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

Shares of 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 traded.

Separately, Truist Financial cut their price target on shares of 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 investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $46.75.

Insider Activity

In related news, Chairman William E. Brown sold 60,000 shares of the business’s stock in a transaction dated 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 transaction, the chairman now owns 1,125,773 shares in the company, valued at $37,758,426.42. The trade was a 5.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 9.53% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale acquired a new stake in shares of Central Garden & Pet during the second quarter worth $51,000. Glenmede Trust Co. NA raised its position in Central Garden & Pet by 23.2% during the 3rd quarter. Glenmede Trust Co. NA now owns 2,101 shares of the company’s stock worth $77,000 after buying an additional 395 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Central Garden & Pet in the 3rd quarter worth $111,000. Point72 Asset Management L.P. purchased a new stake in shares of Central Garden & Pet in the second quarter valued at about $113,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Central Garden & Pet during the second quarter worth about $187,000. 16.13% of the stock is currently owned by hedge funds and other institutional investors.

Central Garden & Pet Stock Up 2.6 %

The company has a quick ratio of 2.16, a current ratio of 3.66 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $2.69 billion, a PE ratio of 18.37 and a beta of 0.75. The firm’s fifty day moving average is $35.79 and its 200-day moving average is $38.64.

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.