VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Shares in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Virginia Retirement Systems acquired 18,000 SiteOne Landscape Supply shares worth approximately $2.06 million during the second quarter, while several other institutional investors also initiated or increased positions.
• Analyst sentiment is mixed: seven analysts rate the stock Buy, six Hold, and one Sell, resulting in a consensus “Hold” rating and an average price target of $135.27 after several target reductions.
• SiteOne shares opened at $92.97, near their 52-week low, after the company reported quarterly EPS of $3.14 versus the $3.36 consensus estimate; revenue rose 4.7% year over year to $1.53 billion.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 18,000 shares of the industrial products company's stock, valued at approximately $2,059,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bamco Inc. NY raised its holdings in SiteOne Landscape Supply by 3.1% in the fourth quarter. Bamco Inc. NY now owns 2,028,366 shares of the industrial products company's stock worth $252,653,000 after buying an additional 61,490 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in SiteOne Landscape Supply during the second quarter valued at $3,059,000. Summit Creek Advisors LLC lifted its stake in shares of SiteOne Landscape Supply by 22.1% in the 4th quarter. Summit Creek Advisors LLC now owns 73,442 shares of the industrial products company's stock worth $9,148,000 after purchasing an additional 13,312 shares during the period. Norges Bank bought a new position in SiteOne Landscape Supply in the fourth quarter worth approximately $18,925,000. Finally, Legal & General Group Plc purchased a new stake in SiteOne Landscape Supply in the second quarter worth about $4,281,000.

Analyst Ratings Changes

A number of research analysts recently weighed in on SITE shares. Zacks Research cut shares of SiteOne Landscape Supply from a "hold" rating to a "strong sell" rating in a research note on Monday, June 22nd. Royal Bank Of Canada lowered their price objective on shares of SiteOne Landscape Supply from $171.00 to $135.00 and set an "outperform" rating for the company in a research report on Thursday, July 30th. Barclays decreased their price target on SiteOne Landscape Supply from $129.00 to $108.00 and set an "equal weight" rating on the stock in a report on Thursday, July 30th. Robert W. Baird decreased their price objective on shares of SiteOne Landscape Supply from $160.00 to $155.00 and set an "outperform" rating for the company in a research note on Tuesday, July 28th. Finally, KeyCorp lowered their target price on shares of SiteOne Landscape Supply from $145.00 to $135.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, SiteOne Landscape Supply has a consensus rating of "Hold" and a consensus target price of $135.27.

SiteOne Landscape Supply Trading Down 1.9%

SiteOne Landscape Supply stock opened at $92.97 on Friday. SiteOne Landscape Supply, Inc. has a 52 week low of $90.07 and a 52 week high of $168.56. The company has a quick ratio of 1.01, a current ratio of 2.30 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 25.47, a price-to-earnings-growth ratio of 1.37 and a beta of 1.34. The stock has a 50-day moving average price of $99.96 and a 200 day moving average price of $115.95.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The industrial products company reported $3.14 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($0.22). The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.54 billion. SiteOne Landscape Supply had a return on equity of 9.76% and a net margin of 3.41%.SiteOne Landscape Supply's revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.86 earnings per share. Sell-side analysts anticipate that SiteOne Landscape Supply, Inc. will post 3.93 EPS for the current year.

Insider Activity at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, CEO Doug Black bought 5,000 shares of the company's stock in a transaction dated Wednesday, August 26th. The shares were purchased at an average cost of $96.13 per share, for a total transaction of $480,650.00. Following the transaction, the chief executive officer directly owned 13,000 shares of the company's stock, valued at approximately $1,249,690. The trade was a 62.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.10% of the stock is owned by company insiders.

SiteOne Landscape Supply Company Profile

SiteOne Landscape Supply, Inc is a wholesale distributor of landscape, irrigation, and outdoor living products serving professional customers across the United States and Canada. The company supplies landscape contractors, golf course professionals, green-industry businesses, municipalities, and other commercial customers through a network of local branches and distribution facilities.

Its product offerings include irrigation and water-management systems, nursery and landscape supplies, seed, fertilizer, turf and ornamental plant protection products, landscape lighting, hardscape materials, outdoor living products, and related maintenance equipment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.