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

Central Garden & Pet (NASDAQ:CENTA - Get Free Report)'s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. 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, topping analysts' consensus estimates of ($0.03) by $0.24. Central Garden & Pet had a net margin of 3.77% and a return on equity of 10.08%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Central Garden & Pet from $32.00 to $31.00 and set a "neutral" rating on the stock in a research report on Thursday, January 16th. StockNews.com raised shares of Central Garden & Pet from a "hold" rating to a "buy" rating in a report on Thursday. Finally, Argus cut shares of Central Garden & Pet from a "buy" rating to a "hold" rating in a research note on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

Institutional Trading of Central Garden & Pet

Institutional investors and hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC acquired a new position in Central Garden & Pet during the 3rd quarter valued at $7,621,000. Barclays PLC increased its holdings in shares of Central Garden & Pet by 161.7% during the 3rd quarter. Barclays PLC now owns 122,530 shares of the company's stock worth $3,849,000 after purchasing an additional 75,718 shares during the period. State Street Corp raised its position in shares of Central Garden & Pet by 3.3% during the third quarter. State Street Corp now owns 2,175,277 shares of the company's stock valued at $68,304,000 after buying an additional 68,689 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Central Garden & Pet by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,512 shares of the company's stock valued at $27,515,000 after buying an additional 59,489 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Central Garden & Pet by 9.4% during the third quarter. The Manufacturers Life Insurance Company now owns 691,092 shares of the company's stock worth $21,700,000 after buying an additional 59,368 shares in the last quarter. Institutional investors and hedge funds own 50.82% of the company's stock.

Central Garden & Pet Stock Up 0.0 %

The firm has a 50 day moving average of $32.62 and a 200-day moving average of $32.27. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.47 and a quick ratio of 2.19. The stock has a market capitalization of $2.16 billion, a P/E ratio of 18.06 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.