Jackson Square Partners LLC Purchases 170,514 Shares of SiteOne Landscape Supply, Inc. (NYSE:SITE)

Key Points

• Jackson Square Partners LLC significantly increased its position in SiteOne Landscape Supply by 2,732.2%, owning 176,755 shares after purchasing an additional 170,514 shares in the first quarter.
• Multiple institutional investors have also raised their stakes in SiteOne, with Teacher Retirement System of Texas increasing its holdings by 124.5%.
• Analysts have mixed views on SiteOne's stock, with a consensus rating of "Hold" and an average price target of $147.00.

Jackson Square Partners LLC boosted its stake in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 2,732.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 176,755 shares of the industrial products company's stock after purchasing an additional 170,514 shares during the period. SiteOne Landscape Supply comprises about 2.9% of Jackson Square Partners LLC's investment portfolio, making the stock its 9th biggest position. Jackson Square Partners LLC owned approximately 0.39% of SiteOne Landscape Supply worth $21,465,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. State of Wyoming raised its holdings in SiteOne Landscape Supply by 6.2% during the fourth quarter. State of Wyoming now owns 1,389 shares of the industrial products company's stock valued at $183,000 after acquiring an additional 81 shares during the period. GAMMA Investing LLC raised its holdings in SiteOne Landscape Supply by 24.3% during the first quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock valued at $59,000 after acquiring an additional 95 shares during the period. Deutsche Bank AG raised its holdings in SiteOne Landscape Supply by 3.9% during the first quarter. Deutsche Bank AG now owns 3,228 shares of the industrial products company's stock valued at $392,000 after acquiring an additional 121 shares during the period. Treasurer of the State of North Carolina raised its holdings in SiteOne Landscape Supply by 0.7% during the fourth quarter. Treasurer of the State of North Carolina now owns 19,611 shares of the industrial products company's stock valued at $2,584,000 after acquiring an additional 130 shares during the period. Finally, Golden State Wealth Management LLC raised its holdings in SiteOne Landscape Supply by 106.1% during the first quarter. Golden State Wealth Management LLC now owns 270 shares of the industrial products company's stock valued at $33,000 after acquiring an additional 139 shares during the period.

SiteOne Landscape Supply Trading Down 1.2%

NYSE SITE traded down $1.63 during trading hours on Friday, hitting $132.30. 488,530 shares of the company were exchanged, compared to its average volume of 687,051. The stock has a 50-day moving average price of $126.24 and a 200 day moving average price of $125.30. The company has a quick ratio of 1.06, a current ratio of 2.41 and a debt-to-equity ratio of 0.35. SiteOne Landscape Supply, Inc. has a 52 week low of $101.25 and a 52 week high of $160.74. The stock has a market cap of $5.90 billion, a PE ratio of 48.28, a price-to-earnings-growth ratio of 2.24 and a beta of 1.54.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $2.89 by ($0.03). SiteOne Landscape Supply had a return on equity of 7.80% and a net margin of 2.69%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the previous year, the firm earned $2.63 earnings per share. The company's revenue was up 3.4% compared to the same quarter last year. Analysts forecast that SiteOne Landscape Supply, Inc. will post 3.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SITE has been the topic of a number of recent analyst reports. Truist Financial decreased their price target on SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus decreased their price target on SiteOne Landscape Supply from $145.00 to $126.00 and set a "hold" rating on the stock in a report on Monday, April 28th. Wall Street Zen raised SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Royal Bank Of Canada lifted their target price on SiteOne Landscape Supply from $130.00 to $143.00 and gave the stock a "sector perform" rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, SiteOne Landscape Supply presently has an average rating of "Hold" and an average target price of $147.00.

Insider Activity at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $126.28, for a total transaction of $5,005,739.20. Following the completion of the transaction, the executive vice president owned 13,663 shares in the company, valued at $1,725,363.64. The trade was a 74.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Doug Black sold 7,384 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $132.09, for a total value of $975,352.56. Following the transaction, the chief executive officer owned 600,446 shares of the company's stock, valued at $79,312,912.14. This trade represents a 1.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,784 shares of company stock worth $9,828,465 over the last three months. 2.60% of the stock is currently owned by insiders.

SiteOne Landscape Supply Company Profile

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.