Royal Bank Of Canada Boosts SiteOne Landscape Supply (NYSE:SITE) Price Target to $143.00

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 - Free Report) had its price objective upped by Royal Bank Of Canada from $130.00 to $143.00 in a research note issued to investors on Thursday,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the industrial products company's stock.

Other equities research analysts also recently issued research reports about the stock. Truist Financial lowered their target price on shares of SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Barclays cut their price target on shares of SiteOne Landscape Supply from $120.00 to $106.00 and set an "underweight" rating for the company in a research note on Tuesday, April 8th. Loop Capital dropped their price objective on shares of SiteOne Landscape Supply from $150.00 to $125.00 and set a "hold" rating on the stock in a research report on Friday, April 4th. Wall Street Zen raised shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Stifel Nicolaus cut their price objective on shares of SiteOne Landscape Supply from $145.00 to $126.00 and set a "hold" rating for the company in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $147.00.

SiteOne Landscape Supply Stock Performance

Shares of NYSE:SITE traded up $0.74 on Thursday, hitting $137.11. 41,769 shares of the company were exchanged, compared to its average volume of 513,059. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.06 and a current ratio of 2.41. The company's 50 day moving average price is $124.40 and its two-hundred day moving average price is $125.33. SiteOne Landscape Supply has a one year low of $101.25 and a one year high of $160.74. The firm has a market capitalization of $6.12 billion, a price-to-earnings ratio of 50.02, a PEG ratio of 2.28 and a beta of 1.54.

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 EPS for the quarter, missing analysts' consensus estimates of $2.89 by ($0.03). SiteOne Landscape Supply had a net margin of 2.69% and a return on equity of 7.80%. The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the firm earned $2.63 earnings per share. SiteOne Landscape Supply's quarterly revenue was up 3.4% on a year-over-year basis. Research analysts expect that SiteOne Landscape Supply will post 3.61 earnings per share for the current year.

Insider Activity at SiteOne Landscape Supply

In other 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 sale, the chief executive officer owned 596,684 shares in the company, valued at approximately $77,139,307.52. The trade was a 4.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $126.28, for a total transaction of $5,005,739.20. Following the sale, the executive vice president owned 13,663 shares in the company, valued at approximately $1,725,363.64. This trade represents a 74.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,784 shares of company stock worth $9,828,465 over the last three months. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SiteOne Landscape Supply

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its stake in 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 worth $738,309,000 after purchasing an additional 660,081 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in SiteOne Landscape Supply by 31.0% in the 1st 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 period. Raymond James Financial Inc. bought a new position in SiteOne Landscape Supply in the 4th quarter worth approximately $40,676,000. BLI Banque de Luxembourg Investments bought a new position in shares of SiteOne Landscape Supply during the 4th quarter valued at approximately $22,787,000. Finally, Jackson Square Partners LLC boosted its position in shares of SiteOne Landscape Supply by 2,732.2% during the 1st quarter. Jackson Square Partners LLC now owns 176,755 shares of the industrial products company's stock valued at $21,465,000 after acquiring an additional 170,514 shares during the last quarter.

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.