59 North Capital Management LP Sells 208,619 Shares of SiteOne Landscape Supply, Inc. $SITE

Key Points

• 59 North Capital Management LP cut its SiteOne stake by 12.5% in the fourth quarter, selling 208,619 shares and still holding 1,456,112 shares worth about $181.4 million.
• SiteOne’s latest quarterly results missed expectations, with EPS of -$0.60 versus the -$0.33 estimate and revenue of $940.1 million versus $982.27 million expected.
• The stock was down about 2% and analysts remain mixed overall, with an average rating of “Hold” and an average price target of $160.10.

59 North Capital Management LP reduced its stake in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 12.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,456,112 shares of the industrial products company's stock after selling 208,619 shares during the period. SiteOne Landscape Supply accounts for approximately 5.6% of 59 North Capital Management LP's investment portfolio, making the stock its 11th biggest position. 59 North Capital Management LP owned approximately 3.27% of SiteOne Landscape Supply worth $181,373,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of SITE. Millennium Management LLC grew its holdings in SiteOne Landscape Supply by 45.9% during the 1st quarter. Millennium Management LLC now owns 75,149 shares of the industrial products company's stock worth $9,126,000 after acquiring an additional 23,657 shares during the period. NewEdge Advisors LLC grew its stake in shares of SiteOne Landscape Supply by 36.6% in the 1st quarter. NewEdge Advisors LLC now owns 399 shares of the industrial products company's stock valued at $48,000 after buying an additional 107 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of SiteOne Landscape Supply by 5.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 213,331 shares of the industrial products company's stock valued at $25,907,000 after buying an additional 11,574 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of SiteOne Landscape Supply by 10.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 170,285 shares of the industrial products company's stock valued at $20,679,000 after buying an additional 16,378 shares during the period. Finally, Jane Street Group LLC acquired a new stake in shares of SiteOne Landscape Supply in the 1st quarter valued at about $6,797,000.

SiteOne Landscape Supply Stock Down 2.0%

SiteOne Landscape Supply stock opened at $105.49 on Thursday. The firm has a 50 day simple moving average of $121.39 and a 200 day simple moving average of $131.86. The firm has a market capitalization of $4.67 billion, a price-to-earnings ratio of 31.30, a P/E/G ratio of 1.40 and a beta of 1.35. The company has a current ratio of 2.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39. SiteOne Landscape Supply, Inc. has a 1-year low of $100.52 and a 1-year high of $168.56.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The industrial products company reported ($0.60) EPS for the quarter, missing analysts' consensus estimates of ($0.33) by ($0.27). The firm had revenue of $940.10 million for the quarter, compared to analysts' expectations of $982.27 million. SiteOne Landscape Supply had a net margin of 3.24% and a return on equity of 9.22%. The firm's revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.61) earnings per share. On average, analysts predict that SiteOne Landscape Supply, Inc. will post 4.18 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Weiss Ratings downgraded SiteOne Landscape Supply from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, May 6th. Stifel Nicolaus upgraded SiteOne Landscape Supply from a "hold" rating to a "buy" rating and set a $157.00 target price for the company in a research note on Monday, May 4th. Bank of America cut their price target on SiteOne Landscape Supply from $182.00 to $167.00 and set a "buy" rating for the company in a research note on Monday, April 20th. UBS Group started coverage on SiteOne Landscape Supply in a research note on Friday, April 10th. They set a "neutral" rating and a $140.00 price target for the company. Finally, Barclays cut their price target on SiteOne Landscape Supply from $150.00 to $148.00 and set an "equal weight" rating for the company in a research note on Thursday, April 30th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, SiteOne Landscape Supply presently has an average rating of "Hold" and an average price target of $160.10.

Insider Transactions at SiteOne Landscape Supply

In related news, Director Fred M. Diaz sold 563 shares of the company's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $115.13, for a total value of $64,818.19. Following the completion of the transaction, the director directly owned 11,829 shares in the company, valued at approximately $1,361,872.77. The trade was a 4.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company 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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