ABC Arbitrage SA Purchases Shares of 14,397 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 purchased a new stake in shares of Central Garden & Pet Company (NASDAQ:CENT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 14,397 shares of the company's stock, valued at approximately $528,000.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Central Garden & Pet by 9.3% in the 4th quarter. Vanguard Group Inc. now owns 1,474,313 shares of the company's stock worth $57,203,000 after purchasing an additional 125,418 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of 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 lifted its position in shares of 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 purchasing an additional 22,703 shares during the period. Northern Trust Corp lifted its position in shares of Central Garden & Pet by 1.8% in the 4th quarter. Northern Trust Corp now owns 207,076 shares of the company's stock worth $8,035,000 after purchasing an additional 3,655 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Central Garden & Pet by 14.5% in the 4th quarter. Millennium Management LLC now owns 186,167 shares of the company's stock worth $7,223,000 after purchasing an additional 23,622 shares during the period. Hedge funds and other institutional investors own 16.13% of the company's stock.

Central Garden & Pet Stock Up 0.2%

Shares of Central Garden & Pet stock opened at $39.62 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.31 and a quick ratio of 1.93. The company has a 50-day moving average of $37.09 and a 200 day moving average of $36.42. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 21.19 and a beta of 0.70. Central Garden & Pet Company has a 1 year low of $31.97 and a 1 year high of $43.88.

Central Garden & Pet (NASDAQ:CENT - 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, topping the consensus estimate of $0.94 by $0.10. The company had revenue of $833.54 million during the quarter, compared to analyst estimates of $876.36 million. Central Garden & Pet had a net margin of 3.90% and a return on equity of 10.14%. Central Garden & Pet's quarterly revenue was down 7.4% compared to the same quarter last year. During the same period last year, the business earned $0.99 EPS. As a group, sell-side analysts anticipate that Central Garden & Pet Company will post 2.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Truist Financial cut 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.

Insider Activity

In related news, Chairman William E. Brown sold 60,000 shares of the 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 completion of the transaction, the chairman directly owned 1,070,365 shares in the company, valued at $34,669,122.35. This trade represents a 5.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 107,800 shares of company stock valued at $3,490,112. 8.19% of the stock is owned by company insiders.

Central Garden & Pet 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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