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

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

Central Garden & Pet Stock Performance

CENT stock traded up $4.00 during midday trading on Thursday, reaching $45.73. 71,550 shares of the company’s stock traded hands, compared to its average volume of 110,139. The stock’s 50-day moving average is $41.57 and its 200 day moving average is $36.32. The company has a current ratio of 3.47, a quick ratio of 1.55 and a debt-to-equity ratio of 0.82. Central Garden & Pet has a 52-week low of $28.58 and a 52-week high of $45.80. The stock has a market cap of $3.07 billion, a P/E ratio of 22.50 and a beta of 0.72.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CENT shares. Truist Financial upped their target price on shares of Central Garden & Pet from $50.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 9th. Canaccord Genuity Group began coverage on Central Garden & Pet in a research note on Tuesday, March 12th. They issued a “buy” rating and a $52.00 price target for the company. TheStreet raised Central Garden & Pet from a “c+” rating to a “b-” rating in a research report on Friday, March 1st. Finally, Canaccord Genuity Group initiated coverage on shares of Central Garden & Pet in a research note on Tuesday, March 12th. They issued a “buy” rating and a $52.00 target price on the stock.

Insider Buying and Selling

In other Central Garden & Pet news, Director John Ranelli sold 2,400 shares of Central Garden & Pet stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $38.34, for a total transaction of $92,016.00. Following the transaction, the director now owns 41 shares of the company’s stock, valued at $1,571.94. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CAO Howard Machek sold 5,000 shares of Central Garden & Pet stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $36.40, for a total transaction of $182,000.00. Following the transaction, the chief accounting officer now directly owns 59,406 shares of the company’s stock, valued at $2,162,378.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John Ranelli sold 2,400 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $38.34, for a total value of $92,016.00. Following the transaction, the director now directly owns 41 shares of the company’s stock, valued at approximately $1,571.94. The disclosure for this sale can be found here. Insiders have sold 25,822 shares of company stock valued at $965,026 in the last 90 days. Company insiders own 9.53% of the company’s 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.