Premier Fund Managers Ltd Trims Holdings in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Premier Fund Managers trimmed its stake in SiteOne by 19.2% in Q4, selling 65,848 shares and leaving it with 277,640 shares worth about $35.16M, which represents roughly 2.0% of the fund's portfolio and is its 13th largest holding.
• SiteOne missed recent quarterly estimates, reporting EPS of -$0.60 vs. consensus -$0.33 and revenue of $940.1M vs. $982.3M, while revenue was essentially flat year-over-year.
• Analyst sentiment is mixed but overall positive—MarketBeat shows a "Moderate Buy" consensus with an average price target of $160.10 (six Buy, six Hold)—and several institutions (Wasatch, Bamco, Capital World, State Street) have recently increased positions while 59 North opened a large new stake.

Premier Fund Managers Ltd reduced its holdings in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 19.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 277,640 shares of the industrial products company's stock after selling 65,848 shares during the quarter. SiteOne Landscape Supply accounts for about 2.0% of Premier Fund Managers Ltd's investment portfolio, making the stock its 13th largest holding. Premier Fund Managers Ltd owned about 0.62% of SiteOne Landscape Supply worth $35,155,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Wasatch Advisors LP boosted its stake in shares of SiteOne Landscape Supply by 11.4% during the 3rd quarter. Wasatch Advisors LP now owns 2,177,446 shares of the industrial products company's stock valued at $280,455,000 after buying an additional 222,959 shares during the last quarter. Bamco Inc. NY lifted its stake in SiteOne Landscape Supply by 1.3% during the third quarter. Bamco Inc. NY now owns 1,966,876 shares of the industrial products company's stock worth $253,334,000 after purchasing an additional 25,059 shares during the last quarter. 59 North Capital Management LP bought a new position in SiteOne Landscape Supply during the third quarter worth $214,417,000. Capital World Investors lifted its stake in SiteOne Landscape Supply by 3.3% during the third quarter. Capital World Investors now owns 1,016,671 shares of the industrial products company's stock worth $130,947,000 after purchasing an additional 32,682 shares during the last quarter. Finally, State Street Corp lifted its stake in SiteOne Landscape Supply by 1.7% during the second quarter. State Street Corp now owns 777,354 shares of the industrial products company's stock worth $94,013,000 after purchasing an additional 12,766 shares during the last quarter.

Wall Street Analyst Weigh In

SITE has been the topic of several research analyst reports. Robert W. Baird set a $160.00 price objective on SiteOne Landscape Supply in a research note on Thursday, April 30th. Bank of America reduced their price objective on SiteOne Landscape Supply from $182.00 to $167.00 and set a "buy" rating on the stock in a research note on Monday, April 20th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of SiteOne Landscape Supply in a research report on Wednesday, January 21st. Truist Financial increased their target price on SiteOne Landscape Supply from $165.00 to $200.00 and gave the stock a "buy" rating in a research report on Wednesday, February 11th. Finally, Royal Bank Of Canada increased their target price on SiteOne Landscape Supply from $151.00 to $171.00 and gave the stock an "outperform" rating in a research report on Thursday, February 12th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $160.10.

Insider Transactions at SiteOne Landscape Supply

In related news, EVP Eric J. Elema sold 1,765 shares of SiteOne Landscape Supply stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $158.01, for a total transaction of $278,887.65. Following the transaction, the executive vice president directly owned 2,911 shares of the company's stock, valued at $459,967.11. The trade was a 37.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is currently owned by insiders.

SiteOne Landscape Supply Price Performance

NYSE:SITE opened at $122.28 on Thursday. The business's 50-day moving average price is $135.12 and its 200 day moving average price is $135.07. The firm has a market cap of $5.42 billion, a P/E ratio of 36.29, a PEG ratio of 1.58 and a beta of 1.42. SiteOne Landscape Supply, Inc. has a 52-week low of $112.23 and a 52-week high of $168.56. The company has a quick ratio of 0.96, a current ratio of 2.33 and a debt-to-equity ratio of 0.39.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its earnings results on Wednesday, April 29th. The industrial products company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.33) by ($0.27). The firm had revenue of $940.10 million for the quarter, compared to analyst estimates of $982.27 million. SiteOne Landscape Supply had a return on equity of 9.22% and a net margin of 3.24%.SiteOne Landscape Supply's revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.61) earnings per share. As a group, sell-side analysts predict that SiteOne Landscape Supply, Inc. will post 4.18 earnings per share for the current fiscal year.

About SiteOne Landscape Supply

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.