T. Rowe Price Investment Management Inc. Increases Position in 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. boosted its stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 31.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,092,742 shares of the industrial products company's stock after purchasing 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 and hedge funds have also recently added to or reduced their stakes in SITE. XTX Topco Ltd acquired a new position in SiteOne Landscape Supply in the fourth quarter valued at about $386,000. Marshall Wace LLP acquired a new position in SiteOne Landscape Supply during the fourth quarter valued at approximately $447,000. Canada Pension Plan Investment Board boosted its position in SiteOne Landscape Supply by 4,720.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 24,100 shares of the industrial products company's stock valued at $3,176,000 after purchasing an additional 23,600 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in SiteOne Landscape Supply by 5.8% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 9,940 shares of the industrial products company's stock valued at $1,307,000 after buying an additional 547 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in SiteOne Landscape Supply by 4.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 631,328 shares of the industrial products company's stock valued at $83,190,000 after buying an additional 27,409 shares during the period.

Wall Street Analyst Weigh In

SITE has been the topic of several research analyst reports. Truist Financial dropped their price objective on SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Royal Bank Of Canada increased their target price on SiteOne Landscape Supply from $130.00 to $143.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 31st. Wall Street Zen upgraded SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Stifel Nicolaus lowered their target price on SiteOne Landscape Supply from $145.00 to $126.00 and set a "hold" rating on the stock in a research note on Monday, April 28th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, SiteOne Landscape Supply currently has a consensus rating of "Hold" and a consensus target price of $147.00.

SiteOne Landscape Supply Price Performance

Shares of NYSE SITE traded up $0.83 during mid-day trading on Tuesday, hitting $145.21. 69,248 shares of the stock traded hands, compared to its average volume of 516,396. 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, Inc. has a twelve month low of $101.25 and a twelve month high of $160.74. The company has a market cap of $6.48 billion, a PE ratio of 52.97, a price-to-earnings-growth ratio of 2.46 and a beta of 1.54. The firm has a 50 day simple moving average of $130.49 and a two-hundred day simple moving average of $124.99.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its quarterly earnings data 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). The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.49 billion. SiteOne Landscape Supply had a net margin of 2.69% and a return on equity of 7.80%. The company's revenue was up 3.4% compared to the same quarter last year. During the same period last year, the business earned $2.63 EPS. As a group, equities research analysts forecast that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current fiscal 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 value of $5,005,739.20. Following the completion of the transaction, the executive vice president directly owned 13,663 shares of the company's stock, valued at approximately $1,725,363.64. This trade represents a 74.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Doug Black sold 29,760 shares of SiteOne Landscape Supply 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 transaction, the chief executive officer directly owned 596,684 shares of the company's stock, valued at approximately $77,139,307.52. This trade represents a 4.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,784 shares of company stock valued at $9,828,465. Corporate 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.