McCollum Christoferson Group LLC Sells 44,163 Shares of SiteOne Landscape Supply, Inc. $SITE

Key Points

• McCollum Christoferson Group reduced its SiteOne Landscape Supply stake by 57.9%, selling 44,163 shares and retaining 32,161 shares valued at approximately $2.9 million.
• Analyst sentiment is mixed, with five Buy, six Hold, and one Sell rating; the consensus rating is Hold with a $121 price target, despite several recent target-price cuts.
• SiteOne shares traded at $89.68, near the lower end of their 52-week range, after the company reported quarterly EPS of $3.14—below the $3.36 consensus estimate—while revenue rose 4.7% year over year.

McCollum Christoferson Group LLC trimmed its stake in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 57.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,161 shares of the industrial products company's stock after selling 44,163 shares during the period. McCollum Christoferson Group LLC owned approximately 0.07% of SiteOne Landscape Supply worth $2,904,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. NorthCrest Asset Manangement LLC acquired a new position in SiteOne Landscape Supply during the 3rd quarter valued at about $529,000. GAMMA Investing LLC boosted its stake in shares of SiteOne Landscape Supply by 86.7% in the 3rd quarter. GAMMA Investing LLC now owns 4,101 shares of the industrial products company's stock valued at $370,000 after purchasing an additional 1,904 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of SiteOne Landscape Supply by 375.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,721 shares of the industrial products company's stock worth $155,000 after buying an additional 1,359 shares during the period. Fenimore Asset Management Inc grew its position in shares of SiteOne Landscape Supply by 9.1% during the 3rd quarter. Fenimore Asset Management Inc now owns 164,444 shares of the industrial products company's stock worth $14,851,000 after buying an additional 13,773 shares during the period. Finally, Versant Capital Management Inc raised its stake in shares of SiteOne Landscape Supply by 114.3% during the third quarter. Versant Capital Management Inc now owns 420 shares of the industrial products company's stock worth $38,000 after buying an additional 224 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SITE. Royal Bank Of Canada cut their price objective on shares of SiteOne Landscape Supply from $135.00 to $124.00 and set an "outperform" rating on the stock in a report on Wednesday, October 7th. Zacks Research raised shares of SiteOne Landscape Supply from a "strong sell" rating to a "hold" rating in a report on Monday, September 28th. KeyCorp dropped their target price on shares of SiteOne Landscape Supply from $145.00 to $135.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. Stifel Nicolaus reiterated a "hold" rating and set a $100.00 target price (down from $153.00) on shares of SiteOne Landscape Supply in a research report on Thursday, July 30th. Finally, UBS Group cut their price target on SiteOne Landscape Supply from $140.00 to $110.00 and set a "neutral" rating on the stock in a research note on Thursday, July 30th. Five research 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. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $121.00.

Insiders Place Their Bets

In other SiteOne Landscape Supply news, CEO Doug Black bought 8,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was purchased at an average cost of $102.03 per share, with a total value of $816,240.00. Following the completion of the purchase, the chief executive officer owned 8,000 shares in the company, valued at approximately $816,240. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 2.10% of the company's stock.

SiteOne Landscape Supply Trading Up 1.9%

Shares of NYSE:SITE traded up $1.69 during mid-day trading on Tuesday, reaching $89.68. The stock had a trading volume of 327,721 shares, compared to its average volume of 818,962. The firm has a 50 day simple moving average of $94.41 and a two-hundred day simple moving average of $108.91. SiteOne Landscape Supply, Inc. has a twelve month low of $82.00 and a twelve month high of $168.56. The firm has a market cap of $3.91 billion, a PE ratio of 24.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.38. The company has a current ratio of 2.30, a quick ratio of 1.01 and a debt-to-equity ratio of 0.36.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its earnings results on Wednesday, July 29th. The industrial products company reported $3.14 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.22). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.54 billion. SiteOne Landscape Supply had a net margin of 3.41% and a return on equity of 9.76%. The firm's revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.86 EPS. On average, research analysts predict that SiteOne Landscape Supply, Inc. will post 3.93 EPS for the current fiscal year.

About SiteOne Landscape Supply

SiteOne Landscape Supply, Inc is a wholesale distributor of landscape and outdoor living products serving professional customers across the United States and Canada. The company supplies landscape contractors, landscape designers, irrigation professionals, golf course managers, government agencies and other green-industry businesses through a network of distribution centers and branches.

Its product portfolio includes irrigation and outdoor lighting equipment, nursery products, turf and landscape maintenance supplies, fertilizers and other agronomic products, hardscape materials, outdoor living products, and golf course maintenance supplies.

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