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

Central Garden & Pet (NASDAQ:CENT)’s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. 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.

The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.24. Central Garden & Pet had a return on equity of 9.31% and a net margin of 3.37%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Central Garden & Pet

Hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc lifted its stake in Central Garden & Pet by 693.6% in the fourth quarter. Versant Capital Management Inc now owns 1,246 shares of the company’s stock worth $48,000 after purchasing an additional 1,089 shares during the last quarter. Glenmede Trust Co. NA lifted its holdings in Central Garden & Pet by 23.2% in 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 period. SG Americas Securities LLC purchased a new position in shares of Central Garden & Pet during the third quarter valued at approximately $111,000. Franklin Resources Inc. raised its holdings in shares of Central Garden & Pet by 29.0% during the third quarter. Franklin Resources Inc. now owns 4,521 shares of the company’s stock valued at $157,000 after acquiring an additional 1,016 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Central Garden & Pet in the second quarter valued at $187,000. 16.13% of the stock is currently owned by institutional investors.

Central Garden & Pet Trading Up 8.1 %

The stock’s 50-day simple moving average is $38.38 and its 200-day simple moving average is $37.65. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.19 and a current ratio of 3.66. The firm has a market capitalization of $2.63 billion, a PE ratio of 24.72 and a beta of 0.79.

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.