HB Wealth Management LLC Raises Stock Position 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 grew its position in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 120.3% in the 1st 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. OneDigital Investment Advisors LLC raised its stake in 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 worth $228,000 after buying an additional 342 shares in the last quarter. Teacher Retirement System of Texas raised its stake in 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 worth $1,079,000 after buying an additional 4,927 shares in the last quarter. GAMMA Investing LLC raised its stake in SiteOne Landscape Supply by 24.3% in the first quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock worth $59,000 after buying an additional 95 shares in the last quarter. Fifth Third Bancorp raised its stake in 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 worth $437,000 after buying an additional 167 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its stake in 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 worth $1,184,000 after buying an additional 1,224 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SITE. Royal Bank Of Canada upped 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 report on Thursday. Barclays cut their price objective on shares of SiteOne Landscape Supply from $120.00 to $106.00 and set an "underweight" rating on the stock in a report on Tuesday, April 8th. Truist Financial cut their price objective 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. Stifel Nicolaus cut their price objective 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 upgraded shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $147.00.

Insider Activity at SiteOne Landscape Supply

In other news, CEO Doug Black sold 29,760 shares of the firm'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 sale, the chief executive officer directly owned 596,684 shares in the company, valued at $77,139,307.52. This trade represents a 4.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Joseph Ketter sold 39,640 shares of the firm'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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,784 shares of company stock worth $9,828,465 over the last quarter. Insiders own 2.60% of the company's stock.

SiteOne Landscape Supply Stock Performance

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

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the business posted $2.63 earnings per share. The firm's revenue was up 3.4% on a year-over-year basis. As a group, equities research analysts expect that SiteOne Landscape Supply, Inc. will post 3.61 earnings per share for the current fiscal 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.