17,001 Shares in SiteOne Landscape Supply, Inc. $SITE Purchased by Empowered Funds LLC

Key Points

• Empowered Funds LLC purchased 17,001 shares of SiteOne Landscape Supply during the second quarter, valued at approximately $1.95 million. Several other institutional investors also initiated positions, including Bamco, Bank of America and Man Group.
• SiteOne reported quarterly revenue of $1.53 billion, up 4.7% year over year, but earnings of $3.14 per share missed analyst expectations of $3.36. The stock opened at $98.26, well below its 52-week high of $168.56.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $135.27 after several firms lowered their targets. CEO Doug Black also bought 5,000 shares for approximately $480,650.

Empowered Funds LLC purchased a new position in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 17,001 shares of the industrial products company's stock, valued at approximately $1,945,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SITE. Public Employees Retirement System of Ohio acquired a new stake in shares of SiteOne Landscape Supply in the second quarter valued at approximately $1,503,000. Corient Private Wealth LP acquired a new position in shares of SiteOne Landscape Supply during the 2nd quarter worth approximately $3,502,000. Bamco Inc. NY acquired a new position in shares of SiteOne Landscape Supply during the 2nd quarter worth approximately $232,115,000. Bank of America Corp DE bought a new stake in SiteOne Landscape Supply in the 2nd quarter valued at $49,027,000. Finally, Man Group plc bought a new stake in SiteOne Landscape Supply in the 2nd quarter valued at $13,249,000.

SiteOne Landscape Supply Stock Performance

SITE opened at $98.26 on Friday. The business has a fifty day simple moving average of $101.81 and a 200 day simple moving average of $118.03. The company has a market capitalization of $4.29 billion, a PE ratio of 26.92, a price-to-earnings-growth ratio of 1.42 and a beta of 1.34. SiteOne Landscape Supply, Inc. has a 1 year low of $90.07 and a 1 year high of $168.56. 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 issued its quarterly earnings data on Wednesday, July 29th. The industrial products company reported $3.14 EPS for the quarter, missing analysts' consensus estimates of $3.36 by ($0.22). The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.54 billion. SiteOne Landscape Supply had a net margin of 3.41% and a return on equity of 9.76%. The business's quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.86 earnings per share. Research analysts expect that SiteOne Landscape Supply, Inc. will post 3.93 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Zacks Research cut shares of SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a research report on Monday, June 22nd. Truist Financial dropped their price objective on shares of SiteOne Landscape Supply from $200.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Stifel Nicolaus restated a "hold" rating and set a $100.00 target price (down from $153.00) on shares of SiteOne Landscape Supply in a research note on Thursday, July 30th. Weiss Ratings raised shares of SiteOne Landscape Supply from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday. Finally, Barclays decreased their price target on shares of SiteOne Landscape Supply from $129.00 to $108.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $135.27.

Insider Activity

In other SiteOne Landscape Supply news, CEO Doug Black purchased 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The shares were acquired at an average cost of $96.13 per share, for a total transaction of $480,650.00. Following the completion of the purchase, the chief executive officer owned 13,000 shares of the company's stock, valued at approximately $1,249,690. The trade was a 62.50% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.10% of the company's stock.

SiteOne Landscape Supply Profile

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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