JPMorgan Chase & Co. Cuts Central Garden & Pet (NASDAQ:CENTA) Price Target to $30.00

Central Garden & Pet (NASDAQ:CENTA) had its price objective trimmed by JPMorgan Chase & Co. from $35.00 to $30.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

CENTA has been the subject of several other research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Central Garden & Pet in a research note on Wednesday, October 8th. Zacks Research upgraded Central Garden & Pet from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Canaccord Genuity Group raised their price objective on Central Garden & Pet from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Central Garden & Pet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 20th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.33.

Central Garden & Pet Stock Up 1.2%

Shares of NASDAQ:CENTA opened at $29.01 on Thursday. Central Garden & Pet has a 52-week low of $25.97 and a 52-week high of $37.35. The stock has a market cap of $1.82 billion, a P/E ratio of 13.19 and a beta of 0.63. The company has a quick ratio of 2.28, a current ratio of 3.56 and a debt-to-equity ratio of 0.75. The business’s 50 day moving average is $30.65 and its 200 day moving average is $31.73.

Central Garden & Pet (NASDAQ:CENTA) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.22. Central Garden & Pet had a net margin of 4.44% and a return on equity of 10.77%. The business had revenue of $960.91 million during the quarter, compared to analysts’ expectations of $993.66 million. Sell-side analysts predict that Central Garden & Pet will post 2.38 EPS for the current year.

Insider Activity

In other news, insider John D. Walker III sold 3,500 shares of the firm’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $32.59, for a total transaction of $114,065.00. Following the completion of the transaction, the insider directly owned 67,328 shares in the company, valued at $2,194,219.52. This trade represents a 4.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Ranelli sold 3,076 shares of the business’s stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $32.58, for a total value of $100,216.08. Following the sale, the director directly owned 1,427 shares of the company’s stock, valued at $46,491.66. This represents a 68.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 20.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its stake in shares of Central Garden & Pet by 444.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,001 shares of the company’s stock valued at $31,000 after buying an additional 817 shares during the last quarter. Cullen Frost Bankers Inc. grew its stake in Central Garden & Pet by 152.1% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,215 shares of the company’s stock worth $38,000 after buying an additional 733 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Central Garden & Pet by 53.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,490 shares of the company’s stock valued at $49,000 after buying an additional 517 shares in the last quarter. EMC Capital Management acquired a new position in shares of Central Garden & Pet during the second quarter valued at about $87,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Central Garden & Pet by 239.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,220 shares of the company’s stock valued at $195,000 after purchasing an additional 4,388 shares during the last quarter. 50.82% of the stock is currently owned by institutional investors.

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.