Sandhill Capital Partners LLC Lowers Stock Holdings in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Sandhill Capital Partners LLC reduced its stake in SiteOne Landscape Supply by 1.3%, now holding approximately 305,017 shares valued at $37.04 million.
• SiteOne's quarterly earnings showed a slight miss, reporting $2.86 EPS, below analysts' expectations of $2.89 EPS, with revenue of $1.46 billion.
• Multiple institutional investors, including T. Rowe Price and Jackson Square Partners, significantly increased their holdings in SiteOne during the first quarter.

Sandhill Capital Partners LLC trimmed its holdings in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 1.3% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 305,017 shares of the industrial products company's stock after selling 4,138 shares during the quarter. SiteOne Landscape Supply comprises approximately 3.0% of Sandhill Capital Partners LLC's portfolio, making the stock its 16th biggest position. Sandhill Capital Partners LLC owned about 0.68% of SiteOne Landscape Supply worth $37,041,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SITE. T. Rowe Price Investment Management Inc. increased its holdings in SiteOne Landscape Supply by 31.0% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,092,742 shares of the industrial products company's stock valued at $254,143,000 after buying an additional 494,737 shares during the last quarter. Capital Fund Management S.A. purchased a new stake in SiteOne Landscape Supply during the first quarter valued at approximately $1,428,000. Hsbc Holdings PLC increased its holdings in SiteOne Landscape Supply by 22.7% during the first quarter. Hsbc Holdings PLC now owns 5,676 shares of the industrial products company's stock valued at $687,000 after buying an additional 1,050 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of SiteOne Landscape Supply during the 1st quarter valued at approximately $3,325,000. Finally, Northern Trust Corp grew its stake in shares of SiteOne Landscape Supply by 0.4% during the 1st quarter. Northern Trust Corp now owns 303,641 shares of the industrial products company's stock valued at $36,874,000 after acquiring an additional 1,185 shares during the period.

Analyst Upgrades and Downgrades

SITE has been the subject of a number of analyst reports. Stifel Nicolaus reduced 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 research note on Monday, April 28th. Wall Street Zen raised shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Royal Bank Of Canada raised 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 research note on Thursday, July 31st. Finally, Truist Financial cut 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 research note on Thursday, May 1st. Four research 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, SiteOne Landscape Supply currently has a consensus rating of "Hold" and an average target price of $147.00.

SiteOne Landscape Supply Price Performance

Shares of NYSE:SITE traded down $1.9480 on Monday, reaching $145.2720. The company's stock had a trading volume of 208,200 shares, compared to its average volume of 515,991. SiteOne Landscape Supply, Inc. has a 52-week low of $101.25 and a 52-week high of $160.74. The company has a market cap of $6.48 billion, a P/E ratio of 53.15, a PEG ratio of 2.46 and a beta of 1.54. The company has a 50-day simple moving average of $129.99 and a 200 day simple moving average of $124.91. 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 (NYSE:SITE - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $1.46 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.63 earnings per share. As a group, equities research analysts anticipate that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current fiscal year.

Insider Activity

In other SiteOne Landscape Supply news, CEO Doug Black sold 7,384 shares of the business's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $132.09, for a total value of $975,352.56. Following the completion of the sale, the chief executive officer directly owned 600,446 shares of the company's stock, valued at $79,312,912.14. The trade was a 1.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction dated 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 sale, the executive vice president directly owned 13,663 shares of the company's stock, valued at approximately $1,725,363.64. This trade represents a 74.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,784 shares of company stock valued at $9,828,465 in the last 90 days. Company 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.