NEW YORK (TheStreet) -- Shares of Central Garden & Pet Co. (CENT) are up 10.42% to $8.66 in today's trading.
The company's board received a public letter from one of its largest shareholders, Harbinger Group (HRG), requesting either the potential sale of the entire company or the sale of a portion of CENT's assets.
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In the letter, Harbinger says the move would boost shareholder value for all CENT shareholders.
Harbinger is requesting the sale be made to itself or one or more of its affiliates.
Separately, TheStreet Ratings team rates CENTRAL GARDEN & PET CO as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CENTRAL GARDEN & PET CO (CENT) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."