Empowered Funds LLC Raises Stake in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Empowered Funds LLC increased its SiteOne Landscape Supply stake by 5,682.4% in the first quarter, ending with 19,371 shares valued at approximately $2.58 million. Other institutional investors, including Comerica Bank, Bamco and Summit Creek Advisors, also increased their holdings.
• SiteOne shares opened at $101, near the lower end of their 12-month range of $90.07 to $168.56. The company reported quarterly revenue of $1.53 billion, up 4.7% year over year, but earnings per share of $3.14 fell short of analysts’ $3.36 estimate.
• Analysts have recently reduced their price targets, with UBS and Barclays assigning neutral ratings and Zacks Research issuing a strong sell rating. Despite a consensus “Hold” rating and average target of $135.27, seven analysts maintain Buy ratings.

Empowered Funds LLC boosted its stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 5,682.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,371 shares of the industrial products company's stock after purchasing an additional 19,036 shares during the quarter. Empowered Funds LLC's holdings in SiteOne Landscape Supply were worth $2,578,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in SITE. Comerica Bank raised its holdings in shares of SiteOne Landscape Supply by 24.4% in the 4th quarter. Comerica Bank now owns 134,716 shares of the industrial products company's stock valued at $16,780,000 after acquiring an additional 26,436 shares in the last quarter. Bamco Inc. NY grew 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 valued at $252,653,000 after acquiring an additional 61,490 shares during the last quarter. Pier Capital LLC bought a new stake in shares of SiteOne Landscape Supply in the 4th quarter worth approximately $3,787,000. Norges Bank bought a new position in shares of SiteOne Landscape Supply during the 4th quarter valued at $18,925,000. Finally, Summit Creek Advisors LLC raised its position in 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 purchasing an additional 13,312 shares during the period.

SiteOne Landscape Supply Stock Performance

Shares of SiteOne Landscape Supply stock opened at $101.00 on Wednesday. SiteOne Landscape Supply, Inc. has a 12 month low of $90.07 and a 12 month high of $168.56. The firm has a market capitalization of $4.41 billion, a P/E ratio of 27.67, a P/E/G ratio of 1.44 and a beta of 1.35. The company has a current ratio of 2.30, a quick ratio of 1.01 and a debt-to-equity ratio of 0.36. The business has a fifty day simple moving average of $106.07 and a two-hundred day simple moving average of $125.91.

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

Analysts Set New Price Targets

SITE has been the topic of several analyst reports. UBS Group decreased their price objective on SiteOne Landscape Supply from $140.00 to $110.00 and set a "neutral" rating on the stock in a report on Thursday, July 30th. Zacks Research lowered SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a research note on Monday, June 22nd. Barclays cut their target price on shares of SiteOne Landscape Supply from $129.00 to $108.00 and set an "equal weight" rating on the stock in a report on Thursday, July 30th. Robert W. Baird decreased 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. Finally, Bank of America cut their price target on shares of SiteOne Landscape Supply from $182.00 to $167.00 and set a "buy" rating on the stock in a report on Monday, April 20th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $135.27.

Insider Buying and Selling

In other SiteOne Landscape Supply news, Director Fred M. Diaz sold 562 shares of the business's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $112.52, for a total value of $63,236.24. Following the sale, the director directly owned 11,267 shares of the company's stock, valued at approximately $1,267,762.84. The trade was a 4.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.10% of the company's stock.

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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