Ameriprise Financial Inc. Raises Stock Holdings in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Ameriprise Financial Inc. has increased its stake in SiteOne Landscape Supply by 21.3% during the first quarter, owning over 773,000 shares valued at approximately $93.9 million.
• Insider trading activity includes EVP Joseph Ketter selling 39,640 shares for over $5 million, resulting in a significant decrease in his ownership, while CEO Doug Black also sold shares valued around $975,000.
• SiteOne Landscape Supply's stock has received mixed reviews from analysts, with a consensus rating of "Hold" and a price target averaging $147.00, reflecting ongoing fluctuations in market sentiment.

Ameriprise Financial Inc. lifted its stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 21.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 773,358 shares of the industrial products company's stock after purchasing an additional 135,949 shares during the quarter. Ameriprise Financial Inc. owned about 1.73% of SiteOne Landscape Supply worth $93,913,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. State of Wyoming boosted its holdings in shares of SiteOne Landscape Supply by 6.2% in 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 during the period. GAMMA Investing LLC boosted its holdings in shares of SiteOne Landscape Supply by 24.3% in the 1st quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company's stock worth $59,000 after purchasing an additional 95 shares during the period. Deutsche Bank AG boosted its holdings in shares of SiteOne Landscape Supply by 3.9% in the 1st quarter. Deutsche Bank AG now owns 3,228 shares of the industrial products company's stock worth $392,000 after purchasing an additional 121 shares during the period. Golden State Wealth Management LLC boosted its holdings in shares of SiteOne Landscape Supply by 106.1% in the 1st quarter. Golden State Wealth Management LLC now owns 270 shares of the industrial products company's stock worth $33,000 after purchasing an additional 139 shares during the period. Finally, DAVENPORT & Co LLC boosted its holdings in shares of SiteOne Landscape Supply by 1.4% in the 1st quarter. DAVENPORT & Co LLC now owns 11,121 shares of the industrial products company's stock worth $1,351,000 after purchasing an additional 153 shares during the period.

Insider Activity

In other news, CEO Doug Black sold 29,760 shares of the company's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $129.28, for a total value of $3,847,372.80. Following the sale, the chief executive officer owned 596,684 shares in the company, valued at $77,139,307.52. This represents a 4.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Joseph Ketter sold 39,640 shares of the company's stock in a transaction dated 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 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 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 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

SiteOne Landscape Supply Stock Down 0.2%

Shares of SITE stock traded down $0.25 during mid-day trading on Thursday, hitting $144.80. The stock had a trading volume of 510,479 shares, compared to its average volume of 560,475. 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 $6.46 billion, a P/E ratio of 52.85, a price-to-earnings-growth ratio of 2.42 and a beta of 1.54. The firm's 50-day moving average is $132.16 and its two-hundred day moving average is $125.34. 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 (NYSE:SITE - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.86 EPS for the quarter, missing the consensus estimate of $2.89 by ($0.03). The company 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 company's revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.63 earnings per share. On average, analysts predict that SiteOne Landscape Supply, Inc. will post 3.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SITE has been the subject of a number of recent research reports. Royal Bank Of Canada lifted their target price on SiteOne Landscape Supply from $130.00 to $143.00 and gave the stock a "sector perform" rating in a report on Thursday, July 31st. Truist Financial dropped their target price on SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Wall Street Zen upgraded SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $147.00.

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.