182,328 Shares in SiteOne Landscape Supply, Inc. $SITE Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 182,328 shares of SiteOne Landscape Supply in the second quarter, valued at approximately $20.86 million, representing a 0.42% stake.
• SiteOne reported quarterly revenue of $1.53 billion, up 4.7% year over year, but earnings per share of $3.14 fell short of analysts’ $3.36 estimate.
• The stock opened at $96.56, near its 12-month low of $90.07. Analysts maintain a consensus “Hold” rating with an average price target of $135.27, while CEO Doug Black increased his holdings by purchasing 5,000 shares.

Bank of New York Mellon Corp purchased a new stake in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 182,328 shares of the industrial products company's stock, valued at approximately $20,860,000. Bank of New York Mellon Corp owned 0.42% of SiteOne Landscape Supply as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Basecamp Wealth Advisors LLC raised its holdings in shares of 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 worth $25,000 after purchasing an additional 127 shares during the period. Whittier Trust Co. increased its position in SiteOne Landscape Supply by 72.7% in 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 last quarter. Rothschild Investment LLC raised its stake in shares of SiteOne Landscape Supply by 1,521.4% in the fourth quarter. Rothschild Investment LLC now owns 227 shares of the industrial products company's stock valued at $28,000 after buying an additional 213 shares during the period. IFP Advisors Inc raised its stake in shares of SiteOne Landscape Supply by 106.8% in the fourth quarter. IFP Advisors Inc now owns 306 shares of the industrial products company's stock valued at $38,000 after buying an additional 158 shares during the period. Finally, Empowered Funds LLC purchased a new position in shares of SiteOne Landscape Supply during the 4th quarter valued at $42,000.

SiteOne Landscape Supply Stock Performance

NYSE:SITE opened at $96.56 on Monday. The company has a quick ratio of 1.01, a current ratio of 2.30 and a debt-to-equity ratio of 0.36. The firm's fifty day simple moving average is $102.73 and its 200 day simple moving average is $119.69. The stock has a market cap of $4.21 billion, a P/E ratio of 26.45, a price-to-earnings-growth ratio of 1.40 and a beta of 1.35. SiteOne Landscape Supply, Inc. has a twelve month low of $90.07 and a twelve month high of $168.56.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last posted its earnings results 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). SiteOne Landscape Supply had a return on equity of 9.76% and a net margin of 3.41%.The company had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the prior year, the business posted $2.86 earnings per share. The company's revenue for the quarter was up 4.7% on a year-over-year basis. As a group, research analysts predict that SiteOne Landscape Supply, Inc. will post 3.93 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Doug Black bought 5,000 shares of SiteOne Landscape Supply stock in a transaction on Wednesday, August 26th. The shares were purchased at an average price of $96.13 per share, for a total transaction of $480,650.00. Following the acquisition, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.10% of the company's stock.

Analyst Ratings Changes

SITE has been the topic of a number of analyst reports. Truist Financial lowered their target price on shares of SiteOne Landscape Supply from $200.00 to $120.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Stifel Nicolaus reaffirmed a "hold" rating and issued a $100.00 target price (down from $153.00) on shares of SiteOne Landscape Supply in a research note on Thursday, July 30th. Royal Bank Of Canada dropped their price target on SiteOne Landscape Supply from $171.00 to $135.00 and set an "outperform" rating for the company in a research note on Thursday, July 30th. UBS Group lowered their price objective on shares of SiteOne Landscape Supply from $140.00 to $110.00 and set a "neutral" rating for the company in a report on Thursday, July 30th. Finally, Zacks Research downgraded SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a report on Monday, June 22nd. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $135.27.

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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