SiteOne Landscape Supply (SITE) Upgraded by Zacks Investment Research to Hold

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SiteOne Landscape Supply (NYSE:SITE) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

According to Zacks, “SiteOne Landscape Supply, Inc. is a wholesale distributor of landscape supplies primarily in the United States. It provides irrigation supplies; fertilizer and control products such as herbicides; landscape accessories; turf protection products; grass seed; turf care equipment and golf course maintenance supplies and nursery goods as well as hardscapes, including pavers, natural stones, and blocks; outdoor lighting and ice melt products, as well as related value-added consultative services. SiteOne Landscape Supply, Inc. is headquartered in Roswell, Georgia. “

Other research analysts also recently issued research reports about the stock. Berenberg Bank reiterated a “buy” rating and issued a $76.00 price objective on shares of SiteOne Landscape Supply in a research report on Wednesday, March 6th. TheStreet raised shares of SiteOne Landscape Supply from a “d+” rating to a “c-” rating in a research note on Monday, April 29th. UBS Group set a $58.00 price target on shares of SiteOne Landscape Supply and gave the company a “hold” rating in a research note on Friday, May 3rd. Royal Bank of Canada set a $61.00 price target on shares of SiteOne Landscape Supply and gave the company a “hold” rating in a research note on Thursday, May 2nd. Finally, ValuEngine raised shares of SiteOne Landscape Supply from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $74.10.

NYSE SITE opened at $64.53 on Friday. The firm has a market cap of $2.73 billion, a P/E ratio of 37.30 and a beta of 1.14. SiteOne Landscape Supply has a 1 year low of $45.32 and a 1 year high of $95.49. The company has a debt-to-equity ratio of 2.87, a current ratio of 2.38 and a quick ratio of 0.94.

SiteOne Landscape Supply (NYSE:SITE) last posted its earnings results on Wednesday, May 1st. The industrial products company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). The business had revenue of $417.30 million for the quarter, compared to analyst estimates of $425.91 million. SiteOne Landscape Supply had a net margin of 3.10% and a return on equity of 23.17%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.43) earnings per share. On average, equities analysts predict that SiteOne Landscape Supply will post 1.81 EPS for the current fiscal year.

In other news, EVP Ross Anker sold 16,025 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $62.52, for a total value of $1,001,883.00. Following the transaction, the executive vice president now directly owns 44,007 shares in the company, valued at approximately $2,751,317.64. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Pascal Convers sold 9,750 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $63.74, for a total transaction of $621,465.00. Following the completion of the transaction, the executive vice president now owns 9,750 shares in the company, valued at $621,465. The disclosure for this sale can be found here. In the last three months, insiders sold 95,871 shares of company stock valued at $6,179,008. Corporate insiders own 4.10% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of SiteOne Landscape Supply by 22.1% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,968,964 shares of the industrial products company’s stock worth $169,676,000 after acquiring an additional 537,624 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its stake in shares of SiteOne Landscape Supply by 2.6% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 2,000,000 shares of the industrial products company’s stock valued at $110,540,000 after purchasing an additional 50,000 shares during the period. Wasatch Advisors Inc. raised its position in SiteOne Landscape Supply by 0.6% during the first quarter. Wasatch Advisors Inc. now owns 1,350,923 shares of the industrial products company’s stock worth $77,205,000 after acquiring an additional 7,656 shares during the last quarter. Victory Capital Management Inc. raised its position in SiteOne Landscape Supply by 25.5% during the fourth quarter. Victory Capital Management Inc. now owns 997,275 shares of the industrial products company’s stock worth $55,120,000 after acquiring an additional 202,625 shares during the last quarter. Finally, Conestoga Capital Advisors LLC raised its position in SiteOne Landscape Supply by 1.8% during the first quarter. Conestoga Capital Advisors LLC now owns 990,605 shares of the industrial products company’s stock worth $56,613,000 after acquiring an additional 17,854 shares during the last quarter.

About SiteOne Landscape Supply

SiteOne Landscape Supply, Inc engages in the wholesale distribution of landscape supplies in the United States and Canada. The company provides a selection of approximately 120,000 stock keeping units, including irrigation supplies, fertilizer and control products, landscape accessories, nursery goods, outdoor lightings, and ice melt products, as well as hardscapes, such as pavers, natural stones, and blocks.

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Analyst Recommendations for SiteOne Landscape Supply (NYSE:SITE)

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