Kayne Anderson Rudnick Investment Management LLC Cuts Position in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its holdings in SiteOne Landscape Supply by 4.7% during the 1st quarter, now owning approximately 7.08% of the company worth $385.1 million.
• SiteOne Landscape Supply's share price opened at $147.20, with recent earnings showing a miss of $0.03 per share compared to consensus estimates.
• Insider sales included Joseph Ketter selling 39,640 shares, representing a 74.37% decrease in his position, and CEO Doug Black selling 7,384 shares.

Kayne Anderson Rudnick Investment Management LLC decreased its stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 4.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,171,508 shares of the industrial products company's stock after selling 154,990 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned approximately 7.08% of SiteOne Landscape Supply worth $385,148,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of SITE. Price T Rowe Associates Inc. MD grew its position in shares of SiteOne Landscape Supply by 12.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,079,615 shares of the industrial products company's stock valued at $738,309,000 after purchasing an additional 660,081 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in SiteOne Landscape Supply by 31.0% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,092,742 shares of the industrial products company's stock worth $254,143,000 after acquiring an additional 494,737 shares during the last quarter. BLI Banque de Luxembourg Investments acquired a new position in SiteOne Landscape Supply during the fourth quarter worth about $22,787,000. Jackson Square Partners LLC boosted its position in SiteOne Landscape Supply by 2,732.2% during the first quarter. Jackson Square Partners LLC now owns 176,755 shares of the industrial products company's stock worth $21,465,000 after acquiring an additional 170,514 shares during the last quarter. Finally, Invesco Ltd. boosted its position in SiteOne Landscape Supply by 108.8% during the first quarter. Invesco Ltd. now owns 309,504 shares of the industrial products company's stock worth $37,586,000 after acquiring an additional 161,263 shares during the last quarter.

SiteOne Landscape Supply Stock Down 1.6%

SITE traded down $2.25 during trading hours on Friday, hitting $142.71. 106,590 shares of the company's stock were exchanged, compared to its average volume of 515,308. SiteOne Landscape Supply, Inc. has a 12-month low of $101.25 and a 12-month high of $160.74. The firm has a 50 day moving average of $132.16 and a 200 day moving average of $125.34. The firm has a market cap of $6.37 billion, a P/E ratio of 52.08, a price-to-earnings-growth ratio of 2.42 and a beta of 1.54. 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 announced its 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 for the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the previous year, the company earned $2.63 earnings per share. SiteOne Landscape Supply's quarterly revenue was up 3.4% on a year-over-year basis. Analysts predict that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SITE shares. Wall Street Zen upgraded shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Royal Bank Of Canada boosted their price target 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. Finally, Truist Financial lowered their price target on shares of SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, SiteOne Landscape Supply presently has an average rating of "Hold" and an average target price of $147.00.

Insider Buying and Selling

In related news, EVP Joseph Ketter sold 39,640 shares of the 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 completion of the sale, the executive vice president owned 13,663 shares in the company, valued at $1,725,363.64. This represents a 74.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Doug Black sold 7,384 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $132.09, for a total transaction of $975,352.56. Following the sale, the chief executive officer owned 600,446 shares of the company's stock, valued at approximately $79,312,912.14. This represents a 1.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,784 shares of company stock worth $9,828,465. Insiders own 2.60% of the company's stock.

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.