Central Garden & Pet (NASDAQ:CENT) Stock Price Down 10.1% - Here's Why

Key Points

• Central Garden & Pet's stock price fell by 10.1% on Thursday, trading down to $35.44 from a previous close of $39.41.
• Analysts from Truist Financial downgraded the stock from a "buy" to a "hold" rating, setting a target price of $35.00.
• The company reported earnings of $1.56 per share in its last quarter, exceeding estimates but marking a 3.6% decline in revenue year-over-year.

Central Garden & Pet Company (NASDAQ:CENT - Get Free Report) shares traded down 10.1% on Thursday . The stock traded as low as $35.64 and last traded at $35.44. 102,194 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 145,355 shares. The stock had previously closed at $39.41.

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 target price for the company. in a research report on Wednesday, April 30th.

Central Garden & Pet Trading Down 11.0%

The firm has a market capitalization of $2.30 billion, a PE ratio of 18.76 and a beta of 0.70. The firm's fifty day moving average is $37.15 and its two-hundred day moving average is $36.44. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.31 and a quick ratio of 1.93.

Central Garden & Pet (NASDAQ:CENT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.22. The business had revenue of $960.91 million for the quarter, compared to analysts' expectations of $993.66 million. Central Garden & Pet had a net margin of 3.90% and a return on equity of 10.14%. The firm's revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.19 earnings per share. On average, equities analysts predict that Central Garden & Pet Company will post 2.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other Central Garden & Pet news, Chairman William E. Brown sold 60,000 shares of the business's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $32.39, for a total value of $1,943,400.00. Following the transaction, the chairman directly owned 1,070,365 shares in the company, valued at $34,669,122.35. The trade was a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 107,800 shares of company stock valued at $3,490,112 in the last 90 days. 8.19% of the stock is owned by insiders.

Institutional Trading of Central Garden & Pet

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Central Garden & Pet by 9.3% during the 4th quarter. Vanguard Group Inc. now owns 1,474,313 shares of the company's stock worth $57,203,000 after acquiring an additional 125,418 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Central Garden & Pet by 0.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 817,499 shares of the company's stock worth $29,757,000 after purchasing an additional 6,307 shares during the period. Dimensional Fund Advisors LP grew its holdings in Central Garden & Pet by 2.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 796,917 shares of the company's stock worth $30,920,000 after acquiring an additional 22,703 shares during the last quarter. Millennium Management LLC grew its holdings in Central Garden & Pet by 39.2% in the 1st quarter. Millennium Management LLC now owns 259,144 shares of the company's stock worth $9,500,000 after acquiring an additional 72,977 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in Central Garden & Pet by 18.3% in the 1st quarter. American Century Companies Inc. now owns 236,681 shares of the company's stock worth $8,677,000 after acquiring an additional 36,590 shares during the last quarter. Institutional investors own 16.13% of the company's stock.

Central Garden & Pet Company Profile

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.

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