Corient Private Wealth LP Makes New $3.50 Million Investment in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Corient Private Wealth LP purchased 30,610 shares of SiteOne Landscape Supply in the second quarter, valued at approximately $3.50 million and representing about 0.07% of the company.
• SiteOne CEO Doug Black bought 5,000 shares worth roughly $480,650, while several other institutional investors—including Norges Bank and Oppenheimer Asset Management—also recently acquired or increased positions.
• SiteOne’s latest quarterly earnings missed analyst expectations, with EPS of $3.14 versus $3.36 forecast and revenue of $1.53 billion versus $1.54 billion expected. Analysts have generally reduced price targets, leaving the stock with a consensus “Hold” rating and a $135.27 target.

Corient Private Wealth LP purchased a new stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 30,610 shares of the industrial products company's stock, valued at approximately $3,502,000. Corient Private Wealth LP owned approximately 0.07% of SiteOne Landscape Supply at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SITE. Bamco Inc. NY lifted its position in SiteOne Landscape Supply by 3.1% during the fourth quarter. Bamco Inc. NY now owns 2,028,366 shares of the industrial products company's stock worth $252,653,000 after buying an additional 61,490 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in SiteOne Landscape Supply in the 2nd quarter valued at $3,059,000. Pier Capital LLC purchased a new stake in SiteOne Landscape Supply in the 4th quarter valued at $3,787,000. Summit Creek Advisors LLC increased its stake in shares of SiteOne Landscape Supply by 22.1% in the 4th quarter. Summit Creek Advisors LLC now owns 73,442 shares of the industrial products company's stock worth $9,148,000 after acquiring an additional 13,312 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of SiteOne Landscape Supply in the 4th quarter worth $18,925,000.

Insider Buying and Selling at SiteOne Landscape Supply

In related news, CEO Doug Black purchased 5,000 shares of SiteOne Landscape Supply stock in a transaction dated Wednesday, August 26th. The shares were acquired at an average cost of $96.13 per share, with a total value of $480,650.00. Following the purchase, the chief executive officer owned 13,000 shares of the company's stock, valued at approximately $1,249,690. The trade was a 62.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.10% of the stock is currently owned by corporate insiders.

SiteOne Landscape Supply Stock Performance

Shares of SiteOne Landscape Supply stock opened at $97.37 on Wednesday. SiteOne Landscape Supply, Inc. has a 52 week low of $90.07 and a 52 week high of $168.56. The business's fifty day simple moving average is $102.41 and its 200-day simple moving average is $118.87. The firm has a market cap of $4.25 billion, a PE ratio of 26.68, a price-to-earnings-growth ratio of 1.43 and a beta of 1.35. The company has a quick ratio of 1.01, a current ratio of 2.30 and a debt-to-equity ratio of 0.36.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The industrial products company reported $3.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business 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 earnings per share. The firm's revenue for the quarter was up 4.7% compared to the same quarter last year. Equities analysts forecast that SiteOne Landscape Supply, Inc. will post 3.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SITE. KeyCorp lowered their price target on shares of SiteOne Landscape Supply from $145.00 to $135.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. Barclays cut their price objective on shares of SiteOne Landscape Supply from $129.00 to $108.00 and set an "equal weight" rating for the company in a research report on Thursday, July 30th. Robert W. Baird reduced their target price on shares of 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. Zacks Research lowered shares of SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a report on Monday, June 22nd. Finally, Stifel Nicolaus reissued a "hold" rating and issued a $100.00 price target (down from $153.00) on shares of SiteOne Landscape Supply in a research note on Thursday, July 30th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus 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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