Central Garden & Pet (NASDAQ:CENT) Cut to Hold at Argus

Central Garden & Pet (NASDAQ:CENT) was downgraded by equities research analysts at Argus from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also weighed in on CENT. Truist Financial cut their price objective on shares of Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Canaccord Genuity Group decreased their price objective on shares of Central Garden & Pet from $48.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $46.75.

Central Garden & Pet Trading Down 4.9 %

Shares of NASDAQ:CENT opened at $35.80 on Tuesday. The firm has a fifty day moving average of $38.66 and a two-hundred day moving average of $37.94. The company has a quick ratio of 2.19, a current ratio of 3.66 and a debt-to-equity ratio of 0.76. Central Garden & Pet has a 12-month low of $32.17 and a 12-month high of $47.48. The firm has a market capitalization of $2.35 billion, a P/E ratio of 22.13 and a beta of 0.79.

Central Garden & Pet (NASDAQ:CENT) last issued its earnings results on Monday, November 25th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. Central Garden & Pet had a return on equity of 9.31% and a net margin of 3.37%. The firm had revenue of $669.49 million for the quarter, compared to the consensus estimate of $707.83 million. The business’s revenue for the quarter was down 10.8% compared to the same quarter last year. On average, equities analysts expect that Central Garden & Pet will post 2.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Central Garden & Pet

Hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its holdings in Central Garden & Pet by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 86,877 shares of the company’s stock valued at $3,345,000 after purchasing an additional 1,873 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of Central Garden & Pet during the 2nd quarter worth approximately $295,000. American Century Companies Inc. grew its position in Central Garden & Pet by 24.5% in the second quarter. American Century Companies Inc. now owns 162,647 shares of the company’s stock valued at $6,262,000 after acquiring an additional 32,009 shares during the period. DekaBank Deutsche Girozentrale bought a new position in shares of Central Garden & Pet during the second quarter valued at $51,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Central Garden & Pet by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 777,297 shares of the company’s stock worth $29,926,000 after purchasing an additional 5,571 shares in the last quarter. 16.13% of the stock is owned by institutional investors.

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.