On June 9, 2023, The Manufacturers Life Insurance Company revealed that it had sold 1.6% of its holdings in Central Garden & Pet Co., according to a report filed with the Securities and Exchange Commission. The insurance company owned around 500,283 shares of the pet product manufacturer before the deal concluded, representing approximately 0.93% of its total equity, and worth an estimated $17.9 million.
Central Garden & Pet is a leading producer and distributor of lawn and garden products as well as pet supplies under both branded and private labels. Based on recent data, the firm operates through two segments: Pets and Garden.
Under the Pets segment, customers can find various supplies for their four-legged companions such as chewable dog treats or toys while also offering products for small animals like reptiles or birds including cages and habitats. Besides fundamental animal health needs such as nutritional supplements or animal healthcare products to keep them healthy; aquatics equipment and outdoor cushions are in also provided to give pets more comfort when outside.
On June 9th too, Central Garden & Pet Stocks were trading at $36.37 per share which was below their 52-week high ($43.17) but still within their annual low ($33.69). Their current ratios stand at a comfortable level – which ensures liquidity – with one measure coming in at $1.44 and another at $3.47 respectively indicating good financial health. However, they also have a debt-to-equity ratio of about .88 making them slightly underwater compared against peers.
Taking note of these numbers shows that there may be some cause for concern but experts say there’s no worry yet since the stock’s price-to-earnings ratio is roughly at just over 17%, which although not representing optimal performance levels should lessen emerging fears of investors who might be watching trends.
This news creates opportunities for interested speculators to evaluate whether there is some potential for Central Garden & Pet’s stock to go up in price after the insurance company decided to part ways. However, as is often in these circumstances, these moves are usually private information until they’re revealed. Investors will have to stay tuned to see how it plays out.
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Institutional Investors and Hedge Funds Show Interest in Central Garden & Pet Stocks
June 9, 2023 – Central Garden & Pet has been making headlines as institutional investors and hedge funds continue to make changes to their positions. PNC Financial Services Group Inc. increased its holdings in the company by 44.5% during the first quarter, now owning 12,340 shares worth $503,000 after buying an additional 3,801 shares in the last quarter. Natixis Advisors L.P. also acquired a new position in Central Garden & Pet during the first quarter worth $455,000.
MetLife Investment Management LLC increased its holdings by an impressive 58.2% during the same period and now owns 21,193 shares of the company’s stock at a value of $864,000. Rhumbline Advisers increased their holdings by 1.1%, owning 113,324 shares of Central Garden & Pet’s stock with a value of $4,621,000 after buying an additional 1,242 shares during the last quarter.
Commonwealth of Pennsylvania Public School Empls Retrmt SYS also increased their holdings in Central Garden & Pet by 11.8% during the first quarter and now own a total of 36,296 shares with an estimated value of $1,480,000.
It is noteworthy that institutional investors and hedge funds currently own approximately 69.21% of Central Garden & Pet’s stock.
In other developments for the company this week: insider John D Walker III sold his shareholding totaling to more than $48k leaving him with over $2m shareholding at Central Garden & Pet.
On another note regarding analysts’ rating for Cental Garden & Pet’s stocks: TheStreet upgraded its recommendation from “c+” to “b” while Truist Financial downgraded their target price from $60 to $45 yet still recommending it as buy for interested buyers reserving a moderate sentiment towards acquiring it.
Central Garden & Pet continues to grab attention among investors with their steady position in the market and positive ratings from analysts.
