The Manufacturers Life Insurance Company Grows Position in Central Garden & Pet Company $CENTA

Key Points

• The Manufacturers Life Insurance Company increased its stake in Central Garden & Pet by 108.0%, acquiring an additional 392,672 shares to bring its total ownership to approximately 1.15% of the company.
• Central Garden & Pet reported earnings of $1.56 per share, surpassing analysts' estimates, although the revenue of $960.91 million fell short of expectations.
• Analysts have revised their ratings on Central Garden & Pet, with some upgrading it to a "buy", and Canaccord Genuity setting a new price target of $50.00.

The Manufacturers Life Insurance Company raised its stake in Central Garden & Pet Company (NASDAQ:CENTA - Free Report) by 108.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 756,270 shares of the company's stock after buying an additional 392,672 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.15% of Central Garden & Pet worth $24,753,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CENTA. American Century Companies Inc. boosted its position in shares of Central Garden & Pet by 15.2% during the 1st quarter. American Century Companies Inc. now owns 1,581,900 shares of the company's stock valued at $51,776,000 after acquiring an additional 208,800 shares during the last quarter. Westwood Holdings Group Inc. raised its stake in Central Garden & Pet by 21.1% during the first quarter. Westwood Holdings Group Inc. now owns 1,164,376 shares of the company's stock worth $38,110,000 after purchasing an additional 202,761 shares during the period. Credit Industriel ET Commercial acquired a new position in Central Garden & Pet in the 4th quarter valued at about $4,818,000. Logan Stone Capital LLC boosted its holdings in Central Garden & Pet by 56.1% in the 4th quarter. Logan Stone Capital LLC now owns 399,815 shares of the company's stock valued at $13,214,000 after purchasing an additional 143,668 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Central Garden & Pet in the 1st quarter valued at approximately $4,528,000. 50.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director John Ranelli sold 3,076 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $32.58, for a total transaction of $100,216.08. Following the transaction, the director directly owned 1,427 shares in the company, valued at approximately $46,491.66. This trade represents a 68.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John D. Walker III sold 3,500 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was 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. The trade was a 4.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 20.28% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. 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. Wall Street Zen raised Central Garden & Pet from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $38.67.

Central Garden & Pet Stock Up 0.1%

Shares of CENTA stock traded up $0.05 during trading on Friday, reaching $34.15. The company's stock had a trading volume of 335,808 shares, compared to its average volume of 368,263. Central Garden & Pet Company has a 1-year low of $27.70 and a 1-year high of $37.35. The stock's 50-day moving average price is $33.76 and its 200 day moving average price is $32.23. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 15.52 and a beta of 0.66. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.56 and a quick ratio of 2.28.

Central Garden & Pet (NASDAQ:CENTA - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $1.56 earnings per share (EPS) for the quarter, topping 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 company had revenue of $960.91 million for the quarter, compared to analyst estimates of $993.66 million. On average, research analysts anticipate that Central Garden & Pet Company will post 2.38 EPS for the current year.

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.