Conestoga Capital Advisors LLC Sells 310,746 Shares of SiteOne Landscape Supply, Inc. $SITE

Key Points

• Conestoga Capital Advisors cut its SiteOne stake by 32.4%, selling 310,746 shares in the third quarter and retaining 649,540 shares valued at about $58.7 million.
• SiteOne reported quarterly earnings of $1.46 per share, matching analyst estimates; revenue rose 2.6% year over year to $1.29 billion, slightly below forecasts.
• Analysts have a consensus “Hold” rating on the stock, with an average price target of $123. The CEO separately bought 9,100 shares for about $1 million.

Conestoga Capital Advisors LLC trimmed its position in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 32.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 649,540 shares of the industrial products company's stock after selling 310,746 shares during the period. SiteOne Landscape Supply makes up about 1.8% of Conestoga Capital Advisors LLC's holdings, making the stock its 22nd biggest position. Conestoga Capital Advisors LLC owned approximately 1.51% of SiteOne Landscape Supply worth $58,660,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SITE. Chicago Partners Investment Group LLC purchased a new stake in shares of SiteOne Landscape Supply in the third quarter valued at about $853,000. Markel Group Inc. purchased a new position in SiteOne Landscape Supply during the third quarter worth about $719,000. Provenance Wealth Advisors LLC purchased a new position in SiteOne Landscape Supply during the third quarter worth about $233,000. Bridge City Capital LLC raised its holdings in SiteOne Landscape Supply by 41.2% during the third quarter. Bridge City Capital LLC now owns 84,477 shares of the industrial products company's stock worth $7,629,000 after purchasing an additional 24,642 shares in the last quarter. Finally, Vise Technologies Inc. acquired a new stake in SiteOne Landscape Supply in the third quarter valued at about $317,000.

SiteOne Landscape Supply Stock Up 6.0%

Shares of NYSE SITE opened at $118.37 on Thursday. The company has a quick ratio of 1.03, a current ratio of 2.41 and a debt-to-equity ratio of 0.34. SiteOne Landscape Supply, Inc. has a 52 week low of $82.00 and a 52 week high of $168.56. The firm has a 50-day moving average price of $95.79 and a 200 day moving average price of $116.09. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 31.15, a price-to-earnings-growth ratio of 1.74 and a beta of 1.29.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its earnings results on Wednesday, October 28th. The industrial products company reported $1.46 earnings per share for the quarter, hitting the consensus estimate of $1.46. SiteOne Landscape Supply had a net margin of 3.49% and a return on equity of 10.06%. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the business posted $1.31 earnings per share. The firm's revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that SiteOne Landscape Supply, Inc. will post 3.74 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Zacks Research lowered SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 27th. Weiss Ratings raised SiteOne Landscape Supply from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, October 22nd. Robert W. Baird reduced their price target on SiteOne Landscape Supply from $160.00 to $155.00 and set an "outperform" rating for the company in a report on Tuesday, July 28th. Truist Financial decreased their price target on SiteOne Landscape Supply from $200.00 to $120.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Finally, Stifel Nicolaus dropped their price objective on SiteOne Landscape Supply from $100.00 to $94.00 and set a "hold" rating on the stock in a report on Monday, October 26th. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, SiteOne Landscape Supply currently has a consensus rating of "Hold" and an average target price of $123.00.

Insider Buying and Selling at SiteOne Landscape Supply

In other news, CEO Doug Black purchased 9,100 shares of the stock in a transaction that occurred on Friday, October 30th. The shares were acquired at an average price of $110.30 per share, for a total transaction of $1,003,730.00. Following the acquisition, the chief executive officer directly owned 18,141 shares in the company, valued at approximately $2,000,952.30. The trade was a 100.65% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

SiteOne Landscape Supply Company Profile

SiteOne Landscape Supply, Inc NYSE: SITE is a wholesale distributor of landscape and outdoor living products in the United States and Canada. The company serves landscape professionals, irrigation contractors, golf course and sports-turf managers, nursery and greenhouse operators, and other customers in the green industry.

Its product offerings include irrigation and water-management systems, landscape lighting, nursery and greenhouse supplies, fertilizers and other agronomic products, turf-care equipment, hardscape materials, outdoor living products, and pest-control supplies.

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