SiteOne Landscape Supply (NYSE:SITE) Sets New 12-Month Low Following Analyst Downgrade

Key Points

• SiteOne shares fell 8.8% to a new 52-week low of $85.81 after RBC cut its price target from $135 to $124, though it maintained an outperform rating.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $131.70 after several firms lowered their targets.
• The company’s latest quarterly results missed expectations, reporting $3.14 in EPS versus $3.36 expected and $1.53 billion in revenue versus $1.54 billion expected; CEO Doug Black separately bought 5,000 shares.

SiteOne Landscape Supply, Inc. (NYSE:SITE - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Wednesday after Royal Bank Of Canada lowered their price target on the stock from $135.00 to $124.00. Royal Bank Of Canada currently has an outperform rating on the stock. SiteOne Landscape Supply traded as low as $85.81 and last traded at $84.45, with a volume of 43076 shares trading hands. The stock had previously closed at $90.47.

Several other research analysts have also recently weighed in on the stock. Robert W. Baird dropped their price target on shares of SiteOne Landscape Supply from $160.00 to $155.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 28th. William Blair reiterated a "market perform" rating on shares of SiteOne Landscape Supply in a research note on Wednesday. Barclays lowered their price target on shares of 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. UBS Group lowered their target price on shares of SiteOne Landscape Supply from $140.00 to $110.00 and set a "neutral" rating on the stock in a research note on Thursday, July 30th. Finally, Zacks Research upgraded SiteOne Landscape Supply from a "strong sell" rating to a "hold" rating in a research report on Monday, September 28th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $131.70.

Insider Activity at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, CEO Doug Black acquired 5,000 shares of the company's stock in a transaction on Wednesday, August 26th. The stock was acquired at an average cost of $96.13 per share, with a total value of $480,650.00. Following the purchase, the chief executive officer directly owned 13,000 shares of the company's stock, valued at approximately $1,249,690. This represents a 62.50% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.10% of the company's stock.

Institutional Trading of SiteOne Landscape Supply

A number of institutional investors have recently bought and sold shares of the stock. Bamco Inc. NY purchased a new position in shares of SiteOne Landscape Supply during the second quarter valued at approximately $232,115,000. BlackRock Inc. purchased a new position in SiteOne Landscape Supply in the 2nd quarter worth about $221,355,000. Jupiter Topco LLC purchased a new stake in SiteOne Landscape Supply in the 2nd quarter valued at about $59,521,000. Bank of America Corp DE bought a new position in SiteOne Landscape Supply in the 2nd quarter worth about $49,027,000. Finally, Capital World Investors increased its position in shares of SiteOne Landscape Supply by 37.9% during the fourth quarter. Capital World Investors now owns 1,402,337 shares of the industrial products company's stock worth $174,675,000 after acquiring an additional 385,666 shares during the period.

SiteOne Landscape Supply Stock Down 8.8%

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 stock has a market cap of $3.60 billion, a P/E ratio of 22.63, a P/E/G ratio of 1.27 and a beta of 1.38. The company's 50 day moving average price is $95.08 and its two-hundred day moving average price is $110.20.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The industrial products company reported $3.14 EPS for the quarter, missing the consensus estimate of $3.36 by ($0.22). The firm had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.54 billion. SiteOne Landscape Supply had a return on equity of 9.76% and a net margin of 3.41%.The company's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.86 earnings per share. As a group, research analysts expect that SiteOne Landscape Supply, Inc. will post 3.93 earnings per share for the current year.

SiteOne Landscape Supply Company Profile

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

Its product portfolio includes irrigation and outdoor lighting equipment, nursery products, turf and landscape maintenance supplies, fertilizers and other agronomic products, hardscape materials, outdoor living products, and golf course maintenance supplies.

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.