Central Garden & Pet (NASDAQ:CENT) Releases Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Central Garden & Pet (NASDAQ:CENT) announced its earnings results on Wednesday. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.83 by $0.16, Briefing.com reports. The firm had revenue of $900.10 million for the quarter, compared to the consensus estimate of $888.74 million. Central Garden & Pet had a net margin of 4.06% and a return on equity of 10.32%. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 EPS. Central Garden & Pet updated its FY 2024 guidance to 2.000- EPS and its FY24 guidance to $2.50 EPS.

Central Garden & Pet Price Performance

Central Garden & Pet stock traded up $4.02 on Thursday, reaching $45.75. The company’s stock had a trading volume of 100,354 shares, compared to its average volume of 110,382. Central Garden & Pet has a twelve month low of $28.58 and a twelve month high of $45.94. The company has a market cap of $3.08 billion, a price-to-earnings ratio of 22.50 and a beta of 0.72. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.55 and a current ratio of 3.47. The business’s fifty day moving average price is $41.57 and its 200 day moving average price is $36.32.

Insider Buying and Selling

In other news, CFO Nicholas Lahanas sold 13,101 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $37.64, for a total transaction of $493,121.64. Following the transaction, the chief financial officer now directly owns 115,796 shares in the company, valued at $4,358,561.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider John Edward Hanson sold 5,321 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $37.19, for a total value of $197,887.99. Following the transaction, the insider now directly owns 35,460 shares in the company, valued at $1,318,757.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Nicholas Lahanas sold 13,101 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $37.64, for a total value of $493,121.64. Following the completion of the transaction, the chief financial officer now directly owns 115,796 shares in the company, valued at approximately $4,358,561.44. The disclosure for this sale can be found here. Insiders have sold a total of 25,822 shares of company stock worth $965,026 in the last 90 days. Corporate insiders own 9.53% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on CENT. TheStreet raised shares of Central Garden & Pet from a “c+” rating to a “b-” rating in a research report on Friday, March 1st. Canaccord Genuity Group started coverage on shares of Central Garden & Pet in a report on Tuesday, March 12th. They issued a “buy” rating and a $52.00 price target on the stock. Truist Financial lifted their target price on shares of Central Garden & Pet from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Finally, Canaccord Genuity Group began coverage on Central Garden & Pet in a report on Tuesday, March 12th. They set a “buy” rating and a $52.00 price objective on the stock.

Central Garden & Pet Company Profile

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.