ABC Arbitrage SA Invests $528,000 in Central Garden & Pet Company (NASDAQ:CENT)

Key Points

• ABC Arbitrage SA has acquired a new stake of 14,397 shares in Central Garden & Pet Company, valued at approximately $528,000.
• Vanguard Group Inc. increased its holdings in Central Garden & Pet by 9.3%, bringing its total shares to 1,474,313 worth $57.2 million.
• Central Garden & Pet reported earnings of $1.04 per share in its latest quarter, exceeding expectations, although revenue declined by 7.4% year-over-year.

ABC Arbitrage SA acquired a new position in shares of Central Garden & Pet Company (NASDAQ:CENT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 14,397 shares of the company's stock, valued at approximately $528,000.

Several other hedge funds have also made changes to their positions in the business. XTX Topco Ltd acquired a new stake in shares of Central Garden & Pet during the first quarter worth $550,000. Banque Cantonale Vaudoise acquired a new stake in shares of Central Garden & Pet during the first quarter worth $33,000. Royce & Associates LP boosted its holdings in Central Garden & Pet by 17.0% in the first quarter. Royce & Associates LP now owns 41,128 shares of the company's stock valued at $1,508,000 after acquiring an additional 5,978 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Central Garden & Pet by 13.7% in the first quarter. New York State Common Retirement Fund now owns 2,820 shares of the company's stock valued at $103,000 after acquiring an additional 339 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Central Garden & Pet by 2.5% in the first quarter. Bank of New York Mellon Corp now owns 75,701 shares of the company's stock valued at $2,775,000 after acquiring an additional 1,818 shares during the last quarter. Institutional investors and hedge funds own 16.13% of the company's stock.

Central Garden & Pet Trading Down 2.8%

Central Garden & Pet stock traded down $0.99 during midday trading on Friday, reaching $34.09. The stock had a trading volume of 86,909 shares, compared to its average volume of 70,588. Central Garden & Pet Company has a twelve month low of $31.97 and a twelve month high of $43.88. The stock has a market capitalization of $2.23 billion, a PE ratio of 15.50 and a beta of 0.70. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.93 and a current ratio of 3.56. The stock's 50-day simple moving average is $37.09 and its 200 day simple moving average is $36.42.

Central Garden & Pet (NASDAQ:CENT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $1.56 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.22. Central Garden & Pet had a return on equity of 10.77% and a net margin of 4.44%. The firm had revenue of $960.91 million for the quarter, compared to analysts' expectations of $993.66 million. During the same quarter last year, the firm earned $1.19 earnings per share. The firm's revenue for the quarter was down 3.6% compared to the same quarter last year. Analysts expect that Central Garden & Pet Company will post 2.38 EPS for the current year.

Insider Buying and Selling

In other Central Garden & Pet news, Chairman William E. Brown sold 60,000 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was 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 of the company's stock, valued at $34,669,122.35. This trade represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 107,800 shares of company stock valued at $3,490,112 over the last 90 days. Company insiders own 8.19% of the company's stock.

Wall Street Analyst Weigh In

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

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.