Central Garden & Pet (NASDAQ:CENT) Releases FY24 Earnings Guidance

Central Garden & Pet (NASDAQ:CENT) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.50 for the period, compared to the consensus estimate of $2.15. Central Garden & Pet also updated its FY 2024 guidance to 2.000- EPS.

Central Garden & Pet Price Performance

Shares of CENT stock traded up $0.18 during trading hours on Wednesday, hitting $41.73. 89,724 shares of the company’s stock were exchanged, compared to its average volume of 110,631. Central Garden & Pet has a 52 week low of $28.58 and a 52 week high of $44.45. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 20.70 and a beta of 0.72. The company has a debt-to-equity ratio of 0.82, a current ratio of 3.47 and a quick ratio of 1.55. The stock’s 50-day moving average is $41.61 and its 200-day moving average is $36.28.

Central Garden & Pet (NASDAQ:CENT) last announced its earnings results on Wednesday, February 7th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.15. Central Garden & Pet had a net margin of 4.06% and a return on equity of 10.32%. The company had revenue of $634.53 million for the quarter, compared to analyst estimates of $620.11 million. As a group, research analysts forecast that Central Garden & Pet will post 2.37 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insider Activity at Central Garden & Pet

In related news, CFO Nicholas Lahanas sold 13,101 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $4,358,561.44. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Central Garden & Pet news, CFO Nicholas Lahanas sold 13,101 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $37.64, for a total transaction of $493,121.64. Following the transaction, the chief financial officer now owns 115,796 shares in the company, valued at approximately $4,358,561.44. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider John Edward Hanson sold 5,321 shares of the company’s stock in a transaction 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 sale, the insider now owns 35,460 shares of the company’s stock, valued at $1,318,757.40. The disclosure for this sale can be found here. Insiders sold 25,822 shares of company stock worth $965,026 in the last ninety days. 9.53% of the stock is owned by company insiders.

About Central Garden & Pet

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.