Central Garden & Pet (NASDAQ:CENTA) Shares Gap Up on Better-Than-Expected Earnings

Central Garden & Pet (NASDAQ:CENTA) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $31.69, but opened at $33.92. Central Garden & Pet shares last traded at $33.94, with a volume of 30,880 shares.

The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.24. Central Garden & Pet had a net margin of 3.37% and a return on equity of 9.31%.

Wall Street Analysts Forecast Growth

CENTA has been the subject of a number of recent research reports. StockNews.com lowered Central Garden & Pet from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. dropped their price objective on shares of Central Garden & Pet from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Finally, Argus lowered shares of Central Garden & Pet from a “buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $41.00.

Institutional Investors Weigh In On Central Garden & Pet

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in Central Garden & Pet by 7.8% in the second quarter. AQR Capital Management LLC now owns 13,348 shares of the company’s stock valued at $441,000 after acquiring an additional 968 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Central Garden & Pet by 34.3% in the 2nd quarter. Millennium Management LLC now owns 255,160 shares of the company’s stock valued at $8,428,000 after acquiring an additional 65,213 shares during the period. SG Americas Securities LLC purchased a new position in Central Garden & Pet during the 3rd quarter worth $594,000. CWM LLC raised its holdings in shares of Central Garden & Pet by 72.6% in the third quarter. CWM LLC now owns 1,957 shares of the company’s stock valued at $61,000 after buying an additional 823 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Central Garden & Pet by 1.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,100,751 shares of the company’s stock worth $65,964,000 after buying an additional 38,077 shares during the last quarter. Institutional investors and hedge funds own 50.82% of the company’s stock.

Central Garden & Pet Price Performance

The company has a 50-day moving average of $32.63 and a 200-day moving average of $32.27. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.19 and a current ratio of 3.66. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 21.10 and a beta of 0.76.

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.