Central Garden & Pet (NASDAQ:CENT) Shares Gap Down Following Analyst Downgrade

Central Garden & Pet (NASDAQ:CENT)’s share price gapped down prior to trading on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $48.00 to $45.00. The stock had previously closed at $38.81, but opened at $37.50. Canaccord Genuity Group currently has a buy rating on the stock. Central Garden & Pet shares last traded at $38.46, with a volume of 25,346 shares trading hands.

Separately, Truist Financial cut their price target on Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Three investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $46.75.

Insider Buying and Selling

In related news, Chairman William E. Brown sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $33.54, for a total value of $2,012,400.00. Following the sale, the chairman now directly owns 1,125,773 shares in the company, valued at $37,758,426.42. This represents a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 9.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CENT. Franklin Resources Inc. raised its stake in Central Garden & Pet by 29.0% during the third quarter. Franklin Resources Inc. now owns 4,521 shares of the company’s stock worth $157,000 after buying an additional 1,016 shares during the last quarter. Barclays PLC raised its position in shares of Central Garden & Pet by 51.4% in the 3rd quarter. Barclays PLC now owns 34,944 shares of the company’s stock worth $1,275,000 after acquiring an additional 11,865 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Central Garden & Pet in the 3rd quarter valued at about $258,000. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Central Garden & Pet by 1.7% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 148,910 shares of the company’s stock valued at $5,431,000 after purchasing an additional 2,450 shares in the last quarter. Finally, Glenmede Trust Co. NA grew its stake in Central Garden & Pet by 23.2% during the third quarter. Glenmede Trust Co. NA now owns 2,101 shares of the company’s stock worth $77,000 after purchasing an additional 395 shares during the period. Institutional investors and hedge funds own 16.13% of the company’s stock.

Central Garden & Pet Stock Performance

The company has a debt-to-equity ratio of 0.75, a current ratio of 3.66 and a quick ratio of 2.16. The stock has a fifty day simple moving average of $35.83 and a two-hundred day simple moving average of $38.59. The firm has a market capitalization of $2.71 billion, a P/E ratio of 25.13 and a beta of 0.75.

About Central Garden & Pet

Central Garden & Pet Company produces and distributes various products for the lawn and garden, and pet supplies markets in the United States. It operates through two segments: Pet and Garden. The Pet segment provides 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, and food and supplements; products for equine and livestock; animal and household health and insect control products; aquariums and terrariums, including fixtures and stands, water conditioners and supplements, water pumps and filters, and lighting systems and accessories; and live fish and small animals, as well as outdoor cushions.