T. Rowe Price Investment Management Inc. Buys 494,737 Shares of SiteOne Landscape Supply, Inc. $SITE

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in SiteOne Landscape Supply by 31%, acquiring 494,737 shares during the first quarter, raising its ownership to approximately 4.67% valued at $254 million.
• Analysts have mixed views on SiteOne, with price targets adjusted between $126 and $165, including upgrades from brokerage firms such as Wall Street Zen.
• During the last quarter, SiteOne Landscape Supply reported earnings of $2.86 per share, falling short of analysts' expectations, while revenue increased by 3.4% year-over-year to $1.46 billion.

T. Rowe Price Investment Management Inc. grew its stake in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 31.0% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 2,092,742 shares of the industrial products company's stock after acquiring an additional 494,737 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 4.67% of SiteOne Landscape Supply worth $254,143,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SITE. BLI Banque de Luxembourg Investments bought a new stake in shares of SiteOne Landscape Supply during the 4th quarter valued at $22,787,000. Jackson Square Partners LLC lifted its position in shares of SiteOne Landscape Supply by 2,732.2% during the 1st quarter. Jackson Square Partners LLC now owns 176,755 shares of the industrial products company's stock valued at $21,465,000 after acquiring an additional 170,514 shares during the period. Invesco Ltd. lifted its position in shares of SiteOne Landscape Supply by 108.8% during the 1st quarter. Invesco Ltd. now owns 309,504 shares of the industrial products company's stock worth $37,586,000 after buying an additional 161,263 shares during the last quarter. Nuveen LLC bought a new stake in shares of SiteOne Landscape Supply during the 1st quarter worth $16,317,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of SiteOne Landscape Supply during the 1st quarter worth $9,695,000.

Analysts Set New Price Targets

Several brokerages recently weighed in on SITE. Truist Financial dropped their price objective on SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Stifel Nicolaus dropped their price objective on SiteOne Landscape Supply from $145.00 to $126.00 and set a "hold" rating for the company in a research report on Monday, April 28th. Wall Street Zen upgraded SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Royal Bank Of Canada upped their price objective on 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. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $147.00.

SiteOne Landscape Supply Price Performance

Shares of SITE opened at $137.4050 on Thursday. SiteOne Landscape Supply, Inc. has a 12-month low of $101.25 and a 12-month high of $160.74. The business has a 50-day simple moving average of $129.12 and a two-hundred day simple moving average of $124.99. The company has a quick ratio of 1.06, a current ratio of 2.41 and a debt-to-equity ratio of 0.35. The stock has a market cap of $6.13 billion, a PE ratio of 50.15, a PEG ratio of 2.38 and a beta of 1.54.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share (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 period in the previous year, the company earned $2.63 EPS. SiteOne Landscape Supply's revenue for the quarter was up 3.4% on a year-over-year basis. Analysts anticipate that SiteOne Landscape Supply, Inc. will post 3.61 earnings per share for the current fiscal year.

Insider Transactions at SiteOne Landscape Supply

In other news, CEO Doug Black sold 29,760 shares of the 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 completion of the sale, the chief executive officer owned 596,684 shares of the company's stock, valued at approximately $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 SEC, which is accessible through the SEC website. Also, EVP Joseph Ketter sold 39,640 shares of the stock in a transaction dated Tuesday, July 1st. The shares were 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 directly owned 13,663 shares of the company's stock, valued at approximately $1,725,363.64. The trade was a 74.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,784 shares of company stock valued at $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.

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