Invenomic Capital Management LP Makes New $3.22 Million Investment in 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 bought a new position in Central Garden & Pet Company (NASDAQ:CENTA - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 98,484 shares of the company's stock, valued at approximately $3,223,000. Invenomic Capital Management LP owned about 0.15% of Central Garden & Pet as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Jacobs Levy Equity Management Inc. boosted its stake in shares of Central Garden & Pet by 17.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 167,561 shares of the company's stock worth $5,484,000 after buying an additional 24,817 shares during the last quarter. Bridgeway Capital Management LLC boosted its stake in shares of Central Garden & Pet by 0.9% in the 1st quarter. Bridgeway Capital Management LLC now owns 603,797 shares of the company's stock worth $19,762,000 after buying an additional 5,232 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Central Garden & Pet by 56.8% in the 1st quarter. AQR Capital Management LLC now owns 48,438 shares of the company's stock worth $1,585,000 after purchasing an additional 17,556 shares during the period. Cubist Systematic Strategies LLC bought a new stake in shares of Central Garden & Pet in the 1st quarter worth approximately $5,923,000. Finally, Royal Bank of Canada raised its holdings in shares of Central Garden & Pet by 15.9% in the 1st quarter. Royal Bank of Canada now owns 18,471 shares of the company's stock worth $605,000 after purchasing an additional 2,532 shares during the period. Hedge funds and other institutional investors own 50.82% of the company's stock.

Central Garden & Pet Price Performance

CENTA traded down $0.19 during trading on Monday, reaching $33.96. The stock had a trading volume of 290,879 shares, compared to its average volume of 385,329. The stock has a market cap of $2.14 billion, a PE ratio of 15.44 and a beta of 0.66. 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 one year low of $27.70 and a one year high of $37.35. The business has a 50-day moving average of $33.86 and a 200-day moving average of $32.25.

Central Garden & Pet (NASDAQ:CENTA - Get Free Report) last released its 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 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 analysts' expectations of $993.66 million. As a group, equities research analysts anticipate that Central Garden & Pet Company will post 2.38 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Transactions at Central Garden & Pet

In other news, Director John Ranelli sold 3,076 shares of the stock in a transaction dated Monday, August 25th. The shares were 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 approximately $46,491.66. This represents a 68.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 transaction of $114,065.00. Following the sale, the insider owned 67,328 shares of the company's stock, valued at approximately $2,194,219.52. This represents a 4.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. 20.28% of the stock is currently owned by company 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.