Central Garden & Pet (NASDAQ:CENT) Hits New 12-Month High on Strong Earnings

Central Garden & Pet (NASDAQ:CENT) reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $44.66 and last traded at $44.51, with a volume of 42394 shares changing hands. The stock had previously closed at $41.73.

The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.16. The firm had revenue of $900.10 million for the quarter, compared to analyst estimates of $888.74 million. Central Garden & Pet had a net margin of 4.06% and a return on equity of 10.32%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the firm earned $0.72 earnings per share.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CENT. Canaccord Genuity Group started coverage on Central Garden & Pet in a research note on Tuesday, March 12th. They issued a “buy” rating and a $52.00 price objective for the company. TheStreet upgraded Central Garden & Pet from a “c+” rating to a “b-” rating in a research note on Friday, March 1st. Canaccord Genuity Group initiated coverage on shares of Central Garden & Pet in a research note on Tuesday, March 12th. They issued a “buy” rating and a $52.00 target price for the company. Finally, Truist Financial raised their price target on shares of Central Garden & Pet from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 9th.

Insider Buying and Selling

In other news, CAO Howard Machek sold 5,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $36.40, for a total transaction of $182,000.00. Following the completion of the sale, the chief accounting officer now directly owns 59,406 shares of the company’s stock, valued at approximately $2,162,378.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Central Garden & Pet news, Director John Ranelli sold 2,400 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $38.34, for a total transaction of $92,016.00. Following the completion of the transaction, the director now directly owns 41 shares of the company’s stock, valued at $1,571.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Howard Machek sold 5,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $36.40, for a total value of $182,000.00. Following the completion of the sale, the chief accounting officer now owns 59,406 shares in the company, valued at $2,162,378.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,822 shares of company stock worth $965,026. 9.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Central Garden & Pet

Several large investors have recently added to or reduced their stakes in CENT. SG Americas Securities LLC boosted its position in Central Garden & Pet by 6.6% during the fourth quarter. SG Americas Securities LLC now owns 5,613 shares of the company’s stock worth $281,000 after purchasing an additional 346 shares during the period. Values First Advisors Inc. lifted its stake in shares of Central Garden & Pet by 7.3% during the 4th quarter. Values First Advisors Inc. now owns 9,941 shares of the company’s stock valued at $498,000 after buying an additional 673 shares in the last quarter. Inspire Investing LLC boosted its holdings in Central Garden & Pet by 9.3% in the 1st quarter. Inspire Investing LLC now owns 8,386 shares of the company’s stock worth $359,000 after buying an additional 712 shares during the period. New York State Teachers Retirement System grew its stake in Central Garden & Pet by 21.8% in the 4th quarter. New York State Teachers Retirement System now owns 5,137 shares of the company’s stock valued at $257,000 after buying an additional 919 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in Central Garden & Pet by 28.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,850 shares of the company’s stock valued at $243,000 after acquiring an additional 1,070 shares during the period. Hedge funds and other institutional investors own 16.13% of the company’s stock.

Central Garden & Pet Trading Up 11.4 %

The firm has a 50-day simple moving average of $41.63 and a 200-day simple moving average of $36.39. The company has a quick ratio of 1.55, a current ratio of 3.47 and a debt-to-equity ratio of 0.82. The stock has a market cap of $3.13 billion, a PE ratio of 23.07 and a beta of 0.72.

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.