Adage Capital Partners GP L.L.C. Sells 20,000 Shares of SiteOne Landscape Supply, Inc. $SITE

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in SiteOne Landscape Supply by 26.7%, now holding 55,000 shares worth approximately $6.68 million.
• Several hedge funds have recently acquired positions in SiteOne, with Golden State Wealth Management increasing its stake by 106.1% and new investments from HM Payson & Co., Brooklyn Investment Group, and others.
• SiteOne's earnings report indicated a miss on earnings per share for the quarter, reporting $2.86 versus the expected $2.89, alongside a revenue of $1.46 billion which fell short of forecasts.

Adage Capital Partners GP L.L.C. reduced its position in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 26.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 55,000 shares of the industrial products company's stock after selling 20,000 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.12% of SiteOne Landscape Supply worth $6,679,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC raised its holdings in SiteOne Landscape Supply by 22.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 1,877 shares of the industrial products company's stock worth $228,000 after acquiring an additional 342 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in SiteOne Landscape Supply by 124.5% in the 1st quarter. Teacher Retirement System of Texas now owns 8,886 shares of the industrial products company's stock worth $1,079,000 after acquiring an additional 4,927 shares during the last quarter. GAMMA Investing LLC raised its holdings in SiteOne Landscape Supply by 24.3% in the 1st quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock worth $59,000 after acquiring an additional 95 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in SiteOne Landscape Supply by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 555,858 shares of the industrial products company's stock worth $67,503,000 after acquiring an additional 2,951 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in SiteOne Landscape Supply by 18.3% in the 1st quarter. TD Asset Management Inc now owns 61,389 shares of the industrial products company's stock worth $7,455,000 after acquiring an additional 9,496 shares during the last quarter.

Analyst Ratings Changes

SITE has been the subject of a number of recent analyst reports. Royal Bank Of Canada boosted their price objective on shares of SiteOne Landscape Supply from $130.00 to $143.00 and gave the stock a "sector perform" rating in a report on Thursday, July 31st. Wall Street Zen upgraded shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, SiteOne Landscape Supply presently has a consensus rating of "Hold" and a consensus price target of $147.00.

SiteOne Landscape Supply Stock Performance

SITE traded down $0.13 during mid-day trading on Thursday, reaching $143.10. 553,648 shares of the company traded hands, compared to its average volume of 519,722. SiteOne Landscape Supply, Inc. has a 52-week low of $101.25 and a 52-week high of $160.74. The company's fifty day moving average price is $136.40 and its 200-day moving average price is $125.65. The company has a quick ratio of 1.06, a current ratio of 2.41 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $6.38 billion, a P/E ratio of 52.22, a P/E/G ratio of 2.38 and a beta of 1.60.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.89 by ($0.03). SiteOne Landscape Supply had a net margin of 2.69% and a return on equity of 7.80%. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the previous year, the firm earned $2.63 EPS. The company's revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts expect that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Joseph Ketter sold 39,640 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $126.28, for a total value of $5,005,739.20. Following the completion of the transaction, the executive vice president owned 13,663 shares of the company's stock, valued at approximately $1,725,363.64. This represents a 74.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Doug Black sold 7,384 shares of the company's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $132.09, for a total transaction of $975,352.56. Following the completion of the transaction, the chief executive officer directly owned 600,446 shares of the company's stock, valued at $79,312,912.14. This represents a 1.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,784 shares of company stock valued at $9,828,465. Insiders own 2.60% of the company's stock.

About SiteOne Landscape Supply

SiteOne Landscape Supply, Inc, together with its subsidiaries, engages in the wholesale distribution of landscape supplies in the United States and Canada. The company provides irrigation products, including controllers, valves, sprinkler heads, irrigation pipes, micro irrigation, and drip products; fertilizer, grass seed, and ice melt products; control products, such as herbicides, fungicides, rodenticides, and other pesticides; landscape accessories that include mulches, soil amendments, drainage pipes, tools, and sods; nursery goods, which consist of deciduous and evergreen shrubs, ornamental, shade, evergreen trees, field grown and container-grown nursery stock, roses, perennials, annuals, bulbs, and plant species and cultivars; hardscapes, such as pavers, natural stones, blocks, and other durable materials; and outdoor lighting products that include lighting fixtures, LED lamps, wires, transformers, and accessories.