Advantage Alpha Capital Partners LP Lowers Stock Holdings in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Advantage Alpha Capital Partners LP reduced its stake in SiteOne Landscape Supply by 22.7%, selling 11,797 shares and now holding approximately 40,255 shares valued at $4.9 million as of Q1.
• CEO Doug Black and EVP Joseph Ketter both sold shares recently, with Ketter's sale representing a significant 74.37% decrease in their ownership.
• Several hedge funds increased their holdings in SiteOne Landscape Supply, including T. Rowe Price Investment Management, which raised its stake by 31%.

Advantage Alpha Capital Partners LP cut its holdings in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 22.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 40,255 shares of the industrial products company's stock after selling 11,797 shares during the quarter. Advantage Alpha Capital Partners LP owned about 0.09% of SiteOne Landscape Supply worth $4,889,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SITE. HM Payson & Co. purchased a new stake in SiteOne Landscape Supply in the first quarter valued at about $25,000. Brooklyn Investment Group purchased a new stake in SiteOne Landscape Supply in the first quarter valued at about $32,000. Golden State Wealth Management LLC raised its stake in SiteOne Landscape Supply by 106.1% in the first quarter. Golden State Wealth Management LLC now owns 270 shares of the industrial products company's stock valued at $33,000 after buying an additional 139 shares during the last quarter. Eastern Bank purchased a new stake in SiteOne Landscape Supply in the first quarter valued at about $38,000. Finally, GAMMA Investing LLC raised its stake in SiteOne Landscape Supply by 24.3% in the first quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock valued at $59,000 after buying an additional 95 shares during the last quarter.

Insider Buying and Selling at SiteOne Landscape Supply

In other news, CEO Doug Black sold 29,760 shares of the business's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $129.28, for a total value of $3,847,372.80. Following the completion of the transaction, the chief executive officer directly owned 596,684 shares of the company's stock, valued at $77,139,307.52. The trade was a 4.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was 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 directly owned 13,663 shares of the company's stock, valued at approximately $1,725,363.64. This trade represents a 74.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 76,784 shares of company stock valued at $9,828,465. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SITE shares. Truist Financial reduced their price target on SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Royal Bank Of Canada boosted their target price on SiteOne Landscape Supply from $130.00 to $143.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 31st. Finally, Wall Street Zen raised SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $147.00.

SiteOne Landscape Supply Price Performance

Shares of SITE traded up $1.09 during mid-day trading on Wednesday, hitting $144.76. The company's stock had a trading volume of 166,002 shares, compared to its average volume of 515,904. The company has a current ratio of 2.41, a quick ratio of 1.06 and a debt-to-equity ratio of 0.35. The firm has a 50-day simple moving average of $131.04 and a 200 day simple moving average of $125.12. The firm has a market capitalization of $6.46 billion, a P/E ratio of 52.83, a P/E/G ratio of 2.41 and a beta of 1.54. SiteOne Landscape Supply, Inc. has a 1-year low of $101.25 and a 1-year high of $160.74.

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

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.