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

Central Garden & Pet (NASDAQ:CENTA)’s share price 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 for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.24. Central Garden & Pet had a return on equity of 9.31% and a net margin of 3.37%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of Central Garden & Pet from $32.00 to $31.00 and set a “neutral” rating for the company 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 report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Central Garden & Pet presently has an average rating of “Moderate Buy” and an average price target of $41.00.

Hedge Funds Weigh In On Central Garden & Pet

Hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC increased its stake in shares of Central Garden & Pet by 7.8% in the 2nd quarter. AQR Capital Management LLC now owns 13,348 shares of the company’s stock valued at $441,000 after purchasing an additional 968 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Central Garden & Pet in the third quarter valued at about $594,000. CWM LLC grew its position in 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 acquiring an additional 823 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in 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 acquiring an additional 38,077 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Central Garden & Pet by 39.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 12,650 shares of the company’s stock worth $397,000 after acquiring an additional 3,560 shares during the last quarter. 50.82% of the stock is owned by institutional investors.

Central Garden & Pet Trading Down 3.9 %

The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of 20.31 and a beta of 0.76. The company has a current ratio of 3.66, a quick ratio of 2.19 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average price is $32.62 and its two-hundred day moving average price is $32.28.

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.