HB Wealth Management LLC Raises Holdings in SiteOne Landscape Supply, Inc. (NYSE:SITE)

Key Points

• HB Wealth Management LLC increased its stake in SiteOne Landscape Supply by 120.3% in the first quarter, owning 3,585 shares valued at $435,000.
• Analysts have set varied price targets for SiteOne shares, with Barclays reducing it to $106 and Royal Bank of Canada increasing it to $143, reflecting a consensus rating of "Hold" with a target of $147.
• SiteOne reported Q2 earnings of $2.86 per share, missing estimates by $0.03, and total revenue of $1.46 billion, which was below analyst expectations of $1.49 billion.

HB Wealth Management LLC boosted its holdings in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 120.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,585 shares of the industrial products company's stock after acquiring an additional 1,958 shares during the period. HB Wealth Management LLC's holdings in SiteOne Landscape Supply were worth $435,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. HM Payson & Co. acquired a new position in shares of SiteOne Landscape Supply in the 1st quarter valued at about $25,000. Golden State Wealth Management LLC grew its stake in SiteOne Landscape Supply by 106.1% during the first 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. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of SiteOne Landscape Supply in the fourth quarter worth $40,000. Brown Brothers Harriman & Co. raised its stake in shares of SiteOne Landscape Supply by 395.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 342 shares of the industrial products company's stock valued at $45,000 after acquiring an additional 273 shares during the period. Finally, GAMMA Investing LLC lifted 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 valued at $59,000 after acquiring an additional 95 shares in the last quarter.

Analyst Upgrades and Downgrades

SITE has been the topic of a number of recent research reports. Barclays reduced their target price 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. Royal Bank Of Canada upped 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. Stifel Nicolaus decreased their target price 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 report on Saturday, July 26th. Finally, Loop Capital cut their price target on shares of SiteOne Landscape Supply from $150.00 to $125.00 and set a "hold" rating on the stock in a report on Friday, April 4th. 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 company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $147.00.

SiteOne Landscape Supply Price Performance

NYSE:SITE traded down $1.42 on Friday, reaching $136.41. The stock had a trading volume of 729,198 shares, compared to its average volume of 641,881. The company has a market capitalization of $6.09 billion, a P/E ratio of 49.78, a price-to-earnings-growth ratio of 2.49 and a beta of 1.54. The stock has a fifty day moving average price of $124.40 and a 200-day moving average price of $125.51. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 0.35. SiteOne Landscape Supply, Inc. has a 1-year low of $101.25 and a 1-year high of $160.74.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last announced 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). SiteOne Landscape Supply had a return on equity of 7.80% and a net margin of 2.69%. The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the business earned $2.63 earnings per share. SiteOne Landscape Supply's revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts forecast that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current year.

Insider Activity

In other news, EVP Joseph Ketter sold 39,640 shares of SiteOne Landscape Supply stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $126.28, for a total transaction of $5,005,739.20. Following 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Doug Black sold 29,760 shares of the business's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $129.28, for a total value of $3,847,372.80. Following the completion of the sale, the chief executive officer owned 596,684 shares in the company, valued at $77,139,307.52. The trade was a 4.75% 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 worth $9,828,465 in the last quarter. 2.60% of the stock is currently owned by company insiders.

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.