Short Interest in Central Garden & Pet (NASDAQ:CENT) Declines By 8.7%

Central Garden & Pet (NASDAQ:CENT) was the target of a large drop in short interest in September. As of September 30th, there was short interest totalling 1,360,000 shares, a drop of 8.7% from the September 15th total of 1,490,000 shares. Currently, 14.3% of the company’s stock are sold short. Based on an average daily volume of 119,800 shares, the days-to-cover ratio is currently 11.4 days.

Insider Activity

In other news, Chairman William E. Brown sold 60,000 shares of the firm’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 sale, the chairman now directly owns 1,125,773 shares of the company’s stock, valued at approximately $37,758,426.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director John Ranelli sold 2,500 shares of Central Garden & Pet stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $34.28, for a total transaction of $85,700.00. Following the sale, the director now owns 822 shares of the company’s stock, valued at approximately $28,178.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman William E. Brown sold 60,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $33.54, for a total transaction of $2,012,400.00. Following the completion of the sale, the chairman now directly owns 1,125,773 shares in the company, valued at $37,758,426.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,986 shares of company stock worth $2,146,841. 9.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Central Garden & Pet

A number of large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its position in shares of 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 valued at $34,085,000 after purchasing an additional 51,454 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Central Garden & Pet by 0.7% in the 2nd 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 in the last quarter. American Century Companies Inc. increased its position in Central Garden & Pet by 24.5% during the 2nd quarter. American Century Companies Inc. now owns 162,647 shares of the company’s stock worth $6,262,000 after buying an additional 32,009 shares during the period. Bank of New York Mellon Corp increased its position in Central Garden & Pet by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 86,877 shares of the company’s stock worth $3,345,000 after buying an additional 1,873 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of Central Garden & Pet by 748.5% during the second quarter. Marshall Wace LLP now owns 84,000 shares of the company’s stock worth $3,234,000 after buying an additional 74,100 shares in the last quarter. Institutional investors own 16.13% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CENT shares. Canaccord Genuity Group raised shares of Central Garden & Pet to a “strong-buy” rating in a report on Monday, July 1st. Canaccord Genuity Group reiterated a “buy” rating and issued a $48.00 target price on shares of Central Garden & Pet in a research note on Monday, September 30th. Finally, Truist Financial decreased their price target on Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday. Three equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Central Garden & Pet presently has a consensus rating of “Buy” and a consensus target price of $47.50.

Central Garden & Pet Stock Up 2.8 %

Shares of Central Garden & Pet stock traded up $0.98 on Wednesday, hitting $35.82. The company had a trading volume of 215,584 shares, compared to its average volume of 116,703. Central Garden & Pet has a twelve month low of $30.75 and a twelve 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 stock has a 50-day moving average of $37.44 and a 200-day moving average of $39.67. The firm has a market capitalization of $2.41 billion, a P/E ratio of 16.06 and a beta of 0.75.

Central Garden & Pet (NASDAQ:CENT) last released its earnings results on Wednesday, August 7th. The company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.21 by $0.11. The firm 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%. The business’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.40 EPS. Research analysts predict that Central Garden & Pet will post 2.11 earnings per share for the current year.

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.