Fred Alger Management LLC Boosts Stake in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Fred Alger Management LLC increased its stake in SiteOne Landscape Supply, owning a total of 399,585 shares valued at approximately $48.5 million.
• SiteOne Landscape Supply reported earnings of $2.86 per share for the last quarter, falling short of analyst expectations, with revenue at $1.46 billion.
• Analysts have a consensus rating of "Hold" for SiteOne shares, with a price target raised from $130 to $143 by Royal Bank of Canada.

Fred Alger Management LLC increased its holdings in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 17.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 399,585 shares of the industrial products company's stock after acquiring an additional 58,129 shares during the period. Fred Alger Management LLC owned approximately 0.89% of SiteOne Landscape Supply worth $48,526,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its position in SiteOne Landscape Supply by 5.7% in the first quarter. Goldman Sachs Group Inc. now owns 213,331 shares of the industrial products company's stock worth $25,907,000 after acquiring an additional 11,574 shares during the period. Petrus Trust Company LTA acquired a new position in SiteOne Landscape Supply during the first quarter worth $404,000. NewEdge Advisors LLC lifted its position in shares of SiteOne Landscape Supply by 36.6% during the first quarter. NewEdge Advisors LLC now owns 399 shares of the industrial products company's stock worth $48,000 after purchasing an additional 107 shares in the last quarter. Millennium Management LLC lifted its position in shares of SiteOne Landscape Supply by 45.9% during the first quarter. Millennium Management LLC now owns 75,149 shares of the industrial products company's stock worth $9,126,000 after purchasing an additional 23,657 shares in the last quarter. Finally, State of Wyoming raised its stake in shares of SiteOne Landscape Supply by 18.4% in the first quarter. State of Wyoming now owns 1,644 shares of the industrial products company's stock valued at $200,000 after acquiring an additional 255 shares in the last quarter.

Insider Activity at SiteOne Landscape Supply

In other news, CEO Doug Black sold 29,760 shares of the business's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $129.28, for a total transaction of $3,847,372.80. Following the sale, the chief executive officer owned 596,684 shares of the company's stock, valued at $77,139,307.52. The trade was a 4.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Joseph Ketter sold 39,640 shares of SiteOne Landscape Supply stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $126.28, for a total value of $5,005,739.20. Following the transaction, the executive vice president directly owned 13,663 shares of the company's stock, valued at $1,725,363.64. This trade represents a 74.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,784 shares of company stock worth $9,828,465 in the last quarter. 2.60% of the stock is currently owned by insiders.

SiteOne Landscape Supply Stock Performance

Shares of SITE traded up $0.66 during midday trading on Wednesday, reaching $143.17. 554,644 shares of the stock were exchanged, compared to its average volume of 508,639. The business's 50-day moving average price is $136.40 and its 200 day moving average price is $125.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.41 and a quick ratio of 1.06. SiteOne Landscape Supply, Inc. has a twelve month low of $101.25 and a twelve month high of $160.74. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of 52.25, a PEG ratio of 2.38 and a beta of 1.60.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.89 by ($0.03). SiteOne Landscape Supply had a net margin of 2.69% and a return on equity of 7.80%. The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the firm earned $2.63 EPS. The business's revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts expect that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on SITE. Royal Bank Of Canada increased their price objective on SiteOne Landscape Supply from $130.00 to $143.00 and gave the company a "sector perform" rating in a research note on Thursday, July 31st. Wall Street Zen upgraded SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, SiteOne Landscape Supply presently has an average rating of "Hold" and a consensus target price of $147.00.

About SiteOne Landscape Supply

SiteOne Landscape Supply, Inc, together with its subsidiaries, engages in the wholesale distribution of landscape supplies in the United States and Canada. The company provides irrigation products, including controllers, valves, sprinkler heads, irrigation pipes, micro irrigation, and drip products; fertilizer, grass seed, and ice melt products; control products, such as herbicides, fungicides, rodenticides, and other pesticides; landscape accessories that include mulches, soil amendments, drainage pipes, tools, and sods; nursery goods, which consist of deciduous and evergreen shrubs, ornamental, shade, evergreen trees, field grown and container-grown nursery stock, roses, perennials, annuals, bulbs, and plant species and cultivars; hardscapes, such as pavers, natural stones, blocks, and other durable materials; and outdoor lighting products that include lighting fixtures, LED lamps, wires, transformers, and accessories.