428,517 Shares in SiteOne Landscape Supply, Inc. $SITE Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 428,517 shares of SiteOne Landscape Supply during the second quarter, worth approximately $49.0 million and representing 0.98% of the company.
• SiteOne’s CEO Doug Black purchased 5,000 shares for about $480,650, increasing his direct ownership by 62.5%. Other institutional investors, including Norges Bank and Legal & General, also established or increased positions.
• Analyst sentiment remains mixed, with an average “Hold” rating and a $132.80 target price. The company recently missed quarterly EPS estimates, while revenue rose 4.7% year over year; shares opened at $90.48, near their 52-week low.

Bank of America Corp DE bought a new stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 428,517 shares of the industrial products company's stock, valued at approximately $49,027,000. Bank of America Corp DE owned 0.98% of SiteOne Landscape Supply as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Bamco Inc. NY boosted its stake in 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 purchasing an additional 61,490 shares during the period. Legal & General Group Plc bought a new position in SiteOne Landscape Supply during the 2nd quarter worth $4,281,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of SiteOne Landscape Supply during the second quarter worth $3,059,000. Norges Bank acquired a new stake in shares of SiteOne Landscape Supply during the fourth quarter worth $18,925,000. Finally, Wasatch Advisors LP boosted its position in shares of SiteOne Landscape Supply by 1.6% in the first quarter. Wasatch Advisors LP now owns 2,121,524 shares of the industrial products company's stock valued at $282,396,000 after acquiring an additional 33,347 shares during the period.

Insider Activity at SiteOne Landscape Supply

In other news, CEO Doug Black bought 5,000 shares of the company's stock in a transaction on Wednesday, August 26th. The shares were purchased at an average price of $96.13 per share, with a total value of $480,650.00. Following the transaction, the chief executive officer directly owned 13,000 shares in the company, valued at $1,249,690. This represents a 62.50% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

SITE has been the topic of several research reports. UBS Group decreased their price target on shares of SiteOne Landscape Supply from $140.00 to $110.00 and set a "neutral" rating on the stock in a research note on Thursday, July 30th. Robert W. Baird cut 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 report on Tuesday, July 28th. Royal Bank Of Canada decreased their target price on shares of SiteOne Landscape Supply from $171.00 to $135.00 and set an "outperform" rating on the stock in a research report on Thursday, July 30th. 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. Finally, Weiss Ratings downgraded shares of SiteOne Landscape Supply from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $132.80.

SiteOne Landscape Supply Trading Up 0.0%

SITE opened at $90.48 on Monday. 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, Inc. has a fifty-two week low of $86.20 and a fifty-two week high of $168.56. The company's 50 day moving average price is $98.02 and its two-hundred day moving average price is $113.79. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of 24.79, a PEG ratio of 1.31 and a beta of 1.34.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.36 by ($0.22). The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate 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 revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $2.86 earnings per share. As a group, research analysts predict that SiteOne Landscape Supply, Inc. will post 3.93 earnings per share for the current year.

SiteOne Landscape Supply Company Profile

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

Its product offerings include irrigation and water-management systems, nursery and landscape supplies, seed, fertilizer, turf and ornamental plant protection products, landscape lighting, hardscape materials, outdoor living products, and related maintenance equipment.

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