Group in a note issued to investors on Monday, Benzinga reports. They currently have a $48.00 target price on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 32.49% from the company’s current price.

Separately, Canaccord Genuity Group raised shares of Central Garden & Pet to a “strong-buy” rating in a report on Monday, July 1st. Three investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Central Garden & Pet presently has a consensus rating of “Buy” and a consensus target price of $52.50.

Central Garden & Pet Stock Performance

Shares of Central Garden & Pet stock traded down $0.42 during trading hours on Monday, reaching $36.23. The company had a trading volume of 15,826 shares, compared to its average volume of 115,913. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.66 and a quick ratio of 2.16. Central Garden & Pet has a one year low of $30.75 and a one year high of $47.48. The firm has a market cap of $2.44 billion, a PE ratio of 16.26 and a beta of 0.75. The business has a fifty day simple moving average of $38.65 and a 200 day simple moving average of $40.39.

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

Insider Activity at Central Garden & Pet

In other news, Director Brooks Pennington III sold 1,486 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $32.80, for a total value of $48,740.80. Following the transaction, the director now owns 40,743 shares of the company’s stock, valued at approximately $1,336,370.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director John Ranelli sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $34.28, for a total value of $85,700.00. Following the completion of the sale, the director now owns 822 shares in the company, valued at approximately $28,178.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brooks Pennington III sold 1,486 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $32.80, for a total transaction of $48,740.80. Following the transaction, the director now owns 40,743 shares in the company, valued at $1,336,370.40. The disclosure for this sale can be found here. Insiders have sold 63,986 shares of company stock valued at $2,146,841 over the last three months. 9.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Central Garden & Pet

A number of institutional investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC purchased a new position in Central Garden & Pet in the 2nd quarter worth $187,000. Point72 Asset Management L.P. bought a new position in shares of Central Garden & Pet during the second quarter valued at about $113,000. Marshall Wace LLP grew its stake in shares of Central Garden & Pet by 748.5% during the second quarter. Marshall Wace LLP now owns 84,000 shares of the company’s stock valued at $3,234,000 after buying an additional 74,100 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in shares of Central Garden & Pet by 6.1% in the second quarter. Public Sector Pension Investment Board now owns 20,978 shares of the company’s stock worth $808,000 after buying an additional 1,200 shares during the period. Finally, Sei Investments Co. lifted its stake in shares of Central Garden & Pet by 20.0% in the 2nd quarter. Sei Investments Co. now owns 36,710 shares of the company’s stock valued at $1,413,000 after acquiring an additional 6,121 shares during the last quarter. Hedge funds and other 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.