Central Garden & Pet (NASDAQ:CENT) Downgraded to “Hold” Rating by Argus

Argus lowered shares of Central Garden & Pet (NASDAQ:CENT) from a strong-buy rating to a hold rating in a research report released on Tuesday,Zacks.com reports.

Other analysts also recently issued reports about the company. Truist Financial reduced their price objective on Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Canaccord Genuity Group dropped their target price on Central Garden & Pet from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. One research analyst has rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Central Garden & Pet presently has a consensus rating of “Buy” and an average target price of $46.75.

Central Garden & Pet Stock Performance

Shares of Central Garden & Pet stock opened at $36.04 on Tuesday. The firm’s fifty day simple moving average is $38.73 and its 200-day simple moving average is $37.92. Central Garden & Pet has a 12 month low of $32.17 and a 12 month high of $47.48. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 22.27 and a beta of 0.79. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.66 and a quick ratio of 2.19.

Central Garden & Pet (NASDAQ:CENT) last issued its quarterly earnings data on Monday, November 25th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.04. Central Garden & Pet had a net margin of 3.37% and a return on equity of 9.31%. The company had revenue of $669.49 million for the quarter, compared to the consensus estimate of $707.83 million. Central Garden & Pet’s revenue was down 10.8% compared to the same quarter last year. As a group, equities analysts forecast that Central Garden & Pet will post 2.22 earnings per share for the current year.

Institutional Trading of Central Garden & Pet

Hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its holdings in 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. Dimensional Fund Advisors LP boosted its position in shares of Central Garden & Pet by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 777,297 shares of the company’s stock worth $29,926,000 after purchasing an additional 5,571 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Central Garden & Pet by 24.5% during the 2nd quarter. American Century Companies Inc. now owns 162,647 shares of the company’s stock worth $6,262,000 after purchasing an additional 32,009 shares during the period. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Central Garden & Pet by 1.7% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 148,910 shares of the company’s stock valued at $5,431,000 after purchasing an additional 2,450 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Central Garden & Pet by 11.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 112,305 shares of the company’s stock valued at $4,096,000 after purchasing an additional 11,671 shares during the period. 16.13% of the stock is owned by institutional investors and hedge funds.

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.