Central Garden & Pet (NASDAQ:CENT) Stock Price Down 10.1% - Time to Sell?

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) fell 10.1% during trading on Thursday . The stock traded as low as $35.64 and last traded at $35.44. 102,194 shares changed hands during trading, a decline of 30% from the average session volume of 145,355 shares. The stock had previously closed at $39.41.

Wall Street Analyst Weigh In

Separately, Truist Financial downgraded shares of Central Garden & Pet from a "buy" rating to a "hold" rating and set a $35.00 target price on the stock. in a research report on Wednesday, April 30th.

Central Garden & Pet Stock Down 2.0%

The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 15.25 and a beta of 0.70. The firm's 50 day simple moving average is $37.09 and its 200-day simple moving average is $36.42. The company has a current ratio of 3.56, a quick ratio of 2.28 and a debt-to-equity ratio of 0.75.

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

Insider Buying and Selling at Central Garden & Pet

In other news, Chairman William E. Brown sold 60,000 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $32.39, for a total transaction of $1,943,400.00. Following the sale, the chairman directly owned 1,070,365 shares in the company, valued at approximately $34,669,122.35. The trade was a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 107,800 shares of company stock valued at $3,490,112. 8.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Central Garden & Pet

Hedge funds have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Central Garden & Pet in the second quarter valued at about $713,000. ABC Arbitrage SA raised its stake in shares of Central Garden & Pet by 25.7% in the second quarter. ABC Arbitrage SA now owns 18,102 shares of the company's stock worth $637,000 after purchasing an additional 3,705 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Central Garden & Pet by 16.1% during the second quarter. PNC Financial Services Group Inc. now owns 2,827 shares of the company's stock valued at $99,000 after acquiring an additional 393 shares during the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Central Garden & Pet by 362.9% during the 2nd quarter. Los Angeles Capital Management LLC now owns 26,340 shares of the company's stock valued at $927,000 after buying an additional 20,650 shares during the last quarter. Finally, Versor Investments LP raised its stake in shares of Central Garden & Pet by 8.8% during the 2nd quarter. Versor Investments LP now owns 17,182 shares of the company's stock valued at $604,000 after purchasing an additional 1,394 shares during the period. Institutional investors and hedge funds own 16.13% of the company's stock.

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.