Goldman Sachs Group Inc. Sells 37,687 Shares of Central Garden & Pet Company $CENT

Key Points

• Goldman Sachs Group Inc. reduced its stake in Central Garden & Pet by 33.3%, owning approximately 0.12% of the company after selling 37,687 shares.
• Other institutional investors, such as Deutsche Bank AG and Millennium Management LLC, have adjusted their holdings, with Deutsche Bank increasing its stake by 10.0%.
• Zacks Research downgraded Central Garden & Pet from a "strong-buy" to a "hold" rating, with the current average price target set at $40.00.

Goldman Sachs Group Inc. lowered its stake in shares of Central Garden & Pet Company (NASDAQ:CENT - Free Report) by 33.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 75,528 shares of the company's stock after selling 37,687 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.12% of Central Garden & Pet worth $2,769,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. New York State Common Retirement Fund lifted its holdings in Central Garden & Pet by 13.7% during the first quarter. New York State Common Retirement Fund now owns 2,820 shares of the company's stock valued at $103,000 after purchasing an additional 339 shares during the last quarter. Banque Cantonale Vaudoise purchased a new stake in Central Garden & Pet during the first quarter valued at about $33,000. Simplex Trading LLC lifted its holdings in Central Garden & Pet by 136.2% during the first quarter. Simplex Trading LLC now owns 2,048 shares of the company's stock valued at $75,000 after purchasing an additional 1,181 shares during the last quarter. Deutsche Bank AG lifted its holdings in Central Garden & Pet by 10.0% during the fourth quarter. Deutsche Bank AG now owns 14,742 shares of the company's stock valued at $572,000 after purchasing an additional 1,340 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Central Garden & Pet by 14.6% during the first quarter. Handelsbanken Fonder AB now owns 11,016 shares of the company's stock valued at $404,000 after purchasing an additional 1,400 shares during the last quarter. Institutional investors own 16.13% of the company's stock.

Central Garden & Pet Price Performance

NASDAQ CENT traded down $0.55 on Tuesday, reaching $33.42. 3,348 shares of the company's stock traded hands, compared to its average volume of 133,834. Central Garden & Pet Company has a 12 month low of $31.97 and a 12 month 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 stock has a 50-day simple moving average of $37.28 and a 200 day simple moving average of $36.19. The stock has a market cap of $2.10 billion, a PE ratio of 15.22 and a beta of 0.69.

Central Garden & Pet (NASDAQ:CENT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $993.66 million. During the same quarter last year, the business earned $1.19 earnings per share. The business's revenue was down 3.6% on a year-over-year basis. As a group, research analysts predict that Central Garden & Pet Company will post 2.38 earnings per share for the current year.

Insider Activity at Central Garden & Pet

In other news, insider John D. Walker III sold 3,500 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were 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 in the company, valued at approximately $2,194,219.52. This trade represents a 4.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Ranelli sold 3,076 shares of the firm's 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 owned 1,427 shares in the company, valued at $46,491.66. This represents a 68.31% decrease in their position. 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, Zacks Research downgraded shares of Central Garden & Pet from a "strong-buy" rating to a "hold" rating in a report on Friday, September 12th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Central Garden & Pet currently has an average rating of "Hold" and a consensus price target of $40.00.

Central Garden & Pet 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.