Raymond James Financial Inc. Cuts Stock Position in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Raymond James Financial Inc. reduced its stake in SiteOne Landscape Supply by 0.8%, holding a total of 306,248 shares valued at approximately $37.2 million after selling 2,446 shares in the first quarter.
• Insider transactions included CEO Doug Black selling 7,384 shares for about $975,352, marking a 1.21% decrease in his ownership, while EVP Joseph Ketter sold 39,640 shares, representing a 74.37% decrease in his stake.
• SiteOne's stock has shown a 6.6% increase, with a current price of $147.20, and analysts have mixed ratings with a consensus rating of "Hold" and a price target of $147.00.

Raymond James Financial Inc. lowered its stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 0.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 306,248 shares of the industrial products company's stock after selling 2,446 shares during the quarter. Raymond James Financial Inc. owned about 0.68% of SiteOne Landscape Supply worth $37,191,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. OneDigital Investment Advisors LLC lifted its position in shares of SiteOne Landscape Supply by 22.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 1,877 shares of the industrial products company's stock worth $228,000 after buying an additional 342 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of SiteOne Landscape Supply by 124.5% in the 1st quarter. Teacher Retirement System of Texas now owns 8,886 shares of the industrial products company's stock worth $1,079,000 after acquiring an additional 4,927 shares in the last quarter. GAMMA Investing LLC raised its position in SiteOne Landscape Supply by 24.3% in the first quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock worth $59,000 after acquiring an additional 95 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of SiteOne Landscape Supply by 0.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 555,858 shares of the industrial products company's stock worth $67,503,000 after acquiring an additional 2,951 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in SiteOne Landscape Supply by 18.3% during the first quarter. TD Asset Management Inc now owns 61,389 shares of the industrial products company's stock valued at $7,455,000 after buying an additional 9,496 shares during the period.

SiteOne Landscape Supply Stock Performance

SiteOne Landscape Supply stock traded down $0.48 during midday trading on Tuesday, reaching $143.90. 346,606 shares of the stock traded hands, compared to its average volume of 518,145. The firm has a fifty day moving average price of $130.49 and a two-hundred day moving average price of $124.99. The firm has a market cap of $6.42 billion, a price-to-earnings ratio of 52.52, a PEG ratio of 2.46 and a beta of 1.54. SiteOne Landscape Supply, Inc. has a fifty-two week low of $101.25 and a fifty-two week high of $160.74. The company has a current ratio of 2.41, a quick ratio of 1.06 and a debt-to-equity ratio of 0.35.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.89 by ($0.03). SiteOne Landscape Supply had a net margin of 2.69% and a return on equity of 7.80%. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business posted $2.63 EPS. SiteOne Landscape Supply's revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities research analysts forecast that SiteOne Landscape Supply, Inc. will post 3.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Truist Financial decreased their price objective 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 research report on Monday, April 28th. Royal Bank Of Canada raised their target price on shares of SiteOne Landscape Supply from $130.00 to $143.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen upgraded SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $147.00.

Insiders Place Their Bets

In other news, EVP Joseph Ketter sold 39,640 shares of the firm'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 sale, the executive vice president directly owned 13,663 shares in the company, valued at approximately $1,725,363.64. This trade represents a 74.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Doug Black sold 7,384 shares of the business's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $132.09, for a total transaction of $975,352.56. Following the completion of the transaction, the chief executive officer owned 600,446 shares in the company, valued at $79,312,912.14. This trade represents a 1.21% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 76,784 shares of company stock worth $9,828,465. 2.60% of the stock is currently owned by company insiders.

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.