Madison Asset Management LLC Purchases New Shares in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Madison Asset Management acquired 21,075 SiteOne shares in the second quarter, valued at approximately $2.4 million. Several other institutional investors also increased or initiated positions.
• SiteOne’s latest quarterly results fell short of expectations, with EPS of $3.14 versus the $3.36 consensus and revenue of $1.53 billion versus $1.54 billion expected; revenue still grew 4.7% year over year.
• Analyst sentiment is mixed: seven analysts rate the stock a Buy, five a Hold, and two a Sell. The average price target is $135.27, while the shares recently traded at $95.64 after reaching a 52-week range of $90.07 to $168.56.

Madison Asset Management LLC acquired a new stake in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 21,075 shares of the industrial products company's stock, valued at approximately $2,411,000.

Other hedge funds have also recently bought and sold shares of the company. Comerica Bank grew its holdings in shares of SiteOne Landscape Supply by 24.4% in the fourth quarter. Comerica Bank now owns 134,716 shares of the industrial products company's stock valued at $16,780,000 after acquiring an additional 26,436 shares in the last quarter. Bamco Inc. NY boosted its position in SiteOne Landscape Supply by 3.1% in the fourth quarter. Bamco Inc. NY now owns 2,028,366 shares of the industrial products company's stock worth $252,653,000 after purchasing an additional 61,490 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in SiteOne Landscape Supply in the second quarter worth $3,059,000. Pier Capital LLC bought a new position in SiteOne Landscape Supply in the 4th quarter valued at $3,787,000. Finally, Summit Creek Advisors LLC grew its stake in SiteOne Landscape Supply by 22.1% in 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 during the period.

SiteOne Landscape Supply Price Performance

NYSE SITE opened at $95.64 on Friday. The company has a quick ratio of 1.01, a current ratio of 2.30 and a debt-to-equity ratio of 0.36. The company has a market cap of $4.18 billion, a PE ratio of 26.20, a price-to-earnings-growth ratio of 1.42 and a beta of 1.35. SiteOne Landscape Supply, Inc. has a 52 week low of $90.07 and a 52 week high of $168.56. The firm's 50-day simple moving average is $104.17 and its two-hundred day simple moving average is $121.87.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last posted 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 return on equity of 9.76% and a net margin of 3.41%.The business had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the business earned $2.86 EPS. SiteOne Landscape Supply's revenue for the quarter was up 4.7% on a year-over-year basis. Research analysts predict that SiteOne Landscape Supply, Inc. will post 3.93 earnings per share for the current year.

Insider Activity at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, CEO Doug Black acquired 8,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was bought at an average cost of $102.03 per share, with a total value of $816,240.00. Following the acquisition, the chief executive officer owned 8,000 shares in the company, valued at approximately $816,240. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Fred M. Diaz sold 563 shares of SiteOne Landscape Supply stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $115.13, for a total transaction of $64,818.19. Following the completion of the transaction, the director owned 11,829 shares of the company's stock, valued at $1,361,872.77. This represents a 4.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SITE has been the topic of a number of recent analyst reports. Robert W. Baird lowered their target price on SiteOne Landscape Supply from $160.00 to $155.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 28th. Zacks Research downgraded shares of SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a report on Monday, June 22nd. Weiss Ratings lowered shares of SiteOne Landscape Supply from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday. Royal Bank Of Canada decreased their price objective on shares of SiteOne Landscape Supply from $171.00 to $135.00 and set an "outperform" rating for the company in a report on Thursday, July 30th. Finally, Stifel Nicolaus reaffirmed a "hold" rating and issued a $100.00 price objective (down from $153.00) on shares of SiteOne Landscape Supply in a research report on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $135.27.

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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