Nuveen LLC Purchases New Position in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Nuveen LLC has acquired a new position in SiteOne Landscape Supply, purchasing 134,366 shares valued at approximately $16.3 million, which represents a 0.30% ownership in the company.
• SiteOne Landscape Supply's CEO, Doug Black, recently sold approximately 29,760 shares, leading to a 4.75% decrease in his overall ownership in the company.
• Brokerages have updated their ratings and price targets for SiteOne, with Royal Bank of Canada increasing their target from $130 to $143 and Wall Street Zen changing their rating from "sell" to "hold."

Nuveen LLC purchased a new stake in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 134,366 shares of the industrial products company's stock, valued at approximately $16,317,000. Nuveen LLC owned 0.30% of SiteOne Landscape Supply as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. raised its position in shares of SiteOne Landscape Supply by 108.8% during the 1st quarter. Invesco Ltd. now owns 309,504 shares of the industrial products company's stock valued at $37,586,000 after buying an additional 161,263 shares during the period. Jackson Square Partners LLC raised its position in shares of SiteOne Landscape Supply by 2,732.2% during the 1st quarter. Jackson Square Partners LLC now owns 176,755 shares of the industrial products company's stock valued at $21,465,000 after buying an additional 170,514 shares during the period. Keynote Financial Services LLC acquired a new stake in SiteOne Landscape Supply in the 1st quarter valued at approximately $200,000. Deutsche Bank AG increased its holdings in SiteOne Landscape Supply by 3.9% in the 1st quarter. Deutsche Bank AG now owns 3,228 shares of the industrial products company's stock valued at $392,000 after purchasing an additional 121 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in SiteOne Landscape Supply by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 555,858 shares of the industrial products company's stock valued at $67,503,000 after purchasing an additional 2,951 shares during the last quarter.

Insiders Place Their Bets

In related news, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction 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 completion of the transaction, the executive vice president owned 13,663 shares in the company, valued at approximately $1,725,363.64. The trade was a 74.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Doug Black sold 29,760 shares of the business's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $129.28, for a total transaction of $3,847,372.80. Following the transaction, the chief executive officer owned 596,684 shares of the company's stock, valued at approximately $77,139,307.52. The trade was a 4.75% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,784 shares of company stock valued at $9,828,465. Insiders own 2.60% of the company's stock.

Wall Street Analysts Forecast Growth

SITE has been the subject of several research reports. Truist Financial dropped their target price on shares of SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Stifel Nicolaus dropped their target price on shares of SiteOne Landscape Supply from $145.00 to $126.00 and set a "hold" rating for the company in a report on Monday, April 28th. Wall Street Zen upgraded shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Royal Bank Of Canada lifted their target price on shares of SiteOne Landscape Supply from $130.00 to $143.00 and gave the company a "sector perform" rating in a report on Thursday, July 31st. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $147.00.

SiteOne Landscape Supply Stock Down 0.3%

Shares of NYSE:SITE traded down $0.48 during trading on Tuesday, hitting $143.90. The company's stock had a trading volume of 346,606 shares, compared to its average volume of 640,013. The business has a 50 day moving average price of $131.04 and a two-hundred day moving average price of $125.12. The company has a market capitalization of $6.42 billion, a PE ratio of 52.52, a P/E/G ratio of 2.41 and a beta of 1.54. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.06 and a current ratio of 2.41. SiteOne Landscape Supply, Inc. has a fifty-two week low of $101.25 and a fifty-two week high of $160.74.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.86 EPS for the quarter, missing analysts' consensus estimates of $2.89 by ($0.03). The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.49 billion. SiteOne Landscape Supply had a return on equity of 7.80% and a net margin of 2.69%.The business's revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.63 EPS. As a group, research analysts expect 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.