Central Garden & Pet (NASDAQ:CENT) Shares Gap Up After Earnings Beat

Central Garden & Pet (NASDAQ:CENT)’s stock price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $37.07, but opened at $39.87. Central Garden & Pet shares last traded at $40.21, with a volume of 12,915 shares changing hands.

The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.24. Central Garden & Pet had a return on equity of 9.31% and a net margin of 3.37%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Argus downgraded Central Garden & Pet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Canaccord Genuity Group reduced their price objective on shares of Central Garden & Pet from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Finally, Truist Financial dropped their target price on shares of Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $46.75.

Institutional Trading of Central Garden & Pet

Several large investors have recently made changes to their positions in the company. Empowered Funds LLC purchased a new stake in shares of Central Garden & Pet during the third quarter worth $1,681,000. Quest Partners LLC acquired a new position in Central Garden & Pet during the third quarter worth about $797,000. JPMorgan Chase & Co. grew its stake in Central Garden & Pet by 73.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 35,228 shares of the company’s stock valued at $1,285,000 after acquiring an additional 14,964 shares in the last quarter. Barclays PLC raised its holdings in Central Garden & Pet by 51.4% in the 3rd quarter. Barclays PLC now owns 34,944 shares of the company’s stock valued at $1,275,000 after acquiring an additional 11,865 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Central Garden & Pet in the 3rd quarter worth approximately $111,000. 16.13% of the stock is currently owned by hedge funds and other institutional investors.

Central Garden & Pet Trading Up 8.3 %

The company has a current ratio of 3.66, a quick ratio of 2.19 and a debt-to-equity ratio of 0.76. The company has a fifty day moving average price of $38.38 and a two-hundred day moving average price of $37.66. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 24.82 and a beta of 0.79.

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.