Bank of America Corp DE Sells 106,057 Shares of SiteOne Landscape Supply, Inc. $SITE

Key Points

• Bank of America reduced its SiteOne Landscape Supply position by 27.5%, selling 106,057 shares and retaining 280,204 shares valued at approximately $37.3 million.
• Insider activity was mixed: Director Fred M. Diaz sold 563 shares, while CEO Doug Black purchased 8,000 shares for about $816,240. Insiders collectively own 2.10% of the company.
• SiteOne’s latest quarterly earnings missed estimates, with EPS of $3.14 versus the $3.36 consensus, although revenue rose 4.7% year over year to $1.53 billion. Analysts’ average rating is Hold, with a consensus price target of $135.27.

Bank of America Corp DE reduced its position in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 27.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 280,204 shares of the industrial products company's stock after selling 106,057 shares during the period. Bank of America Corp DE owned 0.63% of SiteOne Landscape Supply worth $37,298,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SITE. Whittier Trust Co. lifted its position in SiteOne Landscape Supply by 72.7% during the first quarter. Whittier Trust Co. now owns 209 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 88 shares during the last quarter. Rothschild Investment LLC lifted its holdings in shares of SiteOne Landscape Supply by 1,521.4% in the 4th quarter. Rothschild Investment LLC now owns 227 shares of the industrial products company's stock worth $28,000 after acquiring an additional 213 shares during the last quarter. IFP Advisors Inc boosted its position in SiteOne Landscape Supply by 106.8% in the 4th quarter. IFP Advisors Inc now owns 306 shares of the industrial products company's stock valued at $38,000 after buying an additional 158 shares during the period. Empowered Funds LLC acquired a new position in SiteOne Landscape Supply during the 4th quarter worth approximately $42,000. Finally, NewEdge Advisors LLC raised its holdings in SiteOne Landscape Supply by 36.6% during the first quarter. NewEdge Advisors LLC now owns 399 shares of the industrial products company's stock worth $48,000 after purchasing an additional 107 shares in the last quarter.

Insider Activity at SiteOne Landscape Supply

In other news, Director Fred M. Diaz sold 563 shares of the firm's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $115.13, for a total transaction of $64,818.19. Following the completion of the transaction, the director owned 11,829 shares of the company's stock, valued at approximately $1,361,872.77. This trade represents a 4.54% decrease in their ownership of the stock. The transaction 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. Also, CEO Doug Black acquired 8,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were bought at an average price of $102.03 per share, with a total value of $816,240.00. Following the completion of the transaction, the chief executive officer directly owned 8,000 shares of the company's stock, valued at $816,240. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 2.10% of the company's stock.

SiteOne Landscape Supply Stock Performance

SITE opened at $98.53 on Friday. The business's 50-day moving average price is $104.86 and its two-hundred day moving average price is $123.37. SiteOne Landscape Supply, Inc. has a 1 year low of $90.07 and a 1 year high of $168.56. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.30 and a quick ratio of 1.01. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of 26.99, a P/E/G ratio of 1.42 and a beta of 1.35.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The industrial products company reported $3.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.36 by ($0.22). SiteOne Landscape Supply had a net margin of 3.41% and a return on equity of 9.76%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the business earned $2.86 EPS. The company's revenue for the quarter was up 4.7% compared to the same quarter last year. Equities analysts expect that SiteOne Landscape Supply, Inc. will post 3.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SITE shares. Deutsche Bank Aktiengesellschaft raised SiteOne Landscape Supply from a "hold" rating to a "buy" rating and set a $160.00 price target for the company in a report on Thursday, April 30th. Barclays dropped their price objective on SiteOne Landscape Supply from $129.00 to $108.00 and set an "equal weight" rating for the company in a report on Thursday, July 30th. UBS Group cut their target price 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. Truist Financial dropped their price target on shares of SiteOne Landscape Supply from $200.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Finally, Zacks Research lowered SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a report on Monday, June 22nd. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $135.27.

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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