Sei Investments Co. Increases Stock Holdings in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Sei Investments increased its SiteOne Landscape Supply stake by 15.2% in the first quarter, adding 33,562 shares to own 254,882 shares valued at approximately $33.9 million. Several other institutional investors also expanded or initiated positions.
• SiteOne shares opened at $101.19, near the lower end of their 12-month range of $98.17 to $168.56. The company’s latest quarterly results missed expectations, with an adjusted loss of $0.60 per share versus the expected $0.33 loss and revenue of $940.1 million versus estimates of $982.3 million.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and an average price target of $156.64, while recent actions included upgrades from Deutsche Bank and KeyCorp and target-price reductions from Bank of America and Barclays.

Sei Investments Co. grew its stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 15.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 254,882 shares of the industrial products company's stock after purchasing an additional 33,562 shares during the period. Sei Investments Co. owned approximately 0.58% of SiteOne Landscape Supply worth $33,927,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SITE. Comerica Bank raised its position in SiteOne Landscape Supply by 24.4% during the 4th quarter. Comerica Bank now owns 134,716 shares of the industrial products company's stock worth $16,780,000 after buying an additional 26,436 shares during the last quarter. Bamco Inc. NY boosted its holdings in shares of SiteOne Landscape Supply by 3.1% in the fourth quarter. Bamco Inc. NY now owns 2,028,366 shares of the industrial products company's stock valued at $252,653,000 after acquiring an additional 61,490 shares in the last quarter. Pier Capital LLC purchased a new stake in shares of SiteOne Landscape Supply in the fourth quarter valued at about $3,787,000. Norges Bank acquired a new position in shares of SiteOne Landscape Supply during the fourth quarter worth about $18,925,000. Finally, Summit Creek Advisors LLC raised its holdings in SiteOne Landscape Supply by 22.1% during the fourth quarter. Summit Creek Advisors LLC now owns 73,442 shares of the industrial products company's stock worth $9,148,000 after purchasing an additional 13,312 shares in the last quarter.

SiteOne Landscape Supply Trading Up 1.3%

Shares of SiteOne Landscape Supply stock opened at $101.19 on Tuesday. SiteOne Landscape Supply, Inc. has a 12-month low of $98.17 and a 12-month high of $168.56. The company has a current ratio of 2.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39. The stock has a market cap of $4.48 billion, a PE ratio of 30.03, a price-to-earnings-growth ratio of 1.35 and a beta of 1.34. The company has a 50-day moving average of $107.94 and a two-hundred day moving average of $127.72.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last posted its quarterly 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). SiteOne Landscape Supply had a net margin of 3.24% and a return on equity of 9.22%. The company had revenue of $940.10 million for the quarter, compared to analyst estimates of $982.27 million. During the same quarter in the previous year, the business posted ($0.61) earnings per share. SiteOne Landscape Supply's revenue was up .1% on a year-over-year basis. On average, research analysts anticipate that SiteOne Landscape Supply, Inc. will post 4.02 EPS for the current fiscal year.

Insider Transactions at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, Director Fred M. Diaz sold 563 shares of SiteOne Landscape Supply stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $115.13, for a total transaction of $64,818.19. Following the completion of the transaction, the director owned 11,829 shares in the company, valued at approximately $1,361,872.77. The trade was a 4.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.10% of the company's stock.

Analyst Ratings Changes

SITE has been the subject of a number of recent analyst reports. Bank of America reduced their price objective on shares of SiteOne Landscape Supply from $182.00 to $167.00 and set a "buy" rating for the company in a research report on Monday, April 20th. Barclays dropped their target price on SiteOne Landscape Supply from $148.00 to $129.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft raised SiteOne Landscape Supply from a "hold" rating to a "buy" rating and set a $160.00 price target for the company in a report on Thursday, April 30th. Robert W. Baird set a $160.00 price target on SiteOne Landscape Supply in a research note on Thursday, April 30th. Finally, KeyCorp started coverage on SiteOne Landscape Supply in a report on Monday, July 13th. They set an "overweight" rating and a $145.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, SiteOne Landscape Supply has a consensus rating of "Hold" and a consensus price target of $156.64.

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.

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