Wealth Enhancement Advisory Services LLC Acquires Shares of 7,621 SiteOne Landscape Supply, Inc. $SITE

Key Points

• Wealth Enhancement Advisory Services LLC acquired 7,621 shares of SiteOne Landscape Supply, valued at approximately $989,000, marking a significant investment in the company during the 2nd quarter.
• Several hedge funds, including T. Rowe Price and Ameriprise Financial, have increased their holdings in SiteOne, reflecting growing institutional interest in the company.
• Research reports have shown mixed ratings for SiteOne, with Loop Capital upgrading the stock to a "buy" and other firms setting target prices between $143.00 and $160.00.

Wealth Enhancement Advisory Services LLC acquired a new stake in shares of SiteOne Landscape Supply, Inc. (NYSE:SITE - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 7,621 shares of the industrial products company's stock, valued at approximately $989,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SITE. Price T Rowe Associates Inc. MD lifted its holdings in shares of SiteOne Landscape Supply by 12.2% in the 1st 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 last quarter. T. Rowe Price Investment Management Inc. lifted its stake in 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 worth $254,143,000 after purchasing an additional 494,737 shares during the last quarter. Conestoga Capital Advisors LLC lifted its stake in SiteOne Landscape Supply by 1.4% in the first quarter. Conestoga Capital Advisors LLC now owns 1,183,574 shares of the industrial products company's stock worth $143,733,000 after purchasing an additional 16,120 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of SiteOne Landscape Supply by 21.3% during the first quarter. Ameriprise Financial Inc. now owns 773,358 shares of the industrial products company's stock worth $93,913,000 after acquiring an additional 135,949 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of SiteOne Landscape Supply by 0.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 555,858 shares of the industrial products company's stock worth $67,503,000 after acquiring an additional 2,951 shares during the period.

Wall Street Analyst Weigh In

SITE has been the topic of several research reports. Loop Capital raised shares of SiteOne Landscape Supply from a "hold" rating to a "buy" rating and lifted their price objective for the company from $150.00 to $160.00 in a report on Friday, September 19th. Royal Bank Of Canada raised their target price on shares of SiteOne Landscape Supply from $130.00 to $143.00 and gave the company a "sector perform" rating in a research note on Thursday, July 31st. Wall Street Zen upgraded shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Zacks Research downgraded shares of SiteOne Landscape Supply from a "strong-buy" rating to a "hold" rating in a research note on Monday. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $150.50.

Insider Transactions at SiteOne Landscape Supply

In related news, CEO Doug Black sold 29,760 shares of the business's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $129.28, for a total transaction of $3,847,372.80. Following the completion of the transaction, the chief executive officer directly owned 596,684 shares in the company, valued at $77,139,307.52. The trade was a 4.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.60% of the stock is owned by corporate insiders.

SiteOne Landscape Supply Trading Down 1.0%

NYSE:SITE opened at $127.54 on Thursday. SiteOne Landscape Supply, Inc. has a 12 month low of $101.25 and a 12 month high of $160.74. The firm has a fifty day simple moving average of $138.36 and a 200-day simple moving average of $126.48. The company has a current ratio of 2.41, a quick ratio of 1.06 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $5.69 billion, a P/E ratio of 46.55, a PEG ratio of 2.15 and a beta of 1.59.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last posted 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). The business 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 for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.63 earnings per share. On average, equities research analysts anticipate that SiteOne Landscape Supply, Inc. will post 3.61 earnings per share for the current year.

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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