Truist Financial Lowers Central Garden & Pet (NASDAQ:CENT) Price Target to $40.00

Central Garden & Pet (NASDAQ:CENT) had its price target reduced by Truist Financial from $50.00 to $40.00 in a report issued on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently issued reports on CENT. Canaccord Genuity Group raised shares of Central Garden & Pet to a “strong-buy” rating in a report on Monday, July 1st. Canaccord Genuity Group reissued a “buy” rating and set a $48.00 target price on shares of Central Garden & Pet in a report on Monday, September 30th. Three equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Central Garden & Pet has a consensus rating of “Buy” and a consensus price target of $47.50.

Central Garden & Pet Trading Down 0.5 %

NASDAQ:CENT opened at $35.06 on Wednesday. The firm’s 50 day moving average is $37.26 and its 200 day moving average is $39.58. The company has a current ratio of 3.66, a quick ratio of 2.16 and a debt-to-equity ratio of 0.75. Central Garden & Pet has a 12 month low of $30.75 and a 12 month high of $47.48. The stock has a market capitalization of $2.36 billion, a PE ratio of 15.72 and a beta of 0.75.

Central Garden & Pet (NASDAQ:CENT) last issued its earnings results on Wednesday, August 7th. The company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $996.35 million for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the previous year, the firm posted $1.40 EPS. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. Sell-side analysts expect that Central Garden & Pet will post 2.11 earnings per share for the current year.

Insider Transactions at Central Garden & Pet

In other news, Chairman William E. Brown sold 60,000 shares of the company’s stock in a transaction on 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 transaction, the chairman now owns 1,125,773 shares of the company’s stock, valued at approximately $37,758,426.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Brooks Pennington III sold 1,486 shares of the company’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 completion of the transaction, the director now directly owns 40,743 shares in the company, valued at approximately $1,336,370.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman William E. Brown sold 60,000 shares of the company’s 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 completion of the transaction, the chairman now owns 1,125,773 shares of the company’s stock, valued at $37,758,426.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 63,986 shares of company stock valued at $2,146,841. 9.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its position in Central Garden & Pet by 6.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 885,333 shares of the company’s stock worth $34,085,000 after acquiring an additional 51,454 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Central Garden & Pet by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 777,297 shares of the company’s stock valued at $29,926,000 after buying an additional 5,571 shares during the period. American Century Companies Inc. boosted its position in Central Garden & Pet by 24.5% during the second quarter. American Century Companies Inc. now owns 162,647 shares of the company’s stock valued at $6,262,000 after buying an additional 32,009 shares during the period. Bank of New York Mellon Corp boosted its position in Central Garden & Pet by 2.2% during the second quarter. Bank of New York Mellon Corp now owns 86,877 shares of the company’s stock valued at $3,345,000 after buying an additional 1,873 shares during the period. Finally, Marshall Wace LLP boosted its position in Central Garden & Pet by 748.5% during the second 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 period. 16.13% of the stock is currently owned by hedge funds and other institutional investors.

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.