TD Asset Management Inc Boosts Holdings in SiteOne Landscape Supply, Inc. (NYSE:SITE)

Key Points

• TD Asset Management Inc increased its stake in SiteOne Landscape Supply by 18.3%, holding 61,389 shares valued at approximately $7.45 million.
• SiteOne Landscape Supply's quarterly earnings reported $2.86 per share, missing analysts' expectations, while revenues of $1.46 billion also fell short of forecasts.
• Analysts have set varying price targets for SiteOne's stock, with a consensus rating of “Hold” and an average price target of $147.00.

TD Asset Management Inc grew its holdings in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 18.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,389 shares of the industrial products company's stock after buying an additional 9,496 shares during the quarter. TD Asset Management Inc owned 0.14% of SiteOne Landscape Supply worth $7,455,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SITE. OneDigital Investment Advisors LLC raised its position in shares of SiteOne Landscape Supply by 22.3% in the first quarter. OneDigital Investment Advisors LLC now owns 1,877 shares of the industrial products company's stock valued at $228,000 after purchasing an additional 342 shares during the period. Teacher Retirement System of Texas raised its position in shares of SiteOne Landscape Supply by 124.5% in the first quarter. Teacher Retirement System of Texas now owns 8,886 shares of the industrial products company's stock valued at $1,079,000 after purchasing an additional 4,927 shares during the period. GAMMA Investing LLC raised its position in shares of SiteOne Landscape Supply by 24.3% in the first quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock valued at $59,000 after purchasing an additional 95 shares during the period. Fifth Third Bancorp raised its position in shares of SiteOne Landscape Supply by 4.9% in the first quarter. Fifth Third Bancorp now owns 3,595 shares of the industrial products company's stock valued at $437,000 after purchasing an additional 167 shares during the period. Finally, Avantax Advisory Services Inc. raised its position in shares of SiteOne Landscape Supply by 14.4% in the first quarter. Avantax Advisory Services Inc. now owns 9,753 shares of the industrial products company's stock valued at $1,184,000 after purchasing an additional 1,224 shares during the period.

Insider Activity

In other SiteOne Landscape Supply news, EVP Joseph Ketter sold 39,640 shares of the firm'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 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Doug Black sold 29,760 shares of SiteOne Landscape Supply stock in a transaction that occurred on 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 sale, the chief executive officer owned 596,684 shares of the company's stock, valued at $77,139,307.52. This represents a 4.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,784 shares of company stock valued at $9,828,465. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

SITE has been the topic of several research reports. Royal Bank Of Canada boosted their price target on shares of SiteOne Landscape Supply from $130.00 to $143.00 and gave the company a "sector perform" rating in a research report on Thursday. Barclays lowered their price target on shares of SiteOne Landscape Supply from $120.00 to $106.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 8th. Wall Street Zen raised shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Truist Financial decreased their target price on shares of SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, Stifel Nicolaus decreased their target price 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $147.00.

SiteOne Landscape Supply Trading Up 0.6%

SITE traded up $0.82 during trading on Monday, hitting $137.19. 136,078 shares of the stock traded hands, compared to its average volume of 513,744. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.41 and a quick ratio of 1.06. SiteOne Landscape Supply, Inc. has a 12-month low of $101.25 and a 12-month high of $160.74. The firm has a market capitalization of $6.12 billion, a P/E ratio of 50.01, a price-to-earnings-growth ratio of 2.28 and a beta of 1.54. The firm has a 50-day moving average of $124.40 and a 200 day moving average of $125.33.

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

About SiteOne Landscape Supply

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.