Principal Financial Group Inc. Lowers Stock Holdings in Central Garden & Pet (NASDAQ:CENT)

Principal Financial Group Inc. cut its holdings in shares of Central Garden & Pet (NASDAQ:CENT) by 3.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,185 shares of the company’s stock after selling 1,854 shares during the quarter. Principal Financial Group Inc. owned about 0.08% of Central Garden & Pet worth $1,971,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Inspire Investing LLC raised its position in shares of Central Garden & Pet by 9.3% in the 1st quarter. Inspire Investing LLC now owns 8,386 shares of the company’s stock worth $359,000 after buying an additional 712 shares during the period. Bank of New York Mellon Corp increased its position in Central Garden & Pet by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 86,877 shares of the company’s stock worth $3,345,000 after purchasing an additional 1,873 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Central Garden & Pet by 112.4% during the first quarter. BNP Paribas Financial Markets now owns 6,169 shares of the company’s stock valued at $264,000 after buying an additional 3,265 shares in the last quarter. EntryPoint Capital LLC grew its stake in Central Garden & Pet by 909.2% during 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 during the period. Finally, SageView Advisory Group LLC purchased a new position in shares of Central Garden & Pet in the 1st quarter valued at $301,000. 16.13% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Brooks Pennington III sold 1,486 shares of the company’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 completion of the transaction, the director now directly owns 40,743 shares of the company’s stock, valued at $1,336,370.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Central Garden & Pet news, Chairman William E. Brown sold 60,000 shares of Central Garden & Pet stock in a transaction on Friday, August 30th. The stock was sold at an average price of $33.54, for a total transaction of $2,012,400.00. Following the sale, the chairman now owns 1,125,773 shares of the company’s stock, valued at approximately $37,758,426.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brooks Pennington III sold 1,486 shares of the firm’s 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 directly 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 quarter. Insiders own 9.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Canaccord Genuity Group reduced their price objective on Central Garden & Pet from $52.00 to $49.00 and set a “buy” rating on the stock in a research note on Monday, July 1st. Argus raised 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 raised shares of Central Garden & Pet to a “strong-buy” rating in a research report on Monday, July 1st. Three research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $52.75.

Central Garden & Pet Stock Performance

Shares of CENT stock opened at $37.47 on Friday. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 16.80 and a beta of 0.75. Central Garden & Pet has a one year low of $30.75 and a one year high of $47.48. The company’s 50-day simple moving average is $38.81 and its 200-day simple moving average is $40.80. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.16 and a current ratio of 3.66.

Central Garden & Pet (NASDAQ:CENT) last released its earnings results on Wednesday, August 7th. The company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $996.35 million for the quarter, compared to the consensus estimate of $1 billion. Central Garden & Pet’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.40 EPS. Equities analysts anticipate that Central Garden & Pet will post 2.11 earnings per share for the current fiscal year.

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.