Polen Capital Management LLC Sells 2,802 Shares of SiteOne Landscape Supply, Inc. (NYSE:SITE)

Key Points

• Polen Capital Management LLC reduced its stake in SiteOne Landscape Supply by 11.6% in the first quarter, selling 2,802 shares and maintaining 21,338 shares valued at approximately $2.59 million.
• SiteOne Landscape Supply's stock is down 1.2% and opened at $132.30, with a market capitalization of $5.90 billion and a PE ratio of 48.28.
• Recent earnings revealed that SiteOne missed the consensus EPS estimate of $2.89, reporting $2.86, while quarterly revenue was $1.46 billion, below expectations of $1.49 billion.

Polen Capital Management LLC cut its stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 11.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,338 shares of the industrial products company's stock after selling 2,802 shares during the period. Polen Capital Management LLC's holdings in SiteOne Landscape Supply were worth $2,591,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of SITE. HM Payson & Co. acquired a new stake in shares of SiteOne Landscape Supply during the 1st quarter worth approximately $25,000. Golden State Wealth Management LLC grew its position in shares of SiteOne Landscape Supply by 106.1% during the 1st quarter. Golden State Wealth Management LLC now owns 270 shares of the industrial products company's stock worth $33,000 after buying an additional 139 shares during the period. Eastern Bank acquired a new stake in shares of SiteOne Landscape Supply during the 1st quarter worth approximately $38,000. GAMMA Investing LLC grew its position in shares of SiteOne Landscape Supply by 24.3% during the 1st quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock worth $59,000 after buying an additional 95 shares during the period. Finally, State of Wyoming grew its position in shares of SiteOne Landscape Supply by 6.2% during the 4th quarter. State of Wyoming now owns 1,389 shares of the industrial products company's stock worth $183,000 after buying an additional 81 shares during the period.

SiteOne Landscape Supply Stock Down 1.2%

SiteOne Landscape Supply stock opened at $132.30 on Friday. The stock has a market capitalization of $5.90 billion, a PE ratio of 48.28, a price-to-earnings-growth ratio of 2.21 and a beta of 1.54. SiteOne Landscape Supply, Inc. has a twelve month low of $101.25 and a twelve month high of $160.74. 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 company has a 50 day moving average of $126.24 and a 200-day moving average of $125.15.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its quarterly earnings results 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 company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.49 billion. SiteOne Landscape Supply had a net margin of 2.69% and a return on equity of 7.80%. The firm's quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.63 EPS. On average, equities research analysts anticipate that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SITE has been the subject of several analyst reports. Truist Financial lowered their price target on shares of SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Royal Bank Of Canada boosted 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 report on Thursday, July 31st. Stifel Nicolaus decreased their price objective 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. Finally, Wall Street Zen upgraded shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $147.00.

Insider Activity at SiteOne Landscape Supply

In other news, EVP Joseph Ketter sold 39,640 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $126.28, for a total value of $5,005,739.20. Following the completion of the transaction, the executive vice president owned 13,663 shares in the company, valued at $1,725,363.64. This represents a 74.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Doug Black sold 29,760 shares of the company's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $129.28, for a total transaction of $3,847,372.80. Following the completion of the transaction, the chief executive officer owned 596,684 shares of the company's stock, valued at $77,139,307.52. This trade represents a 4.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,784 shares of company stock valued at $9,828,465 in the last quarter. Corporate insiders own 2.60% of the company's stock.

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.

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