Central Garden & Pet (NASDAQ:CENTA) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Central Garden & Pet (NASDAQ:CENTAGet Rating) from a hold rating to a buy rating in a research note released on Monday morning, Zacks.com reports. Zacks Investment Research currently has $45.00 price objective on the stock.

According to Zacks, “Central Garden & Pet Company is a leading innovator, marketer and producer of quality branded products for the lawn & garden and pet supplies markets. Committed to new product innovation, their products are sold to specialty independent and mass retailers. Participating categories in Lawn & Garden include: Grass seed and the brands PENNINGTON, and THE REBELS; wild bird feed and the brand PENNINGTON; weed and insect control and the brands AMDRO, SEVIN, IRONITE and OVER-N-OUT; and decorative outdoor patio products under the PENNINGTON brand. Participating categories in Pet include: Animal health and the brands ADAMS and ZODIAC; aquatics and reptile and the brands AQUEON, CORALIFE, SEGREST and ZILLA; bird & small animal and the brands KAYTEE, Forti-Diet and CRITTER TRAIL; dog & cat and the brands TFH, NYLABONE, FOUR PAWS, IMS, CADET, DMC, K&H Pet Products, PINNACLE and AVODERM; and equine and the brands FARNAM, HORSE HEALTH and VITAFLEX. “

A number of other brokerages have also issued reports on CENTA. JPMorgan Chase & Co. raised their price target on shares of Central Garden & Pet from $47.00 to $49.00 in a report on Thursday, April 14th. StockNews.com initiated coverage on shares of Central Garden & Pet in a report on Thursday, March 31st. They issued a hold rating on the stock.

Shares of Central Garden & Pet stock opened at $42.36 on Monday. The firm has a market cap of $2.34 billion, a PE ratio of 15.46 and a beta of 0.56. Central Garden & Pet has a 12-month low of $39.30 and a 12-month high of $55.82. The company has a quick ratio of 1.34, a current ratio of 2.85 and a debt-to-equity ratio of 0.92. The company’s fifty day simple moving average is $41.90 and its two-hundred day simple moving average is $44.18.

Several institutional investors and hedge funds have recently made changes to their positions in CENTA. Allspring Global Investments Holdings LLC bought a new stake in shares of Central Garden & Pet during the 4th quarter valued at about $73,756,000. Victory Capital Management Inc. boosted its stake in shares of Central Garden & Pet by 3,349.5% during the 1st quarter. Victory Capital Management Inc. now owns 866,660 shares of the company’s stock valued at $35,360,000 after purchasing an additional 841,536 shares in the last quarter. William Blair Investment Management LLC boosted its stake in shares of Central Garden & Pet by 48,992.6% during the 3rd quarter. William Blair Investment Management LLC now owns 812,482 shares of the company’s stock valued at $34,937,000 after purchasing an additional 810,827 shares in the last quarter. Boston Trust Walden Corp purchased a new position in Central Garden & Pet during the 4th quarter valued at about $27,215,000. Finally, Norges Bank purchased a new position in Central Garden & Pet during the 4th quarter valued at about $21,117,000. 68.74% of the stock is currently owned by hedge funds and other institutional investors.

Central Garden & Pet Company Profile (Get Rating)

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 grooming products, waste management and training pads, and pet containment; supplies for aquatics, small animals, reptiles, and pet birds, including toys, cages and habitats, bedding, and food and supplements; animal and household health and insect control products; live fish and products for fish, reptiles, and other aquarium-based pets, such as aquariums, furniture and lighting fixtures, pumps, filters, water conditioners, food, and supplements; and products for horses and livestock, as well as outdoor cushions and pillows.

Further Reading

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