Oppenheimer Asset Management Inc. Makes New Investment in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Oppenheimer Asset Management acquired 26,740 SiteOne Landscape Supply shares worth approximately $3.1 million, joining several other institutional investors that recently increased or initiated positions.
• Analyst sentiment is mixed: seven analysts rate the stock a Buy, six Hold, and one Sell. The consensus rating is Hold, with an average price target of $135.27, despite several recent target-price cuts.
• SiteOne’s latest quarterly results missed expectations, with EPS of $3.14 versus the $3.36 consensus and revenue of $1.53 billion versus $1.54 billion expected. Revenue nonetheless rose 4.7% year over year, while shares opened at $98.53, near the lower end of their 12-month range.

Oppenheimer Asset Management Inc. acquired a new position in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 26,740 shares of the industrial products company's stock, valued at approximately $3,059,000. Oppenheimer Asset Management Inc. owned 0.06% of SiteOne Landscape Supply as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Comerica Bank boosted its position 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 during the period. Bamco Inc. NY increased its position in SiteOne Landscape Supply by 3.1% during the fourth quarter. Bamco Inc. NY now owns 2,028,366 shares of the industrial products company's stock worth $252,653,000 after acquiring an additional 61,490 shares during the period. Pier Capital LLC bought a new position in SiteOne Landscape Supply during the fourth quarter worth about $3,787,000. Summit Creek Advisors LLC raised 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 worth $9,148,000 after purchasing an additional 13,312 shares in the last quarter. Finally, Norges Bank acquired a new stake in SiteOne Landscape Supply in the 4th quarter worth about $18,925,000.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SITE shares. UBS Group decreased their target price on shares of SiteOne Landscape Supply from $140.00 to $110.00 and set a "neutral" rating on the stock in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft upgraded shares of SiteOne Landscape Supply from a "hold" rating to a "buy" rating and set a $160.00 price target for the company in a research report on Thursday, April 30th. Bank of America cut their price target on SiteOne Landscape Supply from $182.00 to $167.00 and set a "buy" rating for the company in a research note on Monday, April 20th. Zacks Research downgraded SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a research report on Monday, June 22nd. Finally, Barclays lowered their price objective on SiteOne Landscape Supply from $129.00 to $108.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 30th. Seven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, SiteOne Landscape Supply currently has an average rating of "Hold" and an average price target of $135.27.

SiteOne Landscape Supply Trading Up 0.8%

Shares of SiteOne Landscape Supply stock opened at $98.53 on Friday. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of 26.99, a PEG ratio of 1.43 and a beta of 1.35. The company has a quick ratio of 1.01, a current ratio of 2.30 and a debt-to-equity ratio of 0.36. SiteOne Landscape Supply, Inc. has a 12-month low of $90.07 and a 12-month high of $168.56. The firm's 50-day moving average price is $104.86 and its two-hundred day moving average price is $123.37.

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). SiteOne Landscape Supply had a net margin of 3.41% and a return on equity of 9.76%. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the firm posted $2.86 earnings per share. SiteOne Landscape Supply's quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts forecast that SiteOne Landscape Supply, Inc. will post 3.93 earnings per share for the current fiscal year.

Insider Activity at SiteOne Landscape Supply

In other news, CEO Doug Black acquired 8,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was acquired at an average cost of $102.03 per share, for a total transaction of $816,240.00. Following the completion of the transaction, the chief executive officer directly owned 8,000 shares in the company, valued at approximately $816,240. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Fred M. Diaz sold 563 shares of the company's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $115.13, for a total value of $64,818.19. Following the sale, the director owned 11,829 shares of the company's stock, valued at $1,361,872.77. The trade was 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 owned by insiders.

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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