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

Central Garden & Pet (NASDAQ:CENT)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity Group in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $48.00 price objective on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 34.64% from the stock’s previous close.

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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Central Garden & Pet currently has an average rating of “Buy” and an average price target of $52.50.

Central Garden & Pet Stock Performance

NASDAQ:CENT opened at $35.65 on Monday. The firm has a market capitalization of $2.40 billion, a PE ratio of 15.99 and a beta of 0.75. The business’s fifty day moving average price is $38.53 and its 200 day moving average price is $40.31. 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 12 month low of $30.75 and a 12 month high of $47.48.

Central Garden & Pet (NASDAQ:CENT) last released its quarterly earnings data on Wednesday, August 7th. The company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.11. Central Garden & Pet had a net margin of 4.42% and a return on equity of 10.66%. The company had revenue of $996.35 million during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the firm posted $1.40 earnings per share. Central Garden & Pet’s revenue for the quarter was down 2.6% on a year-over-year basis. On average, sell-side 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 related news, Director Brooks Pennington III sold 1,486 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $32.80, for a total value of $48,740.80. Following the completion of the sale, the director now owns 40,743 shares in the company, valued at $1,336,370.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Central Garden & Pet 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 value of $85,700.00. Following the completion of the sale, the director now directly owns 822 shares of the company’s stock, valued at approximately $28,178.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brooks Pennington III sold 1,486 shares of Central Garden & Pet stock in a transaction 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 completion of the transaction, the director now owns 40,743 shares in the company, valued at approximately $1,336,370.40. The disclosure for this sale can be found here. Insiders sold a total of 63,986 shares of company stock worth $2,146,841 over the last 90 days. Company insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On Central Garden & Pet

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