SiteOne Landscape Supply (NYSE:SITE) Downgraded to Hold Rating by Zacks Research

Key Points

• SiteOne Landscape Supply has been downgraded to a "hold" rating by Zacks Research, shifting from a previous "strong-buy" rating.
• Despite the downgrade, Loop Capital has upgraded its rating to "buy" and increased its price target for the company from $150 to $160.
• SiteOne reported earnings of $2.86 per share, missing analysts' estimates by $0.03, with a revenue of $1.46 billion, which was below expectations of $1.49 billion.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other equities research analysts also recently commented on SITE. Loop Capital raised 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 research report on Friday, September 19th. Wall Street Zen raised SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Royal Bank Of Canada lifted their price objective on 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. Five investment 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 stock presently has an average rating of "Hold" and a consensus target price of $150.50.

SiteOne Landscape Supply Stock Performance

NYSE SITE opened at $128.80 on Monday. SiteOne Landscape Supply has a fifty-two week low of $101.25 and a fifty-two week high of $160.74. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of 47.01, a price-to-earnings-growth ratio of 2.13 and a beta of 1.60. The business has a fifty day moving average of $138.42 and a 200-day moving average of $126.47. The company has a quick ratio of 1.06, a current ratio of 2.41 and a debt-to-equity ratio of 0.35.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last released its quarterly 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). SiteOne Landscape Supply had a return on equity of 7.80% and a net margin of 2.69%.The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the firm earned $2.63 earnings per share. The business's revenue was up 3.4% compared to the same quarter last year. As a group, analysts predict that SiteOne Landscape Supply will post 3.61 earnings per share for the current fiscal year.

Insider Transactions at SiteOne Landscape Supply

In other SiteOne Landscape Supply news, CEO Doug Black sold 7,384 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $132.09, for a total transaction of $975,352.56. Following the completion of the sale, the chief executive officer owned 600,446 shares of the company's stock, valued at approximately $79,312,912.14. The trade was a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SiteOne Landscape Supply

A number of institutional investors have recently added to or reduced their stakes in SITE. GAMMA Investing LLC grew its position in SiteOne Landscape Supply by 14,994.6% during the first quarter. GAMMA Investing LLC now owns 59,020 shares of the industrial products company's stock valued at $7,167,000 after acquiring an additional 58,629 shares during the period. Rhumbline Advisers grew its position in SiteOne Landscape Supply by 5.6% during the first quarter. Rhumbline Advisers now owns 50,037 shares of the industrial products company's stock valued at $6,076,000 after acquiring an additional 2,635 shares during the period. NBC Securities Inc. grew its position in SiteOne Landscape Supply by 114,200.0% during the first quarter. NBC Securities Inc. now owns 3,429 shares of the industrial products company's stock valued at $416,000 after acquiring an additional 3,426 shares during the period. Fenimore Asset Management Inc grew its position in SiteOne Landscape Supply by 9.6% during the first quarter. Fenimore Asset Management Inc now owns 149,026 shares of the industrial products company's stock valued at $18,098,000 after acquiring an additional 13,098 shares during the period. Finally, Fifth Third Bancorp grew its position in SiteOne Landscape Supply by 4.9% during the first quarter. Fifth Third Bancorp now owns 3,595 shares of the industrial products company's stock valued at $437,000 after acquiring an additional 167 shares during the period.

About SiteOne Landscape Supply

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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