LPL Financial LLC Buys 2,913 Shares of SiteOne Landscape Supply, Inc. (NYSE:SITE)

Key Points

• LPL Financial LLC increased its stake in SiteOne Landscape Supply, Inc. by 10.8%, owning a total of 29,841 shares worth approximately $3.6 million after acquiring an additional 2,913 shares.
• SiteOne Landscape Supply's quarterly earnings were reported at $2.86 per share, which was below analysts' expectations of $2.89, with a revenue of $1.46 billion.
• Insiders, including CEO Doug Black, have sold significant shares recently, with a total of 76,784 shares sold by insiders valued at nearly $9.83 million in the last three months.

LPL Financial LLC increased its stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 10.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,841 shares of the industrial products company's stock after acquiring an additional 2,913 shares during the quarter. LPL Financial LLC owned 0.07% of SiteOne Landscape Supply worth $3,624,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SITE. State of Wyoming increased its stake in SiteOne Landscape Supply by 6.2% during the 4th quarter. State of Wyoming now owns 1,389 shares of the industrial products company's stock valued at $183,000 after purchasing an additional 81 shares in the last quarter. GAMMA Investing LLC increased its stake in SiteOne Landscape Supply by 24.3% during the 1st quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock valued at $59,000 after purchasing an additional 95 shares in the last quarter. Golden State Wealth Management LLC increased its stake in SiteOne Landscape Supply by 106.1% during the 1st quarter. Golden State Wealth Management LLC now owns 270 shares of the industrial products company's stock valued at $33,000 after purchasing an additional 139 shares in the last quarter. DAVENPORT & Co LLC increased its stake in SiteOne Landscape Supply by 1.4% during the 1st quarter. DAVENPORT & Co LLC now owns 11,121 shares of the industrial products company's stock valued at $1,351,000 after purchasing an additional 153 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV increased its stake in SiteOne Landscape Supply by 6.4% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 2,751 shares of the industrial products company's stock valued at $334,000 after purchasing an additional 166 shares in the last quarter.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, CEO Doug Black sold 29,760 shares of the stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $129.28, for a total transaction of $3,847,372.80. Following the completion of the transaction, the chief executive officer directly owned 596,684 shares of the company's stock, valued at $77,139,307.52. This represents a 4.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joseph Ketter sold 39,640 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $126.28, for a total transaction 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 represents a 74.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,784 shares of company stock valued at $9,828,465 over the last three months. Insiders own 2.60% of the company's stock.

SiteOne Landscape Supply Stock Performance

NYSE SITE opened at $140.21 on Friday. SiteOne Landscape Supply, Inc. has a 1 year low of $101.25 and a 1 year high of $160.74. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.41 and a quick ratio of 1.06. The firm has a market cap of $6.25 billion, a price-to-earnings ratio of 51.17, a PEG ratio of 2.36 and a beta of 1.54. The company has a fifty day moving average price of $128.20 and a 200-day moving average price of $125.05.

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 for the quarter, missing analysts' consensus estimates of $2.89 by ($0.03). The company had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.49 billion. SiteOne Landscape Supply had a return on equity of 7.80% and a net margin of 2.69%. SiteOne Landscape Supply's quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the firm posted $2.63 earnings per share. As a group, equities research analysts predict that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current fiscal year.

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.

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