Central Garden & Pet’s (CENT) “Buy” Rating Reiterated at Canaccord Genuity Group

Central Garden & Pet (NASDAQ:CENT)‘s stock had its “buy” rating reiterated by equities research analysts at Canaccord Genuity Group in a report released on Monday, Benzinga reports. They currently have a $48.00 target price on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 32.49% from the stock’s previous close.

Separately, Canaccord Genuity Group upgraded Central Garden & Pet to a “strong-buy” rating in a 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 data from MarketBeat.com, Central Garden & Pet presently has a consensus rating of “Buy” and a consensus price target of $52.50.

Central Garden & Pet Trading Down 1.1 %

CENT traded down $0.42 during trading on Monday, hitting $36.23. 15,826 shares of the stock traded hands, compared to its average volume of 115,913. The firm has a market capitalization of $2.44 billion, a P/E ratio of 16.26 and a beta of 0.75. Central Garden & Pet has a 12-month low of $30.75 and a 12-month high of $47.48. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.66 and a quick ratio of 2.16. The firm has a 50-day moving average of $38.65 and a 200 day moving average of $40.39.

Central Garden & Pet (NASDAQ:CENT) last posted its earnings results on Wednesday, August 7th. The company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.11. The company had revenue of $996.35 million for the quarter, compared to analysts’ expectations of $1 billion. Central Garden & Pet had a return on equity of 10.66% and a net margin of 4.42%. Central Garden & Pet’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period last year, the firm earned $1.40 earnings per share. Equities research analysts anticipate that Central Garden & Pet will post 2.11 EPS for the current year.

Insider Buying and Selling at Central Garden & Pet

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 transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman William E. Brown sold 60,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $33.54, for a total value of $2,012,400.00. Following the sale, the chairman now directly owns 1,125,773 shares of the company’s stock, valued at approximately $37,758,426.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Ranelli sold 2,500 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $34.28, for a total transaction of $85,700.00. Following the completion of the transaction, the director now owns 822 shares of the company’s stock, valued at $28,178.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,986 shares of company stock valued at $2,146,841. 9.53% of the stock is currently owned by corporate insiders.

Institutional Trading of Central Garden & Pet

A number of hedge funds have recently made changes to their positions in CENT. Cubist Systematic Strategies LLC purchased a new stake in shares of Central Garden & Pet in the second quarter worth $187,000. Point72 Asset Management L.P. bought a new position in Central Garden & Pet in the 2nd quarter worth about $113,000. Marshall Wace LLP boosted its stake in Central Garden & Pet by 748.5% in the 2nd quarter. Marshall Wace LLP now owns 84,000 shares of the company’s stock worth $3,234,000 after purchasing an additional 74,100 shares in the last quarter. Public Sector Pension Investment Board grew its position in 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 purchasing an additional 1,200 shares during the last quarter. Finally, Sei Investments Co. increased 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 in the last quarter. 16.13% of the stock is owned by institutional investors.

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.