Central Garden & Pet (NASDAQ:CENT) Shares Gap Down on Analyst Downgrade

Central Garden & Pet (NASDAQ:CENT) gapped down before the market opened on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $48.00 to $45.00. The stock had previously closed at $38.81, but opened at $37.50. Canaccord Genuity Group currently has a buy rating on the stock. Central Garden & Pet shares last traded at $38.46, with a volume of 25,346 shares changing hands.

Separately, Truist Financial dropped their price target on Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Three research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Central Garden & Pet currently has an average rating of “Buy” and an average price target of $46.75.

Insider Activity

In other news, Chairman William E. Brown sold 60,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $33.54, for a total value of $2,012,400.00. Following the completion of the sale, the chairman now directly owns 1,125,773 shares of the company’s stock, valued at $37,758,426.42. This represents a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 9.53% of the company’s stock.

Institutional Investors Weigh In On Central Garden & Pet

Institutional investors and hedge funds have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale bought a new stake in shares of Central Garden & Pet in the 2nd quarter worth $51,000. Glenmede Trust Co. NA boosted its holdings in Central Garden & Pet by 23.2% during the third quarter. Glenmede Trust Co. NA now owns 2,101 shares of the company’s stock worth $77,000 after purchasing an additional 395 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Central Garden & Pet in the 2nd quarter worth about $113,000. SG Americas Securities LLC bought a new stake in Central Garden & Pet in the 3rd quarter worth about $111,000. Finally, Franklin Resources Inc. lifted its position in shares of Central Garden & Pet by 29.0% during the 3rd quarter. Franklin Resources Inc. now owns 4,521 shares of the company’s stock worth $157,000 after buying an additional 1,016 shares in the last quarter. 16.13% of the stock is owned by hedge funds and other institutional investors.

Central Garden & Pet Price Performance

The stock has a market cap of $2.71 billion, a PE ratio of 25.13 and a beta of 0.75. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.16 and a current ratio of 3.66. The business has a 50 day moving average price of $35.83 and a two-hundred day moving average price of $38.59.

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.