Legal & General Group Plc Purchases New Stake in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Legal & General Group purchased 37,419 shares of SiteOne Landscape Supply worth approximately $4.28 million, representing about 0.09% of the company.
• SiteOne reported quarterly revenue of $1.53 billion, up 4.7% year over year, but earnings per share of $3.14 missed analysts’ $3.36 estimate.
• The stock opened at $100.75, near its 52-week low, while analysts maintained a consensus “Hold” rating with an average price target of $135.27; CEO Doug Black also bought 8,000 shares.

Legal & General Group Plc purchased a new position in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 37,419 shares of the industrial products company's stock, valued at approximately $4,281,000. Legal & General Group Plc owned about 0.09% of SiteOne Landscape Supply as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Bamco Inc. NY raised its holdings in shares of 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 in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in SiteOne Landscape Supply in the second quarter valued at $3,059,000. Pier Capital LLC bought a new stake in shares of SiteOne Landscape Supply during the 4th quarter valued at about $3,787,000. Summit Creek Advisors LLC boosted its stake in shares of SiteOne Landscape Supply by 22.1% during the 4th quarter. Summit Creek Advisors LLC now owns 73,442 shares of the industrial products company's stock valued at $9,148,000 after purchasing an additional 13,312 shares in the last quarter. Finally, Norges Bank bought a new position in SiteOne Landscape Supply in the fourth quarter worth about $18,925,000.

SiteOne Landscape Supply Price Performance

Shares of SITE opened at $100.75 on Friday. SiteOne Landscape Supply, Inc. has a 1-year low of $90.07 and a 1-year high of $168.56. The firm has a fifty day simple moving average of $101.50 and a two-hundred day simple moving average of $117.90. 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 firm has a market cap of $4.40 billion, a PE ratio of 27.60, a P/E/G ratio of 1.43 and a beta of 1.34.

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 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 company had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter last year, the firm 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 anticipate that SiteOne Landscape Supply, Inc. will post 3.93 EPS for the current year.

Wall Street Analyst Weigh In

SITE has been the subject of several recent research reports. Truist Financial lowered their price objective on SiteOne Landscape Supply from $200.00 to $120.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. Robert W. Baird dropped their price target on SiteOne Landscape Supply from $160.00 to $155.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 28th. Zacks Research downgraded SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a research note on Monday, June 22nd. UBS Group reduced their price target on SiteOne Landscape Supply from $140.00 to $110.00 and set a "neutral" rating for the company in a report on Thursday, July 30th. Finally, Barclays dropped their price target on shares of SiteOne Landscape Supply from $129.00 to $108.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $135.27.

Insider Buying and Selling

In other SiteOne Landscape Supply news, CEO Doug Black purchased 8,000 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was acquired at an average cost of $102.03 per share, for a total transaction of $816,240.00. Following the purchase, the chief executive officer directly owned 8,000 shares of the company's stock, valued at $816,240. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.10% of the company's stock.

SiteOne Landscape Supply 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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