SiteOne Landscape Supply, Inc. (NYSE:SITE) Shares Purchased by Malaga Cove Capital LLC

Key Points

• Malaga Cove Capital LLC boosted its stake in SiteOne Landscape Supply by 41.2%, acquiring an additional 3,121 shares in the first quarter, increasing its holdings to a total value of $1,298,000.
• Several institutional investors, including Raymond James Financial Inc. and Wasatch Advisors LP, significantly changed their positions in SiteOne, indicating increased interest in the company's stock.
• Despite reporting earnings of $2.86 per share for the last quarter, SiteOne Landscape Supply missed analysts' estimates by $0.03, leading to varying price target adjustments by different analysts.

Malaga Cove Capital LLC grew its stake in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 41.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,688 shares of the industrial products company's stock after acquiring an additional 3,121 shares during the quarter. Malaga Cove Capital LLC's holdings in SiteOne Landscape Supply were worth $1,298,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SITE. HM Payson & Co. bought a new stake in SiteOne Landscape Supply during the 1st quarter worth approximately $25,000. Golden State Wealth Management LLC raised its position in shares of 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 buying an additional 139 shares during the last quarter. Eastern Bank bought a new stake in shares of SiteOne Landscape Supply during the first quarter valued at approximately $38,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of SiteOne Landscape Supply during the fourth quarter valued at approximately $40,000. Finally, GAMMA Investing LLC raised its position in shares of 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 buying an additional 95 shares during the last quarter.

Insider Transactions at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, CEO Doug Black sold 29,760 shares of the business's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $129.28, for a total value of $3,847,372.80. Following the completion of the transaction, the chief executive officer directly owned 596,684 shares in the company, valued at approximately $77,139,307.52. The trade was a 4.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction dated 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 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 sold 76,784 shares of company stock valued at $9,828,465 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.

SiteOne Landscape Supply Stock Down 1.6%

Shares of SITE stock traded down $2.16 on Wednesday, hitting $136.50. The stock had a trading volume of 242,188 shares, compared to its average volume of 514,555. The company has a quick ratio of 1.06, a current ratio of 2.41 and a debt-to-equity ratio of 0.35. The business has a 50 day moving average price of $125.23 and a 200 day moving average price of $125.38. The company has a market cap of $6.09 billion, a PE ratio of 49.88, a P/E/G ratio of 2.30 and a beta of 1.54. SiteOne Landscape Supply, Inc. has a one year low of $101.25 and a one year high of $160.74.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released 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). The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.49 billion. SiteOne Landscape Supply had a net margin of 2.69% and a return on equity of 7.80%. The business's revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.63 earnings per share. Research analysts anticipate that SiteOne Landscape Supply, Inc. will post 3.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SITE shares. Royal Bank Of Canada lifted their price objective on shares of SiteOne Landscape Supply from $130.00 to $143.00 and gave the company a "sector perform" rating in a research report on Thursday, July 31st. Wall Street Zen upgraded shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Stifel Nicolaus reduced their price target on shares of SiteOne Landscape Supply from $145.00 to $126.00 and set a "hold" rating on the stock in a research report on Monday, April 28th. Barclays reduced their price target on shares of SiteOne Landscape Supply from $120.00 to $106.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Truist Financial dropped their price objective 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $147.00.

SiteOne Landscape Supply 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.