Vanguard Group Inc. Reduces Stock Position in SiteOne Landscape Supply, Inc. (NYSE:SITE)

Key Points

• Vanguard Group Inc. holds a 9.24% stake in SiteOne Landscape Supply, amounting to $502.85 million, after selling 21,884 shares in Q1 2023.
• Insider transactions included EVP Joseph Ketter selling 39,640 shares, representing a 74.37% decrease in ownership, and CEO Doug Black selling 29,760 shares, a 4.75% decrease in his stake.
• SiteOne reported Q2 earnings per share of $2.86, falling short of the $2.89 consensus, and projected an EPS of 3.61 for the current fiscal year, indicating a 3.4% revenue increase from the same quarter last year.

Vanguard Group Inc. cut its position in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 0.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,140,694 shares of the industrial products company's stock after selling 21,884 shares during the period. Vanguard Group Inc. owned about 9.24% of SiteOne Landscape Supply worth $502,846,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. HM Payson & Co. acquired a new stake in SiteOne Landscape Supply in the 1st quarter valued at $25,000. Golden State Wealth Management LLC boosted its holdings in shares of SiteOne Landscape Supply by 106.1% during the 1st quarter. Golden State Wealth Management LLC now owns 270 shares of the industrial products company's stock worth $33,000 after buying an additional 139 shares during the period. Eastern Bank bought a new stake in shares of SiteOne Landscape Supply during the 1st quarter worth about $38,000. GAMMA Investing LLC boosted its holdings in shares of SiteOne Landscape Supply by 24.3% during the 1st quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock worth $59,000 after buying an additional 95 shares during the period. Finally, State of Wyoming grew its position in shares of SiteOne Landscape Supply by 6.2% during the 4th quarter. State of Wyoming now owns 1,389 shares of the industrial products company's stock worth $183,000 after purchasing an additional 81 shares in the last quarter.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SITE shares. Truist Financial cut 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. 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. Stifel Nicolaus decreased their price target 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. Finally, Royal Bank Of Canada increased their price objective 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. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, SiteOne Landscape Supply has an average rating of "Hold" and a consensus target price of $147.00.

SiteOne Landscape Supply Stock Down 0.8%

SiteOne Landscape Supply stock traded down $1.12 during midday trading on Friday, reaching $140.21. The stock had a trading volume of 394,456 shares, compared to its average volume of 754,069. SiteOne Landscape Supply, Inc. has a 12 month low of $101.25 and a 12 month high of $160.74. The company has a market capitalization of $6.25 billion, a P/E ratio of 51.17, a PEG ratio of 2.33 and a beta of 1.54. The company has a fifty day moving average price of $128.20 and a two-hundred day moving average price of $124.92. 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 issued its earnings results 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 firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.49 billion. SiteOne Landscape Supply had a net margin of 2.69% and a return on equity of 7.80%. The business's quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.63 earnings per share. As a group, equities analysts expect that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current fiscal year.

Insider Transactions at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, CEO Doug Black sold 29,760 shares of SiteOne Landscape Supply stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $129.28, for a total transaction of $3,847,372.80. Following the completion of the transaction, the chief executive officer owned 596,684 shares in the company, valued at approximately $77,139,307.52. The trade was a 4.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $126.28, for a total value of $5,005,739.20. Following the completion of the transaction, the executive vice president owned 13,663 shares in the company, valued at $1,725,363.64. The trade was a 74.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,784 shares of company stock valued at $9,828,465 in the last quarter. 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.