Truist Financial Corp Reduces Holdings in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Truist Financial Corp cut its stake in SiteOne Landscape Supply by 45.3% in the fourth quarter, selling 27,570 shares and leaving it with 33,328 shares valued at about $4.15 million.
• SiteOne reported weaker-than-expected quarterly results, posting an EPS loss of $0.60 versus the $0.33 loss expected and revenue of $940.1 million versus forecasts of $982.27 million.
• Analysts remain mixed on the stock: the consensus rating is Hold with an average target price of $160.10, though several firms recently adjusted ratings and price targets in both directions.

Truist Financial Corp decreased its position in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) by 45.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,328 shares of the industrial products company's stock after selling 27,570 shares during the period. Truist Financial Corp owned 0.07% of SiteOne Landscape Supply worth $4,151,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Man Group plc grew its stake in shares of SiteOne Landscape Supply by 0.4% in the 2nd quarter. Man Group plc now owns 22,338 shares of the industrial products company's stock valued at $2,702,000 after buying an additional 86 shares during the period. State of New Jersey Common Pension Fund D grew its stake in shares of SiteOne Landscape Supply by 0.5% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 16,928 shares of the industrial products company's stock valued at $2,109,000 after buying an additional 89 shares during the period. NewEdge Advisors LLC grew its stake in shares of SiteOne Landscape Supply by 36.6% in the 1st quarter. NewEdge Advisors LLC now owns 399 shares of the industrial products company's stock valued at $48,000 after buying an additional 107 shares during the period. Mitchell & Pahl Private Wealth LLC grew its stake in shares of SiteOne Landscape Supply by 2.0% in the 4th quarter. Mitchell & Pahl Private Wealth LLC now owns 5,915 shares of the industrial products company's stock valued at $737,000 after buying an additional 118 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in shares of SiteOne Landscape Supply by 4.9% in the 4th quarter. State of Alaska Department of Revenue now owns 2,821 shares of the industrial products company's stock valued at $351,000 after buying an additional 133 shares during the period.

SiteOne Landscape Supply Stock Performance

Shares of SITE stock opened at $120.92 on Monday. The firm's 50 day moving average price is $134.65 and its 200-day moving average price is $135.10. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 2.33. SiteOne Landscape Supply, Inc. has a one year low of $112.23 and a one year high of $168.56. The firm has a market cap of $5.36 billion, a P/E ratio of 35.88, a P/E/G ratio of 1.58 and a beta of 1.42.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The industrial products company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.27). The company had revenue of $940.10 million during the quarter, compared to analyst estimates of $982.27 million. SiteOne Landscape Supply had a return on equity of 9.22% and a net margin of 3.24%.The business's revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.61) earnings per share. As a group, equities research analysts predict that SiteOne Landscape Supply, Inc. will post 4.18 EPS for the current year.

Insider Transactions at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, EVP Eric J. Elema sold 1,765 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $158.01, for a total transaction of $278,887.65. Following the sale, the executive vice president directly owned 2,911 shares in the company, valued at $459,967.11. This represents a 37.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SITE shares. Royal Bank Of Canada upped their price objective on shares of SiteOne Landscape Supply from $151.00 to $171.00 and gave the stock an "outperform" rating in a report on Thursday, February 12th. Bank of America decreased their price objective on shares of SiteOne Landscape Supply from $182.00 to $167.00 and set a "buy" rating on the stock in a report on Monday, April 20th. UBS Group started coverage on shares of SiteOne Landscape Supply in a report on Friday, April 10th. They issued a "neutral" rating and a $140.00 price objective on the stock. Weiss Ratings lowered shares of SiteOne Landscape Supply from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday. Finally, Stifel Nicolaus upgraded shares of SiteOne Landscape Supply from a "hold" rating to a "buy" rating and set a $157.00 price objective on the stock in a report on Monday, May 4th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $160.10.

About SiteOne Landscape Supply

SiteOne Landscape Supply is a leading distributor of landscape supplies and irrigation equipment in North America. The company serves a broad range of customers, including independent landscapers, lawn and garden retailers, municipalities and other commercial landscape professionals. Its product portfolio spans irrigation and lighting controls, pipes and fittings, fertilizers and soils, lighting fixtures, hardscapes, outdoor lighting systems and related installation accessories.

In addition to core product lines, SiteOne offers agronomic services designed to optimize turf and plant health, as well as online tools and training resources to help customers plan, specify and manage projects more efficiently.

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