BlackRock Inc. Buys New Position in SiteOne Landscape Supply, Inc. $SITE

Key Points

• BlackRock initiated a major position in SiteOne Landscape Supply during the second quarter, purchasing 1.93 million shares worth approximately $221.4 million, equivalent to about 4.43% of the company.
• SiteOne CEO Doug Black also purchased 8,000 shares for roughly $816,000. Company insiders currently own 2.10% of the stock.
• The company’s latest quarterly results fell short of expectations, with EPS of $3.14 versus the $3.36 consensus and revenue of $1.53 billion versus $1.54 billion expected. Analysts’ consensus rating is Hold, with an average price target of $135.27.

BlackRock Inc. bought a new position in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,934,754 shares of the industrial products company's stock, valued at approximately $221,355,000. BlackRock Inc. owned approximately 4.43% of SiteOne Landscape Supply at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Man Group plc boosted its position in shares of SiteOne Landscape Supply by 0.4% in the 2nd quarter. Man Group plc now owns 22,338 shares of the industrial products company's stock valued at $2,702,000 after purchasing an additional 86 shares during the period. Whittier Trust Co. raised 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 buying an additional 88 shares during the period. Parallel Advisors LLC grew its stake in SiteOne Landscape Supply by 15.6% during the 1st quarter. Parallel Advisors LLC now owns 652 shares of the industrial products company's stock valued at $87,000 after acquiring an additional 88 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in shares of SiteOne Landscape Supply by 0.5% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 16,928 shares of the industrial products company's stock worth $2,109,000 after purchasing an additional 89 shares during the period. Finally, NewEdge Advisors LLC grew its position 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 valued at $48,000 after purchasing an additional 107 shares in the last quarter.

Insider Buying and Selling at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, CEO Doug Black bought 8,000 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was bought at an average price of $102.03 per share, for a total transaction of $816,240.00. Following the transaction, the chief executive officer owned 8,000 shares of the company's stock, valued at approximately $816,240. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is currently owned by company insiders.

SiteOne Landscape Supply Stock Performance

SiteOne Landscape Supply stock opened at $95.40 on Friday. The firm has a market capitalization of $4.16 billion, a P/E ratio of 26.14, a P/E/G ratio of 1.39 and a beta of 1.35. The stock has a fifty day moving average price of $103.00 and a two-hundred day moving average price of $120.03. SiteOne Landscape Supply, Inc. has a 52-week low of $90.07 and a 52-week 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.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SITE shares. Weiss Ratings downgraded SiteOne Landscape Supply from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, August 17th. Robert W. Baird lowered their price objective on SiteOne Landscape Supply from $160.00 to $155.00 and set an "outperform" rating on the stock in a report on Tuesday, July 28th. KeyCorp lowered their price target on SiteOne Landscape Supply from $145.00 to $135.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Stifel Nicolaus reaffirmed a "hold" rating and set a $100.00 price objective (down from $153.00) on shares of SiteOne Landscape Supply in a report on Thursday, July 30th. Finally, UBS Group decreased their price target on shares of SiteOne Landscape Supply from $140.00 to $110.00 and set a "neutral" rating for the company in a report on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $135.27.

SiteOne Landscape Supply Company 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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