Loop Capital Upgrades SiteOne Landscape Supply (NYSE:SITE) to "Buy"

Key Points

• Loop Capital upgraded SiteOne Landscape Supply from a "hold" to a "buy" rating, setting a new price target of $160.00, indicating a potential upside of 17.28% from its last close.
• SiteOne Landscape Supply reported earnings per share (EPS) of $2.86 for the last quarter, slightly missing consensus estimates, while revenue increased by 3.4% year-over-year to $1.46 billion.
• Insider trading activity included significant stock sales, with executives Joseph Ketter and Doug Black offloading shares valued at over $6 million recently, reflecting a substantial decrease in their stakes.

Loop Capital upgraded shares of SiteOne Landscape Supply (NYSE:SITE - Free Report) from a hold rating to a buy rating in a research report released on Friday morning, MarketBeat reports. The firm currently has $160.00 price objective on the industrial products company's stock, up from their previous price objective of $150.00.

Other research analysts also recently issued research reports about the company. Wall Street Zen upgraded SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Royal Bank Of Canada raised their target price on SiteOne Landscape Supply from $130.00 to $143.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 31st. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $150.50.

SiteOne Landscape Supply Trading Down 0.7%

SiteOne Landscape Supply stock traded down $1.02 during midday trading on Friday, reaching $135.33. The stock had a trading volume of 634,040 shares, compared to its average volume of 527,000. SiteOne Landscape Supply has a twelve month low of $101.25 and a twelve month high of $160.74. 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 stock has a market capitalization of $6.04 billion, a PE ratio of 49.38, a price-to-earnings-growth ratio of 2.26 and a beta of 1.60. The stock's 50-day simple moving average is $137.67 and its 200 day simple moving average is $126.20.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.86 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the previous year, the business posted $2.63 EPS. SiteOne Landscape Supply's revenue was up 3.4% compared to the same quarter last year. Analysts expect that SiteOne Landscape Supply will post 3.61 EPS for the current year.

Insider Transactions at SiteOne Landscape Supply

In related news, CEO Doug Black sold 7,384 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $132.09, for a total transaction of $975,352.56. Following the transaction, the chief executive officer owned 600,446 shares in the company, valued at $79,312,912.14. This trade represents 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 available through the SEC website. Also, EVP Joseph Ketter sold 39,640 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $126.28, for a total value of $5,005,739.20. Following the completion of the sale, the executive vice president directly owned 13,663 shares in the company, valued at $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 in the last quarter. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On SiteOne Landscape Supply

Institutional investors have recently modified their holdings of the company. HM Payson & Co. bought a new position in SiteOne Landscape Supply in the 1st quarter worth approximately $25,000. Allworth Financial LP boosted its position in shares of SiteOne Landscape Supply by 61.2% during the 2nd quarter. Allworth Financial LP now owns 237 shares of the industrial products company's stock worth $29,000 after purchasing an additional 90 shares during the period. Brooklyn Investment Group purchased a new stake in SiteOne Landscape Supply during the 1st quarter worth about $32,000. Golden State Wealth Management LLC lifted its position in SiteOne Landscape Supply by 106.1% during the 1st quarter. Golden State Wealth Management LLC now owns 270 shares of the industrial products company's stock worth $33,000 after acquiring an additional 139 shares during the period. Finally, Eastern Bank purchased a new stake in shares of SiteOne Landscape Supply in the first quarter valued at $38,000.

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.