Central Garden & Pet (NASDAQ:CENT) Stock Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• Central Garden & Pet shares have recently crossed above their 200-day moving average, marking an important technical signal for investors.
• Truist Financial downgraded the stock from a "buy" to a "hold" rating, setting a new target price of $35.00.
• The company reported earnings of $1.56 per share, exceeding the consensus estimate, but revenue declined 3.6% year-over-year, totaling $960.91 million.

Central Garden & Pet Company (NASDAQ:CENT - Get Free Report)'s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $36.39 and traded as high as $36.68. Central Garden & Pet shares last traded at $36.27, with a volume of 55,143 shares.

Analysts Set New Price Targets

Separately, Truist Financial downgraded shares of Central Garden & Pet from a "buy" rating to a "hold" rating and set a $35.00 price objective for the company. in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Central Garden & Pet has an average rating of "Hold" and a consensus target price of $40.00.

Central Garden & Pet Trading Up 1.5%

The firm has a market capitalization of $2.27 billion, a PE ratio of 16.38 and a beta of 0.70. The company's 50-day moving average price is $37.09 and its 200-day moving average price is $36.37. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.28 and a current ratio of 3.56.

Central Garden & Pet (NASDAQ:CENT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.22. The business had revenue of $960.91 million during the quarter, compared to analysts' expectations of $993.66 million. Central Garden & Pet had a net margin of 4.44% and a return on equity of 10.77%. The company's revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 EPS. On average, sell-side analysts expect that Central Garden & Pet Company will post 2.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, Chairman William E. Brown sold 7,800 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $32.04, for a total value of $249,912.00. Following the completion of the sale, the chairman directly owned 377,383 shares of the company's stock, valued at $12,091,351.32. The trade was a 2.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Central Garden & Pet

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Banque Cantonale Vaudoise acquired a new position in shares of Central Garden & Pet during the first quarter worth about $33,000. Stenger Family Office LLC acquired a new stake in shares of Central Garden & Pet in the second quarter valued at approximately $48,000. CWM LLC grew its position in shares of Central Garden & Pet by 222.4% in the second quarter. CWM LLC now owns 1,412 shares of the company's stock valued at $50,000 after purchasing an additional 974 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Central Garden & Pet by 152.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,920 shares of the company's stock valued at $68,000 after buying an additional 1,159 shares during the period. Finally, Simplex Trading LLC lifted its stake in shares of Central Garden & Pet by 136.2% during the first quarter. Simplex Trading LLC now owns 2,048 shares of the company's stock valued at $75,000 after buying an additional 1,181 shares during the period. 16.13% of the stock is owned by hedge funds and other institutional investors.

About Central Garden & Pet

Central Garden & Pet Co engages in the production and distribution of branded and private label products for the lawn, garden, and pet supplies markets. It operates through the Pet and Garden segments. The Pet segment focuses on 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, food and supplements, products for equine and livestock, animal and household health and insect control products, live fish, and small animals, as well as outdoor cushions.