Armistice Capital LLC Has $33.55 Million Stock Holdings in Central Garden & Pet Company $CENTA

Key Points

• Armistice Capital LLC increased its stake in Central Garden & Pet Company by 28.8%, owning over 1 million shares worth approximately $33.55 million following additional purchases in the first quarter.
• Wall Street analysts have upgraded Central Garden & Pet, with Canaccord Genuity raising the target price from $45.00 to $50.00, and features a consensus target price of $38.67.
• Insiders sold shares on August 25th, with significant reductions in ownership, including John D. Walker III selling 3,500 shares at an average price of $32.59.

Armistice Capital LLC lifted its stake in shares of Central Garden & Pet Company (NASDAQ:CENTA - Free Report) by 28.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,025,085 shares of the company's stock after buying an additional 229,324 shares during the quarter. Armistice Capital LLC owned 1.56% of Central Garden & Pet worth $33,551,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Nisa Investment Advisors LLC raised its position in shares of Central Garden & Pet by 53.1% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,490 shares of the company's stock valued at $49,000 after purchasing an additional 517 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Central Garden & Pet in the 1st quarter valued at approximately $224,000. Numerai GP LLC acquired a new position in shares of Central Garden & Pet in the 4th quarter valued at approximately $237,000. Magnetar Financial LLC acquired a new position in shares of Central Garden & Pet in the 1st quarter valued at approximately $236,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Central Garden & Pet in the 1st quarter valued at approximately $255,000. 50.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CENTA shares. Wall Street Zen upgraded Central Garden & Pet from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Canaccord Genuity Group upped their price objective on Central Garden & Pet from $45.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Central Garden & Pet presently has an average rating of "Hold" and a consensus price target of $38.67.

Central Garden & Pet Stock Performance

CENTA stock traded down $0.04 during trading on Friday, reaching $34.07. 132,400 shares of the company's stock were exchanged, compared to its average volume of 366,988. The company's fifty day moving average price is $33.76 and its 200-day moving average price is $32.23. The company has a quick ratio of 2.28, a current ratio of 3.56 and a debt-to-equity ratio of 0.75. The firm has a market cap of $2.14 billion, a PE ratio of 15.48 and a beta of 0.66. Central Garden & Pet Company has a 1-year low of $27.70 and a 1-year high of $37.35.

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 (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $960.91 million for the quarter, compared to analyst estimates of $993.66 million. On average, research analysts expect that Central Garden & Pet Company will post 2.38 EPS for the current fiscal year.

Insider Buying and Selling at Central Garden & Pet

In other Central Garden & Pet news, Director John Ranelli sold 3,076 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $32.58, for a total value of $100,216.08. Following the transaction, the director owned 1,427 shares of the company's stock, valued at approximately $46,491.66. This represents a 68.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John D. Walker III sold 3,500 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $32.59, for a total value of $114,065.00. Following the completion of the transaction, the insider directly owned 67,328 shares in the company, valued at $2,194,219.52. The trade was a 4.94% decrease in their position. The disclosure for this sale can be found here. 20.28% of the stock is owned by company insiders.

About Central Garden & Pet

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.