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SiteOne Landscape Supply Inc (NYSE:SITE) Expected to Announce Quarterly Sales of $702.27 Million

Last updated on Sunday, October 18, 2020 | 2020 MarketBeat

Equities analysts forecast that SiteOne Landscape Supply Inc (NYSE:SITE) will post $702.27 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for SiteOne Landscape Supply's earnings, with estimates ranging from $688.90 million to $716.86 million. SiteOne Landscape Supply posted sales of $652.80 million in the same quarter last year, which would indicate a positive year over year growth rate of 7.6%. The business is scheduled to issue its next earnings results before the market opens on Wednesday, October 28th.

According to Zacks, analysts expect that SiteOne Landscape Supply will report full-year sales of $2.56 billion for the current year, with estimates ranging from $2.54 billion to $2.59 billion. For the next year, analysts forecast that the company will report sales of $2.76 billion, with estimates ranging from $2.68 billion to $2.91 billion. Zacks' sales averages are an average based on a survey of sell-side research firms that follow SiteOne Landscape Supply.

SiteOne Landscape Supply (NYSE:SITE) last issued its quarterly earnings results on Wednesday, July 29th. The industrial products company reported $1.83 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.47. The company had revenue of $817.70 million for the quarter, compared to analyst estimates of $748.74 million. SiteOne Landscape Supply had a return on equity of 24.41% and a net margin of 4.00%. The company's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company earned $1.52 earnings per share.

SITE has been the topic of a number of research analyst reports. TheStreet raised SiteOne Landscape Supply from a "c+" rating to a "b" rating in a report on Monday, August 3rd. Robert W. Baird raised SiteOne Landscape Supply from a "neutral" rating to an "outperform" rating and set a $135.00 target price on the stock in a report on Tuesday, September 15th. Royal Bank of Canada lifted their target price on SiteOne Landscape Supply from $99.00 to $106.00 and gave the stock an "underperform" rating in a report on Thursday, July 30th. Jefferies Financial Group reaffirmed a "buy" rating and set a $150.00 target price on shares of SiteOne Landscape Supply in a report on Tuesday, August 11th. Finally, SunTrust Banks lifted their target price on SiteOne Landscape Supply from $114.00 to $130.00 and gave the stock a "hold" rating in a report on Thursday, July 30th. Two analysts have rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. SiteOne Landscape Supply currently has an average rating of "Hold" and an average price target of $105.33.

In related news, EVP L Briley Brisendine, Jr. sold 5,400 shares of SiteOne Landscape Supply stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $126.15, for a total value of $681,210.00. Following the transaction, the executive vice president now owns 24,634 shares of the company's stock, valued at approximately $3,107,579.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Doug Black sold 15,000 shares of the firm's stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $128.51, for a total value of $1,927,650.00. Following the sale, the chief executive officer now owns 377,065 shares of the company's stock, valued at $48,456,623.15. The disclosure for this sale can be found here. Insiders sold a total of 35,400 shares of company stock worth $4,397,460 in the last three months. 3.49% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC boosted its position in SiteOne Landscape Supply by 0.6% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,596,811 shares of the industrial products company's stock worth $409,147,000 after acquiring an additional 22,451 shares during the period. Conestoga Capital Advisors LLC boosted its position in SiteOne Landscape Supply by 5.3% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,127,713 shares of the industrial products company's stock worth $128,525,000 after acquiring an additional 56,395 shares during the period. Fred Alger Management LLC boosted its position in SiteOne Landscape Supply by 15.4% during the 1st quarter. Fred Alger Management LLC now owns 615,878 shares of the industrial products company's stock worth $45,341,000 after acquiring an additional 82,365 shares during the period. Invesco Ltd. boosted its position in SiteOne Landscape Supply by 899.4% during the 1st quarter. Invesco Ltd. now owns 588,306 shares of the industrial products company's stock worth $43,311,000 after acquiring an additional 529,440 shares during the period. Finally, Geode Capital Management LLC boosted its position in SiteOne Landscape Supply by 8.2% during the 1st quarter. Geode Capital Management LLC now owns 574,180 shares of the industrial products company's stock worth $42,271,000 after acquiring an additional 43,596 shares during the period.

Shares of SITE opened at $135.74 on Friday. The firm has a market capitalization of $5.70 billion, a price-to-earnings ratio of 59.54 and a beta of 1.20. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.29 and a current ratio of 2.43. SiteOne Landscape Supply has a one year low of $53.29 and a one year high of $137.73. The stock's fifty day moving average is $122.19 and its 200-day moving average is $107.36.

About SiteOne Landscape Supply

SiteOne Landscape Supply, Inc engages in the wholesale distribution of landscape supplies in the United States and Canada. The company provides a selection of approximately 120,000 stock keeping units, including irrigation supplies, fertilizer and control products, landscape accessories, nursery goods, outdoor lightings, and ice melt products, as well as hardscapes, such as pavers, natural stones, and blocks.

See Also: Retained Earnings

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Earnings History and Estimates for SiteOne Landscape Supply (NYSE:SITE)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

7 Tech Stocks To Buy On Sale

This too shall pass. Those four words should be taped to the computer screen of every investor. If you own shares of the tech sector, you’ve seen your portfolio take quite a hit. Tech stocks were largely immune from the effects of the pandemic.

However, as investors are looking to rebalance their portfolios, tech stocks were obvious targets for some profit-taking. And at the end of the day, that’s what I believe the latest tech selloff amounts to. Stocks don’t move in one direction all the time. Sure, there may be some saber-rattling about breaking up big tech. But with an election in less than two months, nobody will have the political will to do anything.

That doesn’t mean that it’s all going to be smooth sailing. Sure, the Federal Reserve did its part by promising low-interest rates until the end of time (or at least through 2023 whatever comes first). But the rest of 2020 is likely to be volatile for stocks.

First, there’s still the novel coronavirus hanging around. It’s not going to simply disappear after election day. That will take some combination of a vaccine and/or therapeutic. And all the likely candidates seem to be getting farther away the deeper into clinical trials they get.

And we have an election. But we are not likely to know the winner of the election on election night. In fact, for those who remember the spectacle of “hanging chads”, this election could make that one look like amateur hour.

The bottom line is there will be uncertainty. But there are always gains to be found, particularly now that their stock price has come down a little bit. Here are seven tech stocks that you can look to add or increase a position in now that they’re trading at a discount.

View the "7 Tech Stocks To Buy On Sale".

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