SiteOne Landscape Supply (NYSE:SITE) Given New $124.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut SiteOne Landscape Supply’s price target from $135 to $124 but maintained an “outperform” rating, implying roughly 50.5% upside from the previous close.
• Analyst sentiment is mixed: six analysts rate the stock Buy, six Hold, and one Sell, resulting in a consensus “Hold” rating and an average price target of $131.70.
• SiteOne shares fell to $82.39, near their 12-month low, after the company missed quarterly earnings expectations with EPS of $3.14 versus the $3.36 consensus estimate, although revenue increased 4.7% year over year.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) had its target price dropped by research analysts at Royal Bank Of Canada from $135.00 to $124.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an "outperform" rating on the industrial products company's stock. Royal Bank Of Canada's price objective suggests a potential upside of 50.50% from the stock's previous close.

A number of other brokerages have also weighed in on SITE. William Blair restated a "market perform" rating on shares of SiteOne Landscape Supply in a report on Wednesday. Stifel Nicolaus reissued a "hold" rating and issued a $100.00 price target (down from $153.00) on shares of SiteOne Landscape Supply in a research note on Thursday, July 30th. KeyCorp lowered their price target on shares of SiteOne Landscape Supply from $145.00 to $135.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. Robert W. Baird dropped their price objective on shares of SiteOne Landscape Supply from $160.00 to $155.00 and set an "outperform" rating for the company in a research note on Tuesday, July 28th. Finally, Weiss Ratings downgraded shares of SiteOne Landscape Supply from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, September 18th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, SiteOne Landscape Supply has a consensus rating of "Hold" and an average price target of $131.70.

SiteOne Landscape Supply Price Performance

SiteOne Landscape Supply stock traded down $8.08 during midday trading on Wednesday, reaching $82.39. The company had a trading volume of 77,030 shares, compared to its average volume of 809,766. The company has a market capitalization of $3.60 billion, a P/E ratio of 22.73, a P/E/G ratio of 1.27 and a beta of 1.38. SiteOne Landscape Supply has a 12-month low of $84.01 and a 12-month high of $168.56. The firm's fifty day simple moving average is $95.08 and its 200-day simple moving average is $110.20. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.30 and a quick ratio of 1.01.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The industrial products company reported $3.14 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.22). The firm had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.54 billion. SiteOne Landscape Supply had a return on equity of 9.76% and a net margin of 3.41%.SiteOne Landscape Supply's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.86 earnings per share. As a group, equities analysts anticipate that SiteOne Landscape Supply will post 3.93 EPS for the current year.

Insider Buying and Selling at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, CEO Doug Black acquired 8,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was purchased at an average cost of $102.03 per share, with a total value of $816,240.00. Following the transaction, the chief executive officer owned 8,000 shares of the company's stock, valued at $816,240. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On SiteOne Landscape Supply

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Basecamp Wealth Advisors LLC increased its holdings in SiteOne Landscape Supply by 219.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 185 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 127 shares during the last quarter. Whittier Trust Co. boosted its position in shares of SiteOne Landscape Supply by 72.7% during the first quarter. Whittier Trust Co. now owns 209 shares of the industrial products company's stock worth $27,000 after buying an additional 88 shares during the period. Versant Capital Management Inc boosted its position in shares of SiteOne Landscape Supply by 114.3% during the third quarter. Versant Capital Management Inc now owns 420 shares of the industrial products company's stock worth $38,000 after buying an additional 224 shares during the period. Bessemer Group Inc. grew its stake in shares of SiteOne Landscape Supply by 182.6% in the first quarter. Bessemer Group Inc. now owns 373 shares of the industrial products company's stock valued at $50,000 after buying an additional 241 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new stake in shares of SiteOne Landscape Supply in the 2nd quarter valued at $75,000.

SiteOne Landscape Supply Company Profile

SiteOne Landscape Supply, Inc is a wholesale distributor of landscape and outdoor living products serving professional customers across the United States and Canada. The company supplies landscape contractors, landscape designers, irrigation professionals, golf course managers, government agencies and other green-industry businesses through a network of distribution centers and branches.

Its product portfolio includes irrigation and outdoor lighting equipment, nursery products, turf and landscape maintenance supplies, fertilizers and other agronomic products, hardscape materials, outdoor living products, and golf course maintenance supplies.

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