Vanguard Group Inc. Trims Stake in Central Garden & Pet Company $CENT

Key Points

• Vanguard Group Inc. reduced its holdings in Central Garden & Pet Company by 27.1% in Q1, owning approximately 1,074,736 shares valued at $39.4 million after selling 399,577 shares.
• Chairman William E. Brown and insider John D. Walker III both sold shares, indicating a decrease in their respective positions by 2.03% and 4.94%.
• Truist Financial downgraded Central Garden & Pet's stock rating from "buy" to "hold", with a price target set at $35.00, as the stock currently holds an average rating of "Hold" with a price target of $40.00.

Vanguard Group Inc. cut its holdings in Central Garden & Pet Company (NASDAQ:CENT - Free Report) by 27.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,074,736 shares of the company's stock after selling 399,577 shares during the quarter. Vanguard Group Inc. owned approximately 1.64% of Central Garden & Pet worth $39,400,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new stake in shares of Central Garden & Pet in the first quarter worth about $33,000. New York State Common Retirement Fund increased its stake in shares of Central Garden & Pet by 13.7% in the 1st quarter. New York State Common Retirement Fund now owns 2,820 shares of the company's stock worth $103,000 after purchasing an additional 339 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Central Garden & Pet by 4,556.8% in the 1st 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 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 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 during the 4th quarter valued at about $240,000. 16.13% of the stock is owned by institutional investors.

Central Garden & Pet Price Performance

Shares of CENT traded up $0.48 during midday trading on Monday, hitting $36.43. 64,658 shares of the company traded hands, compared to its average volume of 67,015. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.28 and a current ratio of 3.56. Central Garden & Pet Company has a 52 week low of $31.97 and a 52 week high of $43.88. The firm has a 50 day moving average of $37.32 and a 200-day moving average of $36.21. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 16.56 and a beta of 0.69.

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

Insider Transactions at Central Garden & Pet

In related news, 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 sale, the insider directly owned 67,328 shares of the company's stock, valued at $2,194,219.52. This represents a 4.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $100,216.08. Following the completion of the sale, the director directly owned 1,427 shares in the company, valued at $46,491.66. This trade represents a 68.31% 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.

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.