Zacks Investment Research Downgrades SiteOne Landscape Supply (SITE) to Hold
SiteOne Landscape Supply (NYSE:SITE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
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 equities analysts have also issued research reports about the company. ValuEngine raised SiteOne Landscape Supply from a “hold” rating to a “buy” rating in a research report on Saturday, June 2nd. Deutsche Bank lifted their price target on SiteOne Landscape Supply from $78.00 to $81.00 and gave the stock a “buy” rating in a research report on Friday, May 4th. Royal Bank of Canada set a $87.00 price target on SiteOne Landscape Supply and gave the stock a “buy” rating in a research report on Monday, March 26th. Finally, Robert W. Baird lowered SiteOne Landscape Supply from an “outperform” rating to a “neutral” rating and set a $38.00 price target for the company. in a research report on Tuesday, July 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $78.86.
SiteOne Landscape Supply (NYSE:SITE) last posted its quarterly earnings results on Wednesday, May 2nd. The industrial products company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.14). The company had revenue of $371.40 million during the quarter, compared to analysts’ expectations of $374.41 million. SiteOne Landscape Supply had a return on equity of 22.27% and a net margin of 2.53%. SiteOne Landscape Supply’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.26) EPS. sell-side analysts forecast that SiteOne Landscape Supply will post 2 earnings per share for the current fiscal year.
In other SiteOne Landscape Supply news, CEO Doug Black sold 12,000 shares of the business’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $78.02, for a total value of $936,240.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John T. Guthrie sold 10,000 shares of the business’s stock in a transaction dated Tuesday, July 17th. The stock was sold at an average price of $86.66, for a total value of $866,600.00. Following the completion of the transaction, the chief financial officer now directly owns 48,186 shares of the company’s stock, valued at approximately $4,175,798.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,171 shares of company stock valued at $7,362,928. 4.40% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of the business. Conestoga Capital Advisors LLC raised its position in SiteOne Landscape Supply by 6.1% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 812,006 shares of the industrial products company’s stock worth $68,184,000 after buying an additional 46,410 shares during the last quarter. Amalgamated Bank raised its position in SiteOne Landscape Supply by 35.0% in the 2nd quarter. Amalgamated Bank now owns 6,113 shares of the industrial products company’s stock worth $513,000 after buying an additional 1,586 shares during the last quarter. Brown Advisory Inc. raised its position in SiteOne Landscape Supply by 0.9% in the 1st quarter. Brown Advisory Inc. now owns 507,861 shares of the industrial products company’s stock worth $39,125,000 after buying an additional 4,499 shares during the last quarter. WINTON GROUP Ltd purchased a new position in SiteOne Landscape Supply in the 1st quarter worth about $1,120,000. Finally, CIBC World Markets Inc. raised its position in SiteOne Landscape Supply by 34.4% in the 1st quarter. CIBC World Markets Inc. now owns 5,545 shares of the industrial products company’s stock worth $427,000 after buying an additional 1,420 shares during the last quarter.
SiteOne Landscape Supply Company Profile
SiteOne Landscape Supply, Inc, through its subsidiaries, engages in the wholesale distribution of landscape supplies in the United States and Canada. The company provides irrigation supplies; fertilizer and control products, such as herbicides; landscape accessories; nursery goods outdoor lighting; and ice melt products, as well as hardscapes, including pavers, natural stones, and blocks; turf protection products; grass seed; and turf care equipment and golf course maintenance supplies, as well as value-added consultative services to its customers.
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