Comerica Bank Decreases Holdings in Central Garden & Pet (NASDAQ:CENT)

Comerica Bank trimmed its stake in shares of Central Garden & Pet (NASDAQ:CENT) by 9.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,046 shares of the company’s stock after selling 440 shares during the period. Comerica Bank’s holdings in Central Garden & Pet were worth $173,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CENT. Price T Rowe Associates Inc. MD lifted its stake in shares of Central Garden & Pet by 32.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 41,862 shares of the company’s stock worth $1,793,000 after buying an additional 10,237 shares in the last quarter. EntryPoint Capital LLC lifted its stake in shares of Central Garden & Pet by 909.2% in the first quarter. EntryPoint Capital LLC now owns 4,269 shares of the company’s stock worth $183,000 after buying an additional 3,846 shares in the last quarter. SageView Advisory Group LLC purchased a new position in shares of Central Garden & Pet in the first quarter worth about $301,000. ProShare Advisors LLC lifted its stake in shares of Central Garden & Pet by 92.6% in the first quarter. ProShare Advisors LLC now owns 51,117 shares of the company’s stock worth $2,189,000 after buying an additional 24,575 shares in the last quarter. Finally, Inspire Investing LLC lifted its stake in shares of Central Garden & Pet by 9.3% in the first quarter. Inspire Investing LLC now owns 8,386 shares of the company’s stock worth $359,000 after buying an additional 712 shares in the last quarter. 16.13% of the stock is owned by hedge funds and other institutional investors.

Central Garden & Pet Price Performance

Shares of CENT opened at $38.99 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.33 and a quick ratio of 1.68. The stock has a market cap of $2.63 billion, a PE ratio of 17.48 and a beta of 0.78. The firm has a 50-day simple moving average of $38.80 and a two-hundred day simple moving average of $41.08. Central Garden & Pet has a 1-year low of $30.75 and a 1-year high of $47.48.

Central Garden & Pet (NASDAQ:CENT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.11. Central Garden & Pet had a net margin of 4.49% and a return on equity of 11.30%. 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 previous year, the firm earned $1.40 earnings per share. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. As a group, analysts forecast that Central Garden & Pet will post 2.23 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on CENT. Monness Crespi & Hardt upgraded shares of Central Garden & Pet to a “strong-buy” rating in a research report on Thursday, May 9th. Canaccord Genuity Group cut their price objective on shares of Central Garden & Pet from $52.00 to $49.00 and set a “buy” rating for the company in a research report on Monday, July 1st. Argus upgraded shares of Central Garden & Pet from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, May 28th. Finally, Canaccord Genuity Group upgraded shares of Central Garden & Pet to a “strong-buy” rating in a research report on Monday, July 1st. Three analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $52.75.

Insider Buying and Selling

In other news, Chairman William E. Brown sold 700,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $36.25, for a total transaction of $25,375,000.00. Following the completion of the sale, the chairman now owns 1,189,615 shares in the company, valued at approximately $43,123,543.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman William E. Brown sold 700,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $36.25, for a total transaction of $25,375,000.00. Following the completion of the sale, the chairman now owns 1,189,615 shares in the company, valued at approximately $43,123,543.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brooks Pennington III sold 1,486 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $32.80, for a total transaction of $48,740.80. Following the sale, the director now owns 40,743 shares of the company’s stock, valued at approximately $1,336,370.40. The disclosure for this sale can be found here. 9.53% of the stock is owned by insiders.

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.