AlphaQuest LLC Grows Stock Holdings in Central Garden & Pet Company $CENT

Key Points

• AlphaQuest LLC significantly increased its holdings in Central Garden & Pet Company by 306.0%, acquiring an additional 12,827 shares to reach a total of 17,019 shares valued at approximately $624,000.
• Central Garden & Pet reported an earnings per share of $1.56, exceeding estimates, but revenue was down 3.6% year-over-year, totaling $960.91 million for the quarter.
• Truist Financial downgraded Central Garden & Pet from a "buy" to a "hold" rating, setting a new price target of $35.00 while the stock currently has a consensus price target of $40.00.

AlphaQuest LLC increased its stake in shares of Central Garden & Pet Company (NASDAQ:CENT - Free Report) by 306.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,019 shares of the company's stock after buying an additional 12,827 shares during the quarter. AlphaQuest LLC's holdings in Central Garden & Pet were worth $624,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CENT. Wells Fargo & Company MN grew its holdings in shares of Central Garden & Pet by 22.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,002 shares of the company's stock worth $310,000 after buying an additional 1,488 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Central Garden & Pet by 15.3% during the fourth quarter. Invesco Ltd. now owns 87,095 shares of the company's stock worth $3,379,000 after buying an additional 11,532 shares during the last quarter. Barclays PLC grew its holdings in shares of Central Garden & Pet by 2.3% during the fourth quarter. Barclays PLC now owns 35,763 shares of the company's stock worth $1,388,000 after buying an additional 819 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Central Garden & Pet by 2.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 796,917 shares of the company's stock valued at $30,920,000 after purchasing an additional 22,703 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Central Garden & Pet by 201.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,818 shares of the company's stock valued at $148,000 after purchasing an additional 2,550 shares in the last quarter. Hedge funds and other institutional investors own 16.13% of the company's stock.

Central Garden & Pet Price Performance

Shares of CENT stock traded down $0.22 during midday trading on Thursday, reaching $35.95. 42,913 shares of the company traded hands, compared to its average volume of 68,313. The firm's 50 day simple moving average is $37.25 and its two-hundred day simple moving average is $36.28. Central Garden & Pet Company has a 1-year low of $31.97 and a 1-year high of $43.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.56 and a quick ratio of 2.28. The firm has a market cap of $2.26 billion, a PE ratio of 16.34 and a beta of 0.70.

Central Garden & Pet (NASDAQ:CENT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.56 earnings per share (EPS) 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 company had revenue of $960.91 million during the quarter, compared to the consensus estimate of $993.66 million. During the same period last year, the firm earned $1.19 EPS. The company's revenue for the quarter was down 3.6% on a year-over-year basis. On average, equities research analysts expect that Central Garden & Pet Company will post 2.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John Ranelli sold 3,076 shares of Central Garden & Pet stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $32.58, for a total transaction of $100,216.08. Following the completion of the transaction, the director directly owned 1,427 shares in the company, valued at $46,491.66. The trade was a 68.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John D. Walker III sold 3,500 shares of Central Garden & Pet stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $32.59, for a total value of $114,065.00. Following the transaction, the insider owned 67,328 shares of the company's stock, valued at $2,194,219.52. This represents a 4.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Truist Financial lowered Central Garden & Pet from a "buy" rating to a "hold" rating and set a $35.00 price objective on the stock. in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $40.00.

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.