Cubist Systematic Strategies LLC Makes New Investment in Central Garden & Pet Company $CENTA

Key Points

• Cubist Systematic Strategies LLC has purchased a new stake in Central Garden & Pet Company, acquiring 180,962 shares valued at approximately $5.92 million.
• Multiple other institutional investors have modified their holdings, with hedge funds owning 50.82% of the company's stock.
• Central Garden & Pet received a buy rating upgrade from Wall Street Zen, with an increased price target set from $45 to $50 by Canaccord Genuity Group.

Cubist Systematic Strategies LLC acquired a new stake in shares of Central Garden & Pet Company (NASDAQ:CENTA - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 180,962 shares of the company's stock, valued at approximately $5,923,000. Cubist Systematic Strategies LLC owned approximately 0.28% of Central Garden & Pet at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in Central Garden & Pet by 15.9% during the first quarter. Royal Bank of Canada now owns 18,471 shares of the company's stock valued at $605,000 after purchasing an additional 2,532 shares in the last quarter. Armistice Capital LLC boosted its position in Central Garden & Pet by 28.8% during the first quarter. Armistice Capital LLC now owns 1,025,085 shares of the company's stock valued at $33,551,000 after purchasing an additional 229,324 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Central Garden & Pet by 108.0% in the first quarter. The Manufacturers Life Insurance Company now owns 756,270 shares of the company's stock valued at $24,753,000 after buying an additional 392,672 shares during the last quarter. Magnetar Financial LLC purchased a new stake in Central Garden & Pet in the first quarter valued at about $236,000. Finally, State of Wyoming raised its stake in Central Garden & Pet by 64.7% in the first quarter. State of Wyoming now owns 14,684 shares of the company's stock valued at $481,000 after buying an additional 5,770 shares during the last quarter. Institutional investors own 50.82% of the company's stock.

Wall Street Analyst Weigh In

CENTA has been the subject of a number of research analyst reports. Wall Street Zen upgraded Central Garden & Pet from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Canaccord Genuity Group raised 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 investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $38.67.

Central Garden & Pet Stock Performance

CENTA stock traded up $0.05 during trading on Friday, hitting $34.15. 335,808 shares of the company traded hands, compared to its average volume of 394,615. The stock's 50-day simple moving average is $33.81 and its 200 day simple moving average is $32.23. 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 company has a market cap of $2.15 billion, a PE ratio of 15.52 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 posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.56 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.22. The business had revenue of $960.91 million during the quarter, compared to analysts' expectations of $993.66 million. Central Garden & Pet had a return on equity of 10.77% and a net margin of 4.44%. On average, equities analysts expect that Central Garden & Pet Company will post 2.38 earnings per share for the current fiscal year.

Insider Activity at Central Garden & Pet

In related 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 transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John D. Walker III sold 3,500 shares of the stock in a transaction dated 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 directly owned 67,328 shares in the company, valued at approximately $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 currently owned by insiders.

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.