Central Garden & Pet (NASDAQ:CENT) Sees Strong Trading Volume – Still a Buy?

Shares of Central Garden & Pet (NASDAQ:CENT) saw an uptick in trading volume on Tuesday . 204,164 shares traded hands during trading, an increase of 114% from the previous session’s volume of 95,308 shares.The stock last traded at $35.69 and had previously closed at $37.51.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. 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 dropped their price target on Central Garden & Pet from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Central Garden & Pet presently has a consensus rating of “Buy” and an average price target of $46.75.

Central Garden & Pet Stock Performance

The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.97 and a current ratio of 3.47. The stock has a market cap of $2.35 billion, a PE ratio of 19.72 and a beta of 0.79. The firm has a fifty day moving average price of $37.83 and a 200 day moving average price of $37.57.

Central Garden & Pet (NASDAQ:CENT) last announced its quarterly earnings data on Wednesday, February 5th. 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%. Research analysts forecast that Central Garden & Pet will post 2.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider John D. Walker III sold 10,000 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $32.86, for a total value of $328,600.00. Following the sale, the insider now owns 67,111 shares in the company, valued at $2,205,267.46. This represents a 12.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC purchased a new position in shares of Central Garden & Pet in the 3rd quarter valued at about $1,681,000. Quest Partners LLC purchased a new position in shares of Central Garden & Pet during the 3rd quarter valued at approximately $797,000. JPMorgan Chase & Co. grew its stake in Central Garden & Pet by 73.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 35,228 shares of the company’s stock valued at $1,285,000 after acquiring an additional 14,964 shares during the period. Barclays PLC increased its holdings in Central Garden & Pet by 51.4% in the 3rd quarter. Barclays PLC now owns 34,944 shares of the company’s stock worth $1,275,000 after acquiring an additional 11,865 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Central Garden & Pet by 11.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 112,305 shares of the company’s stock worth $4,096,000 after acquiring an additional 11,671 shares during the period. 16.13% of the stock is currently owned by institutional investors and hedge funds.

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.