Fifth Third Bancorp Purchases 143,073 Shares of SiteOne Landscape Supply, Inc. $SITE

Key Points

• Fifth Third Bancorp significantly increased its stake in SiteOne Landscape Supply during the first quarter, adding 143,073 shares and raising its holdings to 143,574 shares worth about $19.1 million.
• SiteOne’s recent quarterly results missed expectations, as the company reported an EPS loss of $0.60 versus the expected $0.33 loss and revenue of $940.1 million versus the $982.27 million estimate.
• Analyst sentiment is mixed, with firms adjusting price targets and ratings; the stock currently carries a consensus “Hold” rating and an average price target of $158.36.

Fifth Third Bancorp grew its position in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 28,557.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 143,574 shares of the industrial products company's stock after acquiring an additional 143,073 shares during the period. Fifth Third Bancorp owned about 0.32% of SiteOne Landscape Supply worth $19,111,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Man Group plc boosted its position in shares of SiteOne Landscape Supply by 0.4% during the second quarter. Man Group plc now owns 22,338 shares of the industrial products company's stock valued at $2,702,000 after purchasing an additional 86 shares in the last quarter. Whittier Trust Co. lifted its position in SiteOne Landscape Supply by 72.7% during the first quarter. Whittier Trust Co. now owns 209 shares of the industrial products company's stock valued at $27,000 after buying an additional 88 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in shares of SiteOne Landscape Supply by 0.5% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 16,928 shares of the industrial products company's stock valued at $2,109,000 after buying an additional 89 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of SiteOne Landscape Supply by 36.6% in the 1st quarter. NewEdge Advisors LLC now owns 399 shares of the industrial products company's stock worth $48,000 after buying an additional 107 shares during the period. Finally, Mitchell & Pahl Private Wealth LLC increased its stake in shares of SiteOne Landscape Supply by 2.0% in the 4th quarter. Mitchell & Pahl Private Wealth LLC now owns 5,915 shares of the industrial products company's stock worth $737,000 after acquiring an additional 118 shares in the last quarter.

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 dated Thursday, May 28th. The stock was sold at an average price of $112.52, for a total value of $63,236.24. Following the completion of the transaction, the director 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.10% of the company's stock.

SiteOne Landscape Supply Stock Performance

Shares of SITE opened at $105.19 on Tuesday. The company has a market cap of $4.66 billion, a price-to-earnings ratio of 31.22, a P/E/G ratio of 1.43 and a beta of 1.34. The business's fifty day simple moving average is $111.42 and its two-hundred day simple moving average is $129.43. SiteOne Landscape Supply, Inc. has a 12 month low of $100.52 and a 12 month high of $168.56. The company has a current ratio of 2.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The industrial products company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($0.27). The business had revenue of $940.10 million during the quarter, compared to analysts' expectations of $982.27 million. SiteOne Landscape Supply had a return on equity of 9.22% and a net margin of 3.24%.The firm's revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.61) EPS. Research analysts anticipate that SiteOne Landscape Supply, Inc. will post 4.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on SITE. Bank of America dropped their price objective on shares of SiteOne Landscape Supply from $182.00 to $167.00 and set a "buy" rating on the stock in a research note on Monday, April 20th. Barclays lowered their target price on shares of SiteOne Landscape Supply from $150.00 to $148.00 and set an "equal weight" rating for the company in a report on Thursday, April 30th. Zacks Research cut SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a research report on Monday, June 22nd. Deutsche Bank Aktiengesellschaft upgraded SiteOne Landscape Supply from a "hold" rating to a "buy" rating and set a $160.00 price target on the stock in a research note on Thursday, April 30th. Finally, Robert W. Baird set a $160.00 price objective on SiteOne Landscape Supply in a research report on Thursday, April 30th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $158.36.

About SiteOne Landscape Supply

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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