Sandhill Capital Partners LLC Sells 4,138 Shares of 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 lowered its position in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (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 makes up 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of SITE. T. Rowe Price Investment Management Inc. boosted its stake in SiteOne Landscape Supply by 31.0% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,092,742 shares of the industrial products company's stock worth $254,143,000 after buying an additional 494,737 shares in the last quarter. BLI Banque de Luxembourg Investments purchased a new stake in SiteOne Landscape Supply during the 4th quarter valued at about $22,787,000. Jackson Square Partners LLC boosted its holdings in SiteOne Landscape Supply by 2,732.2% during the 1st quarter. Jackson Square Partners LLC now owns 176,755 shares of the industrial products company's stock valued at $21,465,000 after acquiring an additional 170,514 shares during the period. Invesco Ltd. grew its position in SiteOne Landscape Supply by 108.8% during the 1st quarter. Invesco Ltd. now owns 309,504 shares of the industrial products company's stock worth $37,586,000 after acquiring an additional 161,263 shares during the last quarter. Finally, Nuveen LLC purchased a new position in SiteOne Landscape Supply in the 1st quarter worth approximately $16,317,000.

SiteOne Landscape Supply Trading Up 6.6%

SiteOne Landscape Supply stock traded up $9.17 during mid-day trading on Friday, reaching $147.20. 562,405 shares of the company traded hands, compared to its average volume of 652,742. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.41 and a quick ratio of 1.06. The firm's 50 day moving average price is $129.99 and its 200 day moving average price is $125.07. The firm has a market capitalization of $6.57 billion, a price-to-earnings ratio of 53.72, a P/E/G ratio of 2.30 and a beta of 1.54. SiteOne Landscape Supply, Inc. has a 52-week low of $101.25 and a 52-week high of $160.74.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.89 by ($0.03). The company had revenue of $1.46 billion for the quarter, compared to analysts' expectations 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 revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.63 earnings per share. On average, analysts anticipate that SiteOne Landscape Supply, Inc. will post 3.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SITE shares. Royal Bank Of Canada increased their price objective on 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. 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 report on Thursday, May 1st. Stifel Nicolaus cut their price target on shares of SiteOne Landscape Supply from $145.00 to $126.00 and set a "hold" rating on the stock in a report on Monday, April 28th. Finally, Wall Street Zen raised shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, SiteOne Landscape Supply has a consensus rating of "Hold" and an average price target of $147.00.

Insiders Place Their Bets

In other SiteOne Landscape Supply news, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction on 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 transaction, the executive vice president directly owned 13,663 shares of the company's stock, valued at approximately $1,725,363.64. The trade was a 74.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Doug Black sold 29,760 shares of the business's stock in a transaction 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 transaction, the chief executive officer directly owned 596,684 shares in the company, valued at approximately $77,139,307.52. The trade was a 4.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,784 shares of company stock worth $9,828,465. Insiders own 2.60% of the company's stock.

SiteOne Landscape Supply Company 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.