Corient Private Wealth LP Increases Holdings in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Corient Private Wealth increased its SiteOne Landscape Supply stake by 207.9% in the second quarter, bringing its holdings to 30,936 shares valued at approximately $3.54 million. Other institutional investors, including Amundi and Northwestern Mutual, also expanded their positions.
• SiteOne shares opened at $90.48, near the bottom of their 52-week range of $86.20 to $168.56. The company’s latest quarterly results missed expectations, with earnings per share of $3.14 versus the $3.36 consensus estimate, although revenue rose 4.7% year over year.
• Analyst sentiment is mixed, with the stock carrying an overall “Hold” rating and an average price target of $132.80. CEO Doug Black also bought 8,000 shares at an average price of $102.03 in early August.

Corient Private Wealth LP boosted its position in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 207.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,936 shares of the industrial products company's stock after buying an additional 20,889 shares during the period. Corient Private Wealth LP owned approximately 0.07% of SiteOne Landscape Supply worth $3,539,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Amundi lifted its stake in SiteOne Landscape Supply by 49.0% during the 2nd quarter. Amundi now owns 1,048,747 shares of the industrial products company's stock valued at $120,043,000 after acquiring an additional 344,980 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of SiteOne Landscape Supply in the second quarter worth $2,059,000. AlphaGrep UK Ltd purchased a new position in shares of SiteOne Landscape Supply during the second quarter worth $224,000. Nykredit A S purchased a new position in shares of SiteOne Landscape Supply during the second quarter worth $272,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in SiteOne Landscape Supply by 694.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,185 shares of the industrial products company's stock valued at $250,000 after purchasing an additional 1,910 shares during the period.

SiteOne Landscape Supply Price Performance

NYSE:SITE opened at $90.48 on Monday. SiteOne Landscape Supply, Inc. has a 52 week low of $86.20 and a 52 week high of $168.56. The company has a quick ratio of 1.01, a current ratio of 2.30 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $3.95 billion, a PE ratio of 24.79, a price-to-earnings-growth ratio of 1.31 and a beta of 1.34. The stock's 50-day moving average price is $98.02 and its 200-day moving average price is $113.79.

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Truist Financial lowered 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 report on Thursday, July 30th. Barclays reduced their price objective on SiteOne Landscape Supply from $129.00 to $108.00 and set an "equal weight" rating for the company in a research note on Thursday, July 30th. Stifel Nicolaus reissued a "hold" rating and issued a $100.00 price objective (down from $153.00) on shares of SiteOne Landscape Supply in a report on Thursday, July 30th. Robert W. Baird lowered their target price on SiteOne Landscape Supply from $160.00 to $155.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 28th. Finally, Zacks Research lowered SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a report on Monday, June 22nd. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $132.80.

Insider Buying and Selling at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, CEO Doug Black bought 8,000 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were purchased at an average price of $102.03 per share, for a total transaction of $816,240.00. Following the transaction, the chief executive officer directly owned 8,000 shares of the company's stock, valued at approximately $816,240. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.10% of the stock is currently owned by insiders.

SiteOne Landscape Supply Company Profile

SiteOne Landscape Supply, Inc is a wholesale distributor of landscape, irrigation, and outdoor living products serving professional customers across the United States and Canada. The company supplies landscape contractors, golf course professionals, green-industry businesses, municipalities, and other commercial customers through a network of local branches and distribution facilities.

Its product offerings include irrigation and water-management systems, nursery and landscape supplies, seed, fertilizer, turf and ornamental plant protection products, landscape lighting, hardscape materials, outdoor living products, and related maintenance equipment.

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