SiteOne Landscape Supply (NYSE:SITE) Given New $143.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has raised its price target for SiteOne Landscape Supply from $130.00 to $143.00, indicating a potential upside from the last closing price.
• Other analysts have varied perspectives, with Barclays lowering their target to $106.00 and Stifel Nicolaus adjusting it to $126.00, while Truist Financial and Wall Street Zen have set their targets at $145.00 and upgraded the rating respectively.
• SiteOne reported quarterly earnings of $2.86 per share, missing analysts' estimates, and their revenue increased by 3.4% compared to the previous year, totaling $1.46 billion.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) had its price target raised by stock analysts at Royal Bank Of Canada from $130.00 to $143.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "sector perform" rating on the industrial products company's stock. Royal Bank Of Canada's target price would indicate a potential upside of 3.43% from the company's previous close.

Other equities analysts have also recently issued research reports about the stock. Barclays lowered their price objective on shares of SiteOne Landscape Supply from $120.00 to $106.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 8th. Stifel Nicolaus reduced their target price on shares of SiteOne Landscape Supply from $145.00 to $126.00 and set a "hold" rating for the company in a research note on Monday, April 28th. Truist Financial dropped their target price on shares of SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Loop Capital decreased their price target on shares of SiteOne Landscape Supply from $150.00 to $125.00 and set a "hold" rating on the stock in a research note on Friday, April 4th. Finally, 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $147.00.

SiteOne Landscape Supply Trading Down 2.8%

NYSE:SITE traded down $3.97 during trading hours on Thursday, reaching $138.25. 268,660 shares of the company were exchanged, compared to its average volume of 510,054. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.36 and a quick ratio of 0.97. The firm has a market cap of $6.20 billion, a price-to-earnings ratio of 55.09, a PEG ratio of 2.32 and a beta of 1.55. SiteOne Landscape Supply has a 52-week low of $101.25 and a 52-week high of $160.74. The stock has a 50 day simple moving average of $123.55 and a 200 day simple moving average of $125.46.

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 net margin of 2.53% and a return on equity of 7.31%. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business posted $2.63 earnings per share. SiteOne Landscape Supply's revenue for the quarter was up 3.4% on a year-over-year basis. As a group, analysts predict that SiteOne Landscape Supply will post 3.61 EPS for the current year.

Insiders Place Their Bets

In other SiteOne Landscape Supply news, EVP Joseph Ketter sold 39,640 shares of SiteOne Landscape Supply stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $126.28, for a total value of $5,005,739.20. Following the transaction, the executive vice president owned 13,663 shares in the company, valued at $1,725,363.64. The trade was a 74.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Doug Black sold 29,760 shares of SiteOne Landscape Supply stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $129.28, for a total value of $3,847,372.80. Following the completion of the transaction, the chief executive officer owned 596,684 shares in the company, valued at approximately $77,139,307.52. This represents a 4.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,784 shares of company stock worth $9,828,465 in the last 90 days. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of SiteOne Landscape Supply by 12.2% during 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 purchasing an additional 660,081 shares in 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 valued at $254,143,000 after buying an additional 494,737 shares during the period. Raymond James Financial Inc. acquired a new position in SiteOne Landscape Supply in the fourth quarter valued at approximately $40,676,000. BLI Banque de Luxembourg Investments acquired a new position in shares of SiteOne Landscape Supply during the fourth quarter worth approximately $22,787,000. Finally, Jackson Square Partners LLC raised its position in shares of SiteOne Landscape Supply by 2,732.2% during the first quarter. Jackson Square Partners LLC now owns 176,755 shares of the industrial products company's stock worth $21,465,000 after purchasing an additional 170,514 shares during the period.

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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