Central Garden & Pet (NASDAQ:CENT) Sees Large Decrease in Short Interest

Central Garden & Pet (NASDAQ:CENT) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 1,360,000 shares, a decline of 8.7% from the September 15th total of 1,490,000 shares. Currently, 14.3% of the company’s stock are short sold. Based on an average daily volume of 119,800 shares, the days-to-cover ratio is currently 11.4 days.

Central Garden & Pet Stock Performance

CENT stock traded down $0.60 during midday trading on Thursday, hitting $35.22. 78,711 shares of the company traded hands, compared to its average volume of 116,514. Central Garden & Pet has a twelve month low of $30.75 and a twelve month high of $47.48. The business has a 50 day simple moving average of $37.34 and a 200-day simple moving average of $39.63. The company has a quick ratio of 2.16, a current ratio of 3.66 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 15.79 and a beta of 0.75.

Central Garden & Pet (NASDAQ:CENT) last announced its earnings results on Wednesday, August 7th. The company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.11. Central Garden & Pet had a net margin of 4.42% and a return on equity of 10.66%. The business had revenue of $996.35 million for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the firm posted $1.40 earnings per share. Central Garden & Pet’s revenue was down 2.6% compared to the same quarter last year. As a group, equities research analysts predict that Central Garden & Pet will post 2.11 earnings per share for the current year.

Insider Buying and Selling at Central Garden & Pet

In other Central Garden & Pet news, Director Brooks Pennington III sold 1,486 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $32.80, for a total transaction of $48,740.80. Following the completion of the sale, the director now directly owns 40,743 shares in the company, valued at approximately $1,336,370.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Brooks Pennington III sold 1,486 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $32.80, for a total transaction of $48,740.80. Following the transaction, the director now directly owns 40,743 shares in the company, valued at $1,336,370.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John Ranelli sold 2,500 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $34.28, for a total transaction of $85,700.00. Following the completion of the transaction, the director now directly owns 822 shares in the company, valued at $28,178.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 63,986 shares of company stock valued at $2,146,841 in the last three months. 9.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its position in Central Garden & Pet by 6.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 885,333 shares of the company’s stock valued at $34,085,000 after buying an additional 51,454 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Central Garden & Pet by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 777,297 shares of the company’s stock worth $29,926,000 after acquiring an additional 5,571 shares in the last quarter. American Century Companies Inc. grew its position in Central Garden & Pet by 24.5% during the 2nd quarter. American Century Companies Inc. now owns 162,647 shares of the company’s stock worth $6,262,000 after acquiring an additional 32,009 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Central Garden & Pet by 2.2% during 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 in the last quarter. Finally, Marshall Wace LLP raised its position in Central Garden & Pet by 748.5% in the 2nd quarter. Marshall Wace LLP now owns 84,000 shares of the company’s stock valued at $3,234,000 after purchasing an additional 74,100 shares during the last quarter. 16.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CENT. Truist Financial lowered their price target on Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday. Canaccord Genuity Group upgraded shares of Central Garden & Pet to a “strong-buy” rating in a research note on Monday, July 1st. Finally, Canaccord Genuity Group restated a “buy” rating and set a $48.00 price target on shares of Central Garden & Pet in a report on Monday, September 30th. Three investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $47.50.

Central Garden & Pet Company Profile

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.