Comerica Bank Increases Stock Holdings in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Comerica Bank has increased its stake in SiteOne Landscape Supply by 12.2%, reaching a total of $13.14 million by owning 108,203 shares as of the end of the first quarter.
• CEO Doug Black sold 7,384 shares for approximately $975,353, resulting in a 1.21% decrease in his ownership.
• SiteOne Landscape Supply reported a missed earnings estimate in its latest quarter, with earnings per share of $2.86 compared to the expected $2.89.

Comerica Bank lifted its holdings in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 12.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,203 shares of the industrial products company's stock after buying an additional 11,750 shares during the quarter. Comerica Bank owned approximately 0.24% of SiteOne Landscape Supply worth $13,140,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in SiteOne Landscape Supply by 12.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,079,615 shares of the industrial products company's stock valued at $738,309,000 after purchasing an additional 660,081 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in SiteOne Landscape Supply by 31.0% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,092,742 shares of the industrial products company's stock valued at $254,143,000 after purchasing an additional 494,737 shares in the last quarter. BLI Banque de Luxembourg Investments purchased a new position in SiteOne Landscape Supply in the 4th quarter valued at $22,787,000. Jackson Square Partners LLC lifted its holdings in SiteOne Landscape Supply by 2,732.2% in the 1st quarter. Jackson Square Partners LLC now owns 176,755 shares of the industrial products company's stock valued at $21,465,000 after purchasing an additional 170,514 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in SiteOne Landscape Supply by 108.8% in the 1st quarter. Invesco Ltd. now owns 309,504 shares of the industrial products company's stock valued at $37,586,000 after purchasing an additional 161,263 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SITE shares. Royal Bank Of Canada raised their price objective on SiteOne Landscape Supply from $130.00 to $143.00 and gave the company a "sector perform" rating in a report on Thursday, July 31st. Wall Street Zen upgraded 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 assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $147.00.

Insider Activity at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, CEO Doug Black sold 29,760 shares of SiteOne Landscape Supply stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $129.28, for a total transaction of $3,847,372.80. Following the transaction, the chief executive officer 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 filing with the SEC, which is available at this hyperlink. Also, EVP Joseph Ketter sold 39,640 shares of SiteOne Landscape Supply stock in a transaction that occurred 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 transaction, the executive vice president directly owned 13,663 shares in the company, valued at approximately $1,725,363.64. This trade represents a 74.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,784 shares of company stock worth $9,828,465. 2.60% of the stock is currently owned by corporate insiders.

SiteOne Landscape Supply Stock Down 1.0%

Shares of SITE traded down $1.52 during midday trading on Monday, hitting $143.44. The company had a trading volume of 326,072 shares, compared to its average volume of 518,380. The company's 50-day simple moving average is $133.14 and its 200-day simple moving average is $125.19. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.06 and a current ratio of 2.41. The firm has a market capitalization of $6.40 billion, a P/E ratio of 52.35, a P/E/G ratio of 2.39 and a beta of 1.60. 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 issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $2.89 by ($0.03). SiteOne Landscape Supply had a return on equity of 7.80% and a net margin of 2.69%.The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the business posted $2.63 EPS. SiteOne Landscape Supply's revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts expect that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current year.

SiteOne Landscape Supply Company Profile

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.