Central Garden & Pet (NASDAQ:CENT) Shares Gap Up on Earnings Beat

Shares of Central Garden & Pet (NASDAQ:CENT - Get Free Report) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $37.07, but opened at $39.87. Central Garden & Pet shares last traded at $40.21, with a volume of 12,915 shares changing hands.

The company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.24. Central Garden & Pet had a net margin of 3.77% and a return on equity of 10.08%.

Wall Street Analyst Weigh In

CENT has been the topic of several research analyst reports. Canaccord Genuity Group reduced their price objective on shares of Central Garden & Pet from $48.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, November 26th. Truist Financial reduced their price target on shares of Central Garden & Pet from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, October 16th. Finally, Argus cut shares of Central Garden & Pet from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $46.75.

Institutional Trading of Central Garden & Pet

Hedge funds have recently modified their holdings of the stock. Royce & Associates LP grew its holdings in Central Garden & Pet by 24.0% during the 4th quarter. Royce & Associates LP now owns 35,150 shares of the company's stock worth $1,364,000 after acquiring an additional 6,800 shares in the last quarter. Amundi grew its stake in shares of Central Garden & Pet by 193.8% during the fourth quarter. Amundi now owns 4,201 shares of the company's stock worth $151,000 after purchasing an additional 2,771 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in Central Garden & Pet in the fourth quarter valued at $682,000. Charles Schwab Investment Management Inc. lifted its holdings in Central Garden & Pet by 23.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 138,273 shares of the company's stock worth $5,365,000 after buying an additional 25,968 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Central Garden & Pet by 3.0% during the 4th quarter. Bank of New York Mellon Corp now owns 73,883 shares of the company's stock worth $2,867,000 after acquiring an additional 2,129 shares in the last quarter. 16.13% of the stock is currently owned by institutional investors and hedge funds.

Central Garden & Pet Trading Down 0.1 %

The company has a current ratio of 3.47, a quick ratio of 2.19 and a debt-to-equity ratio of 0.78. The firm has a market cap of $2.52 billion, a PE ratio of 21.13 and a beta of 0.79. The business has a fifty day moving average price of $38.36 and a 200 day moving average price of $37.64.

Central Garden & Pet Company Profile

Central Garden & Pet Co engages in the production and distribution of branded and private label products for the lawn, garden, and pet supplies markets. It operates through the Pet and Garden segments. The Pet segment focuses on 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, food and supplements, products for equine and livestock, animal and household health and insect control products, live fish and small animals as well as outdoor cushions.