SiteOne Landscape Supply (NYSE:SITE) Stock Price Up 8.3% - Time to Buy?

Key Points

• SiteOne Landscape Supply's stock price surged 8.3%, reaching a high of $139.20 following a significant decrease in trading volume.
• Various analysts have updated their ratings on the stock, with a consensus rating of "Hold" and an average price target of $145.70.
• CEO Doug Black sold nearly 30,000 shares of SITE stock, indicating a decline in insider ownership amid recent trading activity.

SiteOne Landscape Supply, Inc. (NYSE:SITE - Get Free Report) was up 8.3% on Wednesday . The stock traded as high as $138.27 and last traded at $139.20. Approximately 262,629 shares traded hands during trading, a decline of 48% from the average daily volume of 501,029 shares. The stock had previously closed at $128.57.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SITE shares. Truist Financial cut their target price on SiteOne Landscape Supply from $165.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus cut their target price on SiteOne Landscape Supply from $145.00 to $126.00 and set a "hold" rating on the stock in a report on Monday, April 28th. Barclays cut their target price on SiteOne Landscape Supply from $120.00 to $106.00 and set an "underweight" rating on the stock in a report on Tuesday, April 8th. Royal Bank Of Canada raised their target price on SiteOne Landscape Supply from $130.00 to $143.00 and gave the company a "sector perform" rating in a report on Thursday. Finally, Wall Street Zen upgraded SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $147.00.

SiteOne Landscape Supply Trading Down 1.0%

The company has a market capitalization of $6.09 billion, a price-to-earnings ratio of 49.78, a P/E/G ratio of 2.46 and a beta of 1.54. The company has a 50-day moving average price of $124.40 and a 200-day moving average price of $125.42. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 0.35.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.89 by ($0.03). The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.49 billion. SiteOne Landscape Supply had a net margin of 2.69% and a return on equity of 7.80%. The company's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.63 earnings per share. Research analysts predict that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current fiscal year.

Insider Activity

In related news, EVP Joseph Ketter sold 39,640 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $126.28, for a total transaction of $5,005,739.20. Following the transaction, the executive vice president directly 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Doug Black sold 29,760 shares of the business's 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 transaction, the chief executive officer owned 596,684 shares in the company, valued at $77,139,307.52. This represents a 4.75% decrease in their ownership of the stock. 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 90 days. Corporate insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On SiteOne Landscape Supply

Several institutional investors and hedge funds have recently added to or reduced their stakes in SITE. Price T Rowe Associates Inc. MD boosted its holdings in 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. boosted its holdings in SiteOne Landscape Supply by 31.0% during 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 purchasing an additional 494,737 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in SiteOne Landscape Supply during the fourth quarter valued at approximately $40,676,000. BLI Banque de Luxembourg Investments acquired a new stake in SiteOne Landscape Supply during the fourth quarter valued at approximately $22,787,000. Finally, Jackson Square Partners LLC boosted its holdings in 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 valued at $21,465,000 after purchasing an additional 170,514 shares in the last quarter.

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.