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

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 sent to investors on Friday morning, Marketbeat.com reports. They currently have $160.00 target price on the industrial products company's stock, up from their previous target price of $150.00.

A number of other equities research analysts have also weighed in on the stock. Wall Street Zen raised shares of SiteOne Landscape Supply from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Royal Bank Of Canada lifted their price target on shares of 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 analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $150.50.

SiteOne Landscape Supply Trading Down 0.0%

Shares of SITE traded down $0.02 during trading hours on Friday, reaching $134.08. 143,778 shares of the company traded hands, compared to its average volume of 519,555. The company's fifty day moving average price is $137.81 and its two-hundred day moving average price is $126.23. The company has a market capitalization of $5.98 billion, a price-to-earnings ratio of 48.94, a price-to-earnings-growth ratio of 2.26 and a beta of 1.60. 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 has a 12 month low of $101.25 and a 12 month high of $160.74.

SiteOne Landscape Supply (NYSE:SITE - Get Free Report) last announced its 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). The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $2.63 EPS. Equities research analysts predict that SiteOne Landscape Supply will post 3.61 earnings per share for the current fiscal year.

Insider Activity

In other SiteOne Landscape Supply news, 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 directly owned 596,684 shares of the company's stock, valued at approximately $77,139,307.52. The trade was a 4.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Joseph Ketter sold 39,640 shares of the business'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 transaction of $5,005,739.20. Following the transaction, the executive vice president directly owned 13,663 shares of the company's stock, valued at $1,725,363.64. The trade was a 74.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,784 shares of company stock valued at $9,828,465 over the last ninety days. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SITE. Price T Rowe Associates Inc. MD raised its holdings 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 during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of 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 during the last quarter. AQR Capital Management LLC raised its holdings in shares of SiteOne Landscape Supply by 743.5% during the second quarter. AQR Capital Management LLC now owns 441,192 shares of the industrial products company's stock valued at $52,440,000 after purchasing an additional 388,890 shares during the last quarter. Bamco Inc. NY raised its holdings in shares of SiteOne Landscape Supply by 14.2% during the second quarter. Bamco Inc. NY now owns 1,941,817 shares of the industrial products company's stock valued at $234,843,000 after purchasing an additional 242,106 shares during the last quarter. Finally, Jackson Square Partners LLC raised its holdings 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 valued at $21,465,000 after purchasing an additional 170,514 shares during 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.