Allianz Asset Management GmbH Cuts Position in Central Garden & Pet Company (NASDAQ:CENT)

Key Points

• Allianz Asset Management GmbH reduced its holdings in Central Garden & Pet by 21.4% in the 1st quarter, owning 147,846 shares valued at approximately $5.4 million after selling 40,262 shares.
• Truist Financial downgraded Central Garden & Pet's shares from a "buy" rating to a "hold" rating, with a price target set at $35.00.
• Central Garden & Pet reported earnings of $1.04 per share, exceeding analysts' expectations, despite a 7.4% decrease in revenue year-over-year.

Allianz Asset Management GmbH reduced its holdings in shares of Central Garden & Pet Company (NASDAQ:CENT - Free Report) by 21.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 147,846 shares of the company's stock after selling 40,262 shares during the quarter. Allianz Asset Management GmbH owned 0.23% of Central Garden & Pet worth $5,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. KLP Kapitalforvaltning AS bought a new position in Central Garden & Pet in the fourth quarter valued at about $58,000. New York State Common Retirement Fund raised its stake in shares of 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 worth $103,000 after buying an additional 339 shares during the period. GAMMA Investing LLC raised its stake in shares of Central Garden & Pet by 4,556.8% in the first quarter. GAMMA Investing LLC now owns 3,446 shares of the company's stock worth $126,000 after buying an additional 3,372 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Central Garden & Pet by 201.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,818 shares of the company's stock worth $148,000 after buying an additional 2,550 shares during the period. Finally, Quantinno Capital Management LP bought a new position in shares of Central Garden & Pet in the fourth quarter worth about $240,000. 16.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Central Garden & Pet Stock Performance

Shares of NASDAQ CENT traded down $0.25 during trading on Friday, hitting $38.77. The company had a trading volume of 19,925 shares, compared to its average volume of 147,336. The stock has a 50 day simple moving average of $36.88 and a 200 day simple moving average of $36.35. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.93 and a current ratio of 3.31. Central Garden & Pet Company has a 12 month low of $31.97 and a 12 month high of $43.88. The firm has a market capitalization of $2.54 billion, a P/E ratio of 20.81 and a beta of 0.70.

Central Garden & Pet (NASDAQ:CENT - Get Free Report) last released its 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. Central Garden & Pet had a return on equity of 10.14% and a net margin of 3.90%. The firm had revenue of $833.54 million during the quarter, compared to analysts' expectations of $876.36 million. During the same quarter last year, the business posted $0.99 earnings per share. The firm's revenue was down 7.4% on a year-over-year basis. As a group, analysts anticipate that Central Garden & Pet Company will post 2.38 earnings per share for the current year.

Insider Activity

In related news, Chairman William E. Brown sold 7,800 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $32.04, for a total transaction of $249,912.00. Following the completion of the sale, the chairman owned 377,383 shares in the company, valued at approximately $12,091,351.32. This trade represents a 2.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 107,800 shares of company stock worth $3,490,112 in the last three months. Company insiders own 8.19% of the company's stock.

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.