Central Garden & Pet (NASDAQ:CENT) Shares Down 6.5% - Here's What Happened

Shares of Central Garden & Pet (NASDAQ:CENT - Get Free Report) traded down 6.5% on Friday . The stock traded as low as $34.45 and last traded at $33.98. 190,855 shares were traded during trading, an increase of 60% from the average session volume of 119,247 shares. The stock had previously closed at $36.34.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CENT shares. Argus cut Central Garden & Pet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 7th. Canaccord Genuity Group decreased their price objective on shares of Central Garden & Pet from $48.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, November 26th. One 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 company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $45.00.

Central Garden & Pet Stock Performance

The company has a quick ratio of 1.97, a current ratio of 3.47 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $2.29 billion, a PE ratio of 19.23 and a beta of 0.73. The firm has a 50 day moving average price of $36.74 and a 200-day moving average price of $37.11.

Central Garden & Pet (NASDAQ:CENT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.24. Central Garden & Pet had a return on equity of 10.08% and a net margin of 3.77%. Research analysts expect that Central Garden & Pet will post 2.38 EPS for the current fiscal year.

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Insider Transactions at Central Garden & Pet

In other news, insider John D. Walker III sold 10,000 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $32.86, for a total transaction of $328,600.00. Following the sale, the insider now directly owns 67,111 shares of the company's stock, valued at $2,205,267.46. This represents a 12.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 8.19% of the company's stock.

Hedge Funds Weigh In On Central Garden & Pet

A number of large investors have recently bought and sold shares of CENT. Versant Capital Management Inc grew its holdings in Central Garden & Pet by 693.6% in the fourth quarter. Versant Capital Management Inc now owns 1,246 shares of the company's stock valued at $48,000 after purchasing an additional 1,089 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in Central Garden & Pet in the 4th quarter valued at $58,000. Glenmede Trust Co. NA increased its holdings in Central Garden & Pet by 23.2% in the 3rd quarter. Glenmede Trust Co. NA now owns 2,101 shares of the company's stock worth $77,000 after acquiring an additional 395 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Central Garden & Pet by 201.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,818 shares of the company's stock worth $148,000 after acquiring an additional 2,550 shares during the period. Finally, Amundi raised its position in shares of Central Garden & Pet by 193.8% during the 4th quarter. Amundi now owns 4,201 shares of the company's stock worth $151,000 after purchasing an additional 2,771 shares during the last quarter. Institutional investors and hedge funds own 16.13% of the company's stock.

About Central Garden & Pet

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.