Bank of America Has Lowered Expectations for SiteOne Landscape Supply (NYSE:SITE) Stock Price

Key Points

• Bank of America lowered its price target for SiteOne from $182 to $167 but kept a "buy" rating, implying about a 15.8% upside from the current share price.
• Analyst consensus is a Hold with an average price target of $162.22 (four Buys and seven Holds), reflecting mixed broker views on the stock.
• SiteOne beat EPS estimates (-$0.20 vs. -$0.29) with revenue in line at $1.05B, and the stock trades near $144.22 within a 12‑month range of $106.74–$168.56.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) had its price target decreased by equities researchers at Bank of America from $182.00 to $167.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the industrial products company's stock. Bank of America's price objective suggests a potential upside of 15.80% from the stock's current price.

A number of other analysts have also recently weighed in on SITE. Barclays raised their price objective on shares of SiteOne Landscape Supply from $134.00 to $150.00 and gave the stock an "equal weight" rating in a report on Thursday, February 12th. Robert W. Baird set a $190.00 price objective on shares of SiteOne Landscape Supply in a report on Thursday, February 12th. Stifel Nicolaus set a $144.00 price objective on shares of SiteOne Landscape Supply in a report on Monday, February 9th. UBS Group initiated coverage on shares of SiteOne Landscape Supply in a report on Friday, April 10th. They set a "neutral" rating and a $140.00 price objective on the stock. Finally, Royal Bank Of Canada raised their price objective on shares of SiteOne Landscape Supply from $151.00 to $171.00 and gave the stock an "outperform" rating in a report on Thursday, February 12th. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, SiteOne Landscape Supply has an average rating of "Hold" and an average price target of $162.22.

SiteOne Landscape Supply Price Performance

SiteOne Landscape Supply stock opened at $144.22 on Monday. SiteOne Landscape Supply has a 12-month low of $106.74 and a 12-month high of $168.56. The stock has a market cap of $6.39 billion, a P/E ratio of 42.92, a PEG ratio of 1.85 and a beta of 1.57. The company has a 50-day moving average price of $138.82 and a 200 day moving average price of $133.99. The company has a current ratio of 2.47, a quick ratio of 1.20 and a debt-to-equity ratio of 0.29.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The industrial products company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.09. The firm had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.05 billion. SiteOne Landscape Supply had a net margin of 3.23% and a return on equity of 9.28%. SiteOne Landscape Supply's revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business earned ($0.48) earnings per share. Sell-side analysts anticipate that SiteOne Landscape Supply will post 3.61 earnings per share for the current year.

Insider Activity at SiteOne Landscape Supply

In other news, EVP Eric J. Elema sold 1,765 shares of SiteOne Landscape Supply stock in a transaction on Friday, February 13th. The shares were sold at an average price of $158.01, for a total value of $278,887.65. Following the transaction, the executive vice president directly owned 2,911 shares of the company's stock, valued at $459,967.11. The trade was a 37.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On SiteOne Landscape Supply

A number of institutional investors have recently modified their holdings of the business. Wasatch Advisors LP increased its holdings in shares of SiteOne Landscape Supply by 11.4% in the 3rd quarter. Wasatch Advisors LP now owns 2,177,446 shares of the industrial products company's stock valued at $280,455,000 after acquiring an additional 222,959 shares during the period. Bamco Inc. NY increased its holdings in shares of SiteOne Landscape Supply by 3.1% in the 4th quarter. Bamco Inc. NY now owns 2,028,366 shares of the industrial products company's stock valued at $252,653,000 after acquiring an additional 61,490 shares during the period. 59 North Capital Management LP acquired a new position in shares of SiteOne Landscape Supply in the 3rd quarter valued at $214,417,000. Capital World Investors increased its holdings in shares of SiteOne Landscape Supply by 37.9% in the 4th quarter. Capital World Investors now owns 1,402,337 shares of the industrial products company's stock valued at $174,675,000 after acquiring an additional 385,666 shares during the period. Finally, State Street Corp increased its holdings in shares of SiteOne Landscape Supply by 1.7% in the 2nd quarter. State Street Corp now owns 777,354 shares of the industrial products company's stock valued at $94,013,000 after acquiring an additional 12,766 shares during the period.

About SiteOne Landscape Supply

SiteOne Landscape Supply is a leading distributor of landscape supplies and irrigation equipment in North America. The company serves a broad range of customers, including independent landscapers, lawn and garden retailers, municipalities and other commercial landscape professionals. Its product portfolio spans irrigation and lighting controls, pipes and fittings, fertilizers and soils, lighting fixtures, hardscapes, outdoor lighting systems and related installation accessories.

In addition to core product lines, SiteOne offers agronomic services designed to optimize turf and plant health, as well as online tools and training resources to help customers plan, specify and manage projects more efficiently.

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