Algert Global LLC Acquires 20,660 Shares of Central Garden & Pet Company $CENTA

Key Points

• Algert Global LLC increased its ownership of Central Garden & Pet Company by 20.0%, acquiring an additional 20,660 shares, bringing its total to 124,040 shares valued at approximately $4.06 million.
• Research firms have varied ratings on Central Garden & Pet, with Truist Financial maintaining a "hold" rating and a $35.00 price target, while Canaccord Genuity raised its price target to $50.00 with a "buy" rating.
• Chairman William E. Brown sold 7,800 shares of the company's stock, decreasing his ownership by 2.03%, with the sale valued at approximately $249,912.

Algert Global LLC lifted its holdings in shares of Central Garden & Pet Company (NASDAQ:CENTA - Free Report) by 20.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 124,040 shares of the company's stock after purchasing an additional 20,660 shares during the quarter. Algert Global LLC owned approximately 0.19% of Central Garden & Pet worth $4,060,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. American Century Companies Inc. increased 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. Russell Investments Group Ltd. grew its stake in Central Garden & Pet by 17.7% in the 1st quarter. Russell Investments Group Ltd. now owns 29,577 shares of the company's stock valued at $968,000 after buying an additional 4,446 shares during the last quarter. Public Sector Pension Investment Board grew its stake in Central Garden & Pet by 49.5% in the 1st quarter. Public Sector Pension Investment Board now owns 193,672 shares of the company's stock valued at $6,339,000 after buying an additional 64,113 shares during the last quarter. Nuveen LLC acquired a new position in Central Garden & Pet in the 1st quarter valued at $4,528,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Central Garden & Pet by 5.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 879,769 shares of the company's stock valued at $28,795,000 after buying an additional 47,257 shares during the last quarter. Institutional investors and hedge funds own 50.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CENTA shares. Canaccord Genuity Group raised 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 note on Thursday, August 7th. Wall Street Zen upgraded shares of Central Garden & Pet from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Truist Financial reiterated a "hold" rating and issued a $35.00 target price (down from $40.00) on shares of Central Garden & Pet in a research note on Wednesday, April 30th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $38.67.

Insiders Place Their Bets

In other Central Garden & Pet news, Chairman William E. Brown sold 7,800 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $32.04, for a total value of $249,912.00. Following the completion of the sale, the chairman directly owned 377,383 shares of the company's stock, valued at $12,091,351.32. This represents a 2.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 20.28% of the stock is currently owned by company insiders.

Central Garden & Pet Stock Performance

Central Garden & Pet stock traded down $0.50 during mid-day trading on Monday, reaching $32.70. The company had a trading volume of 398,040 shares, compared to its average volume of 408,199. The company has a quick ratio of 2.28, a current ratio of 3.56 and a debt-to-equity ratio of 0.75. Central Garden & Pet Company has a 52 week low of $27.70 and a 52 week high of $37.35. The company has a 50 day moving average of $33.38 and a 200-day moving average of $32.22. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 14.86 and a beta of 0.67.

Central Garden & Pet (NASDAQ:CENTA - Get Free Report) last issued its quarterly 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 net margin of 4.44% and a return on equity of 10.77%. The firm had revenue of $960.91 million during the quarter, compared to the consensus estimate of $993.66 million. On average, sell-side analysts expect that Central Garden & Pet Company will post 2.38 EPS for the current fiscal year.

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.