Central Garden & Pet (NASDAQ:CENTA) Sees Large Decline in Short Interest

Central Garden & Pet (NASDAQ:CENTA - Get Free Report) was the target of a significant drop in short interest in April. As of April 15th, there was short interest totalling 701,500 shares, a drop of 14.7% from the March 31st total of 822,800 shares. Based on an average trading volume of 342,100 shares, the short-interest ratio is presently 2.1 days. Approximately 1.3% of the company's stock are sold short.

Analyst Upgrades and Downgrades

CENTA has been the subject of a number of analyst reports. Truist Financial reaffirmed a "hold" rating and set a $35.00 price objective (down from $40.00) on shares of Central Garden & Pet in a report on Wednesday, April 30th. JPMorgan Chase & Co. reduced their price target on Central Garden & Pet from $34.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, StockNews.com upgraded shares of Central Garden & Pet from a "hold" rating to a "buy" rating in a report on Thursday, February 6th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $36.00.

Central Garden & Pet Price Performance

NASDAQ:CENTA traded up $0.39 during trading hours on Thursday, hitting $30.60. The stock had a trading volume of 191,128 shares, compared to its average volume of 315,128. Central Garden & Pet has a one year low of $27.70 and a one year high of $41.03. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 16.80 and a beta of 0.68. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.47 and a quick ratio of 1.97. The company has a 50 day simple moving average of $31.38 and a two-hundred day simple moving average of $31.89.

Central Garden & Pet (NASDAQ:CENTA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.94 by $0.10. Central Garden & Pet had a net margin of 3.77% and a return on equity of 10.08%. The company had revenue of $833.54 million during the quarter, compared to analysts' expectations of $876.36 million. Research analysts forecast that Central Garden & Pet will post 2.38 earnings per share for the current fiscal year.

Insider Activity

In other Central Garden & Pet news, insider John D. Walker III sold 10,000 shares of the firm's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $32.86, for a total transaction of $328,600.00. Following the completion of the sale, the insider now directly owns 67,111 shares in the company, valued at approximately $2,205,267.46. This trade represents a 12.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 20.28% of the company's stock.

Institutional Investors Weigh In On Central Garden & Pet

A number of institutional investors and hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC increased its stake in Central Garden & Pet by 668.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 930 shares of the company's stock worth $31,000 after buying an additional 809 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Central Garden & Pet by 53.1% during the first quarter. Nisa Investment Advisors LLC now owns 1,490 shares of the company's stock worth $49,000 after buying an additional 517 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in shares of Central Garden & Pet during the 4th quarter worth approximately $102,000. KBC Group NV boosted its holdings in shares of Central Garden & Pet by 50.1% during the fourth quarter. KBC Group NV now owns 3,606 shares of the company's stock worth $119,000 after purchasing an additional 1,204 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its position in shares of Central Garden & Pet by 6.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,458 shares of the company's stock worth $180,000 after buying an additional 325 shares during the period. 50.82% of the stock is owned by 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.