Invenomic Capital Management LP Purchases Shares of 98,484 Central Garden & Pet Company $CENTA

Key Points

• Invenomic Capital Management LP acquired 98,484 shares of Central Garden & Pet Company for approximately $3.2 million, representing about 0.15% of the company's stock as of their latest SEC filing.
• Several other hedge funds also increased their holdings in Central Garden & Pet during the first quarter, contributing to a total institutional ownership of over 50% of the company's stock.
• Recent analyst reports have upgraded Central Garden & Pet's stock, with Canaccord Genuity raising its target price from $45 to $50, indicating a positive outlook for the company.

Invenomic Capital Management LP acquired a new position in shares of Central Garden & Pet Company (NASDAQ:CENTA - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 98,484 shares of the company's stock, valued at approximately $3,223,000. Invenomic Capital Management LP owned approximately 0.15% of Central Garden & Pet at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CENTA. The Manufacturers Life Insurance Company grew its holdings in shares of Central Garden & Pet by 108.0% during the first quarter. The Manufacturers Life Insurance Company now owns 756,270 shares of the company's stock worth $24,753,000 after purchasing an additional 392,672 shares in the last quarter. Armistice Capital LLC boosted its stake in Central Garden & Pet by 28.8% in the first quarter. Armistice Capital LLC now owns 1,025,085 shares of the company's stock worth $33,551,000 after buying an additional 229,324 shares in the last quarter. American Century Companies Inc. lifted its position in Central Garden & Pet by 15.2% in the first quarter. American Century Companies Inc. now owns 1,581,900 shares of the company's stock valued at $51,776,000 after purchasing an additional 208,800 shares during the last quarter. Westwood Holdings Group Inc. lifted its position in Central Garden & Pet by 21.1% in the first quarter. Westwood Holdings Group Inc. now owns 1,164,376 shares of the company's stock valued at $38,110,000 after purchasing an additional 202,761 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Central Garden & Pet in the first quarter valued at approximately $5,923,000. Hedge funds and other institutional investors own 50.82% of the company's stock.

Central Garden & Pet Stock Performance

CENTA traded up $0.01 during midday trading on Thursday, hitting $32.90. 61,507 shares of the company traded hands, compared to its average volume of 365,082. The company's 50-day moving average is $33.91 and its 200 day moving average is $32.27. Central Garden & Pet Company has a 52 week low of $27.70 and a 52 week high of $37.35. 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 capitalization of $2.07 billion, a PE ratio of 14.96 and a beta of 0.66.

Central Garden & Pet (NASDAQ:CENTA - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $960.91 million for the quarter, compared to analysts' expectations of $993.66 million. Central Garden & Pet had a net margin of 4.44% and a return on equity of 10.77%. On average, research analysts expect that Central Garden & Pet Company will post 2.38 EPS for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen upgraded Central Garden & Pet from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Canaccord Genuity Group increased their price objective on shares of Central Garden & Pet from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $38.67.

Insiders Place Their Bets

In other news, insider John D. Walker III sold 3,500 shares of the company's 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 transaction, the insider directly owned 67,328 shares in the company, valued at approximately $2,194,219.52. This represents a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John Ranelli sold 3,076 shares of the company's 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 transaction, the director owned 1,427 shares in the company, valued at approximately $46,491.66. The trade was a 68.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 20.28% of the company's stock.

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.