Central Garden & Pet (NASDAQ:CENTA) Issues Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Central Garden & Pet (NASDAQ:CENTA) released its quarterly earnings results on Wednesday. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.09, Zacks reports. Central Garden & Pet had a net margin of 5.20% and a return on equity of 11.17%.

Central Garden & Pet Trading Up 1.8%

CENTA stock traded up $0.55 during midday trading on Wednesday, hitting $31.77. 188,759 shares of the company’s stock were exchanged, compared to its average volume of 250,609. Central Garden & Pet has a one year low of $25.97 and a one year high of $37.35. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.33 and a current ratio of 3.67. The company has a market cap of $1.98 billion, a PE ratio of 12.46 and a beta of 0.67. The stock’s fifty day moving average price is $29.84 and its 200-day moving average price is $30.59.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CENTA shares. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $28.00 price objective (down from $31.00) on shares of Central Garden & Pet in a research report on Friday, January 16th. Zacks Research cut Central Garden & Pet from a “strong-buy” rating to a “hold” rating in a report on Friday, October 24th. Canaccord Genuity Group upgraded Central Garden & Pet to a “buy” rating in a research report on Friday, January 16th. Wall Street Zen downgraded shares of Central Garden & Pet from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, KeyCorp reiterated an “overweight” rating on shares of Central Garden & Pet in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Central Garden & Pet presently has an average rating of “Hold” and an average price target of $40.75.

Hedge Funds Weigh In On Central Garden & Pet

Several institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp boosted its stake in Central Garden & Pet by 3.5% in the 2nd quarter. State Street Corp now owns 2,174,296 shares of the company’s stock worth $68,034,000 after purchasing an additional 73,755 shares during the period. The Manufacturers Life Insurance Company increased its position in Central Garden & Pet by 13.9% during the second quarter. The Manufacturers Life Insurance Company now owns 861,479 shares of the company’s stock worth $26,956,000 after buying an additional 105,209 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Central Garden & Pet by 181.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 549,355 shares of the company’s stock valued at $16,222,000 after acquiring an additional 354,016 shares during the period. Bank of America Corp DE grew its stake in Central Garden & Pet by 0.5% in the 2nd quarter. Bank of America Corp DE now owns 449,007 shares of the company’s stock valued at $14,049,000 after buying an additional 2,360 shares during the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in shares of Central Garden & Pet by 52.8% during the third quarter. Qube Research & Technologies Ltd now owns 391,758 shares of the company’s stock worth $11,569,000 after purchasing an additional 135,340 shares during the period. 50.82% of the stock is currently owned by institutional investors and hedge funds.

Central Garden & Pet Company Profile

Central Garden & Pet Co is a leading producer, marketer and distributor of branded consumable gardening products and pet supplies in North America. Headquartered in Walnut Creek, California, the company serves both retail and wholesale customers through a network of distribution centers across the United States and Canada. Operating under the ticker symbol CENTA on the NASDAQ exchange, Central Garden & Pet has been publicly traded since 2003.

The company’s Garden segment offers a broad portfolio of lawn and garden care solutions, including fertilizers, weed and pest control products, soil and mulch, and plant care accessories.