Short Interest in Central Garden & Pet Company (CENT) Declines By 23.7%

Central Garden & Pet Company (NASDAQ:CENT) saw a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 489,128 shares, a drop of 23.7% from the May 15th total of 641,376 shares. Based on an average trading volume of 247,992 shares, the short-interest ratio is presently 2.0 days. Currently, 4.8% of the shares of the company are short sold.

CENT has been the topic of several recent analyst reports. Zacks Investment Research cut shares of Central Garden & Pet Company from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. BidaskClub upgraded shares of Central Garden & Pet Company from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Argus initiated coverage on shares of Central Garden & Pet Company in a research report on Wednesday, April 19th. They set a “buy” rating and a $44.00 price objective on the stock. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Central Garden & Pet Company in a research report on Saturday, March 25th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Central Garden & Pet Company has a consensus rating of “Hold” and an average price target of $40.00.

Shares of Central Garden & Pet Company (NASDAQ:CENT) opened at 30.84 on Friday. Central Garden & Pet Company has a 52-week low of $20.80 and a 52-week high of $39.33. The stock’s 50 day moving average is $32.58 and its 200 day moving average is $34.00. The company has a market cap of $1.59 billion, a PE ratio of 25.45 and a beta of 0.21.

Central Garden & Pet Company (NASDAQ:CENT) last announced its earnings results on Wednesday, May 3rd. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.03. Central Garden & Pet Company had a return on equity of 12.72% and a net margin of 3.27%. The firm had revenue of $570 million for the quarter, compared to analyst estimates of $572.37 million. During the same quarter last year, the firm posted $0.65 EPS. The business’s revenue was up 5.4% on a year-over-year basis. Equities analysts forecast that Central Garden & Pet Company will post $1.41 EPS for the current year.

In other news, Director John Ranelli sold 3,100 shares of Central Garden & Pet Company stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $29.33, for a total transaction of $90,923.00. Following the sale, the director now owns 110,668 shares in the company, valued at $3,245,892.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael A. Reed sold 15,107 shares of Central Garden & Pet Company stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $33.21, for a total transaction of $501,703.47. Following the sale, the insider now owns 142,558 shares in the company, valued at approximately $4,734,351.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,382 shares of company stock worth $2,613,603. 11.60% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. raised its position in shares of Central Garden & Pet Company by 65.7% in the first quarter. PNC Financial Services Group Inc. now owns 4,140 shares of the company’s stock worth $153,000 after buying an additional 1,641 shares during the period. Sei Investments Co. raised its position in shares of Central Garden & Pet Company by 39.4% in the first quarter. Sei Investments Co. now owns 4,253 shares of the company’s stock worth $158,000 after buying an additional 1,201 shares during the period. Hartford Investment Management Co. acquired a new position in shares of Central Garden & Pet Company during the first quarter worth about $204,000. Thrivent Financial For Lutherans acquired a new position in shares of Central Garden & Pet Company during the first quarter worth about $212,000. Finally, Alliancebernstein L.P. acquired a new position in shares of Central Garden & Pet Company during the first quarter worth about $222,000. Hedge funds and other institutional investors own 21.28% of the company’s stock.

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Central Garden & Pet Company Company Profile

Central Garden & Pet Company is a marketer and producer of branded products and distributor of third party products in the pet and lawn and garden supplies industries in the United States. The Company operates in two segments: Pet segment and the Garden segment. It is a marketer and producer of pet supplies in the United States.

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