SiteOne Landscape Supply (SITE) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research lowered shares of SiteOne Landscape Supply (NYSE:SITE) from a hold rating to a sell rating in a research note published on Wednesday.
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. “
SITE has been the topic of several other research reports. Barclays raised their price objective on SiteOne Landscape Supply from $48.00 to $56.00 and gave the company an equal weight rating in a report on Thursday, November 9th. Robert W. Baird lifted their target price on SiteOne Landscape Supply from $58.00 to $74.00 and gave the stock an outperform rating in a report on Thursday, November 9th. BidaskClub raised SiteOne Landscape Supply from a buy rating to a strong-buy rating in a research report on Thursday, September 21st. SunTrust Banks lifted their price objective on SiteOne Landscape Supply to $70.00 and gave the stock a buy rating in a research report on Thursday, November 9th. Finally, UBS Group lifted their price objective on SiteOne Landscape Supply from $54.00 to $66.00 and gave the stock a buy rating in a research report on Friday, November 10th. One analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. SiteOne Landscape Supply presently has a consensus rating of Buy and a consensus price target of $67.50.
SiteOne Landscape Supply (NYSE:SITE) last released its quarterly earnings data on Wednesday, November 8th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.14). SiteOne Landscape Supply had a net margin of 2.49% and a return on equity of 26.42%. The business had revenue of $502.40 million during the quarter, compared to analyst estimates of $506.28 million. During the same period in the previous year, the business earned $0.36 earnings per share. The business’s quarterly revenue was up 13.0% on a year-over-year basis. sell-side analysts anticipate that SiteOne Landscape Supply will post 1.23 EPS for the current year.
In other SiteOne Landscape Supply news, EVP Ross Anker sold 41,824 shares of the business’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $69.09, for a total transaction of $2,889,620.16. Following the sale, the executive vice president now owns 88,881 shares of the company’s stock, valued at approximately $6,140,788.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joseph Ketter sold 2,500 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $71.67, for a total transaction of $179,175.00. Following the sale, the vice president now directly owns 7,716 shares in the company, valued at approximately $553,005.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,967 shares of company stock worth $7,138,256. 4.00% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC bought a new position in shares of SiteOne Landscape Supply in the second quarter worth $11,758,000. Schwab Charles Investment Management Inc. increased its stake in SiteOne Landscape Supply by 69.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 147,751 shares of the industrial products company’s stock valued at $7,692,000 after acquiring an additional 60,473 shares during the last quarter. Northern Trust Corp boosted its position in SiteOne Landscape Supply by 114.4% during the second quarter. Northern Trust Corp now owns 433,782 shares of the industrial products company’s stock valued at $22,583,000 after buying an additional 231,495 shares during the period. FMR LLC boosted its holdings in shares of SiteOne Landscape Supply by 288.4% during the second quarter. FMR LLC now owns 2,017,984 shares of the industrial products company’s stock worth $105,056,000 after purchasing an additional 1,498,436 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of SiteOne Landscape Supply by 199.7% during the second quarter. Legal & General Group Plc now owns 8,172 shares of the industrial products company’s stock worth $423,000 after purchasing an additional 5,445 shares during the period.
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About SiteOne Landscape Supply
SiteOne Landscape Supply, Inc is a national wholesale distributor of landscape supplies in the United States and Canada. The Company is a supplier of irrigation, landscape lighting, hardscapes, lawn care supplies, nursery stock, and landscape accessories to green industry professionals. As of October 2, 2016, the Company had over 450 stores.
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