Both PetSmart Inc. and Del Monte Foods Co. enjoyed strong stock closings for the trading week ending Friday, October 9.
PetSmart closed up 1.8% Friday, at US$22.68, with gains for the third quarter expected at 22 cents. The company's uptick is reportedly due to an analyst raising its rating to "buy" status.
Del Monte's petfood division also closed strongly, with stocks at US$11.55 per share, and analysts mark the company as a "strong buy." In September, the company reported first-quarter sales jumped more than 20% to US$412.3 million, from US$342.7 million in 2008.
In response to generally strong industry performance, analysts point to stable pet product consumer habits to explain the strong stock performances.
New shelter data casts doubt on whether the pet population and pet ownership are truly growing.
While the pandemic caused unprecedented suffering worldwide in 2020, the disruptions to dogs, cats and other pets adoption numbers may normalize in 2021.