Voleon Capital Management LP Takes Position in SiteOne Landscape Supply, Inc. $SITE

Key Points

• Voleon Capital Management LP has acquired 8,300 shares of SiteOne Landscape Supply, Inc. for approximately $1,008,000, indicating interest from institutional investors.
• Analysts have raised price targets for SiteOne, with Royal Bank of Canada increasing theirs from $130.00 to $143.00, reflecting a generally positive outlook.
• Despite missing earnings estimates for the latest quarter, SiteOne reported a 3.4% increase in year-over-year revenue, demonstrating resilience amidst challenging conditions.

Voleon Capital Management LP acquired a new stake in SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 8,300 shares of the industrial products company's stock, valued at approximately $1,008,000.

A number of other large investors also recently modified their holdings of SITE. Price T Rowe Associates Inc. MD boosted 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 acquiring an additional 660,081 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in shares of SiteOne Landscape Supply by 31.0% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,092,742 shares of the industrial products company's stock valued at $254,143,000 after acquiring an additional 494,737 shares during the period. Jackson Square Partners LLC boosted its position in shares of SiteOne Landscape Supply by 2,732.2% in the first 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. boosted its position in shares of SiteOne Landscape Supply by 108.8% in the first quarter. Invesco Ltd. now owns 309,504 shares of the industrial products company's stock valued at $37,586,000 after acquiring an additional 161,263 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in shares of SiteOne Landscape Supply by 21.3% in the first quarter. Ameriprise Financial Inc. now owns 773,358 shares of the industrial products company's stock valued at $93,913,000 after acquiring an additional 135,949 shares during the period.

Analysts Set New Price Targets

A number of research firms have recently commented on SITE. Royal Bank Of Canada raised their price objective on shares of SiteOne Landscape Supply from $130.00 to $143.00 and gave the company a "sector perform" rating in a research report on Thursday, July 31st. 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. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, SiteOne Landscape Supply has an average rating of "Hold" and a consensus price target of $147.00.

SiteOne Landscape Supply Trading Down 0.7%

Shares of SiteOne Landscape Supply stock opened at $151.98 on Tuesday. SiteOne Landscape Supply, Inc. has a 1 year low of $101.25 and a 1 year high of $160.74. The firm has a market cap of $6.78 billion, a PE ratio of 55.47, a PEG ratio of 2.55 and a beta of 1.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.41 and a quick ratio of 1.06. The company has a 50 day simple moving average of $135.79 and a two-hundred day simple moving average of $125.41.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its earnings results on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share for the quarter, missing analysts' consensus estimates of $2.89 by ($0.03). The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.49 billion. SiteOne Landscape Supply had a return on equity of 7.80% and a net margin of 2.69%.The business's quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.63 EPS. Analysts expect that SiteOne Landscape Supply, Inc. will post 3.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Doug Black sold 7,384 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $132.09, for a total value of $975,352.56. Following the completion of the sale, the chief executive officer directly owned 600,446 shares in the company, valued at approximately $79,312,912.14. The trade was a 1.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was 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 of the company's stock, valued at approximately $1,725,363.64. The trade was a 74.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,784 shares of company stock valued at $9,828,465. Company insiders own 2.60% of the company's stock.

SiteOne Landscape Supply 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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