Allspring Global Investments Holdings LLC Sells 106,283 Shares of SiteOne Landscape Supply, Inc. $SITE

Key Points

• Allspring Global Investments Holdings LLC cut its stake in SiteOne by 32.7%, selling 106,283 shares and leaving it with 218,883 shares (about 0.49% of the company) valued at roughly $27.37 million; several other institutions (including 59 North, AQR and Balyasny) have recently initiated or materially increased positions.
• SiteOne beat quarterly EPS expectations (reported ($0.20) vs. consensus ($0.29)) with revenue of $1.05 billion (in line), and the stock carries a market cap of $5.64 billion, a P/E of 37.77 and a MarketBeat consensus rating of "Hold" with a $162.50 target.

Allspring Global Investments Holdings LLC lowered its holdings in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 32.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 218,883 shares of the industrial products company's stock after selling 106,283 shares during the period. Allspring Global Investments Holdings LLC owned 0.49% of SiteOne Landscape Supply worth $27,374,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. 59 North Capital Management LP acquired a new position in shares of SiteOne Landscape Supply in the third quarter valued at $214,417,000. Cartenna Capital LP acquired a new stake in SiteOne Landscape Supply during the third quarter worth approximately $63,756,000. Amundi bought a new stake in shares of SiteOne Landscape Supply during the third quarter worth approximately $59,763,000. AQR Capital Management LLC lifted its holdings in SiteOne Landscape Supply by 743.5% during the 2nd quarter. AQR Capital Management LLC now owns 441,192 shares of the industrial products company's stock worth $52,440,000 after purchasing an additional 388,890 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its stake in SiteOne Landscape Supply by 791.0% in the 3rd quarter. Balyasny Asset Management L.P. now owns 351,041 shares of the industrial products company's stock valued at $45,214,000 after purchasing an additional 311,641 shares during the period.

SiteOne Landscape Supply Stock Up 0.1%

SiteOne Landscape Supply stock opened at $126.92 on Friday. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of 37.77, a PEG ratio of 1.64 and a beta of 1.57. SiteOne Landscape Supply, Inc. has a 52-week low of $101.25 and a 52-week high of $168.56. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.20 and a current ratio of 2.47. The firm has a 50 day moving average price of $140.92 and a two-hundred day moving average price of $133.74.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The industrial products company reported ($0.20) EPS for the quarter, beating analysts' consensus estimates of ($0.29) by $0.09. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.05 billion. SiteOne Landscape Supply had a net margin of 3.23% and a return on equity of 9.28%. The company's quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.48) EPS. Equities analysts predict that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current year.

Insider Activity at SiteOne Landscape Supply

In related news, EVP Eric J. Elema sold 1,765 shares of the firm's stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $158.01, for a total transaction of $278,887.65. Following the completion of the sale, the executive vice president owned 2,911 shares of the company's stock, valued at $459,967.11. This trade represents a 37.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

SITE has been the topic of several recent research reports. Bank of America began coverage on SiteOne Landscape Supply in a research report on Thursday, December 18th. They set a "buy" rating and a $147.00 price objective on the stock. Royal Bank Of Canada boosted their target price on shares of SiteOne Landscape Supply from $151.00 to $171.00 and gave the company an "outperform" rating in a research report on Thursday, February 12th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of SiteOne Landscape Supply in a research report on Wednesday, January 21st. Truist Financial lifted their price objective on shares of SiteOne Landscape Supply from $165.00 to $200.00 and gave the stock a "buy" rating in a research note on Wednesday, February 11th. Finally, Robert W. Baird set a $190.00 price objective on shares of SiteOne Landscape Supply in a report on Thursday, February 12th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $162.50.

About SiteOne Landscape Supply

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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