Central Garden & Pet (NASDAQ:CENTA) Upgraded by Wall Street Zen to Strong-Buy Rating

Key Points

• Central Garden & Pet has been upgraded to a "strong-buy" rating by Wall Street Zen, indicating positive investor sentiment towards the company's stock.
• Despite the upgrade, Zacks Research has recently downgraded the stock from a "strong-buy" to a "hold" rating, reflecting a mixed outlook among analysts.
• Central Garden & Pet reported a quarterly earnings per share of $1.56, surpassing analyst expectations of $1.34, with revenue reported at $960.91 million.

Central Garden & Pet (NASDAQ:CENTA - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Saturday.

Several other analysts have also issued reports on CENTA. Canaccord Genuity Group lifted their target price on shares of Central Garden & Pet from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Zacks Research lowered shares of Central Garden & Pet from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 12th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $38.67.

Central Garden & Pet Price Performance

CENTA stock traded down $0.51 during mid-day trading on Friday, hitting $30.75. The company had a trading volume of 162,599 shares, compared to its average volume of 366,982. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of 13.99 and a beta of 0.66. Central Garden & Pet has a 12-month low of $27.70 and a 12-month high of $37.35. The company has a quick ratio of 2.28, a current ratio of 3.56 and a debt-to-equity ratio of 0.75. The company has a 50-day moving average price of $33.86 and a 200 day moving average price of $32.31.

Central Garden & Pet (NASDAQ:CENTA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.22. The firm 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 4.44% and a return on equity of 10.77%. On average, research analysts anticipate that Central Garden & Pet will post 2.38 earnings per share for the current year.

Insider Activity at Central Garden & Pet

In related news, insider John D. Walker III sold 3,500 shares of the company's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $32.59, for a total value of $114,065.00. Following the completion of the sale, the insider owned 67,328 shares in the company, valued at $2,194,219.52. This represents a 4.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Ranelli sold 3,076 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $32.58, for a total transaction of $100,216.08. Following the completion of the sale, the director directly owned 1,427 shares in the company, valued at approximately $46,491.66. The trade was a 68.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 20.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Central Garden & Pet

A number of large investors have recently added to or reduced their stakes in CENTA. The Manufacturers Life Insurance Company boosted its stake in shares of Central Garden & Pet by 108.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 756,270 shares of the company's stock worth $24,753,000 after purchasing an additional 392,672 shares during the last quarter. Armistice Capital LLC boosted its stake in shares of Central Garden & Pet by 28.8% during the 1st quarter. Armistice Capital LLC now owns 1,025,085 shares of the company's stock worth $33,551,000 after purchasing an additional 229,324 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Central Garden & Pet by 15.2% during the 1st quarter. American Century Companies Inc. now owns 1,581,900 shares of the company's stock worth $51,776,000 after purchasing an additional 208,800 shares during the last quarter. Westwood Holdings Group Inc. lifted its holdings in shares of Central Garden & Pet by 21.1% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,164,376 shares of the company's stock worth $38,110,000 after acquiring an additional 202,761 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Central Garden & Pet during the 1st quarter worth about $5,923,000. 50.82% of the stock is owned by institutional investors and hedge funds.

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.