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

Several other institutional investors and hedge funds have also modified their holdings of the business. SVB Wealth LLC acquired a new stake in shares of SiteOne Landscape Supply in the 1st quarter valued at $69,000. Ameriprise Financial Inc. lifted its stake in shares of SiteOne Landscape Supply by 21.3% in the 1st quarter. Ameriprise Financial Inc. now owns 773,358 shares of the industrial products company's stock valued at $93,913,000 after purchasing an additional 135,949 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of 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 during the last quarter. Finally, Capital Fund Management S.A. acquired a new stake in shares of SiteOne Landscape Supply in the 1st quarter valued at $1,428,000.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, CEO Doug Black sold 29,760 shares of the business's stock in a transaction dated Friday, July 11th. The shares were 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 in the company, valued at approximately $77,139,307.52. The trade was a 4.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $126.28, for a total transaction of $5,005,739.20. Following the transaction, the executive vice president owned 13,663 shares in the company, valued at approximately $1,725,363.64. The trade was a 74.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,784 shares of company stock worth $9,828,465. Insiders own 2.60% of the company's stock.

SiteOne Landscape Supply Stock Performance

SITE traded down $1.52 during trading on Friday, hitting $143.44. The stock had a trading volume of 326,072 shares, compared to its average volume of 538,536. The firm has a market cap of $6.40 billion, a PE ratio of 52.35, a P/E/G ratio of 2.42 and a beta of 1.54. SiteOne Landscape Supply, Inc. has a 12 month low of $101.25 and a 12 month high of $160.74. 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 company has a 50 day simple moving average of $132.69 and a 200-day simple moving average of $125.40.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share (EPS) 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 company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the firm posted $2.63 EPS. The business's revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts expect that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current year.

SiteOne Landscape Supply 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.