SiteOne Landscape Supply (NYSE:SITE) Shares Gap Up – Here’s What Happened

SiteOne Landscape Supply, Inc. (NYSE:SITE)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $105.40, but opened at $114.06. SiteOne Landscape Supply shares last traded at $110.48, with a volume of 82,924 shares.

Analyst Ratings Changes

Several equities analysts recently weighed in on SITE shares. Stifel Nicolaus lowered their target price on SiteOne Landscape Supply from $157.00 to $153.00 and set a “buy” rating on the stock in a research report on Monday. Bank of America reduced their price target on SiteOne Landscape Supply from $182.00 to $167.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Robert W. Baird set a $160.00 price objective on SiteOne Landscape Supply in a research note on Thursday, April 30th. Zacks Research cut SiteOne Landscape Supply from a “hold” rating to a “strong sell” rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft upgraded SiteOne Landscape Supply from a “hold” rating to a “buy” rating and set a $160.00 price objective for the company in a research note on Thursday, April 30th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, SiteOne Landscape Supply presently has an average rating of “Hold” and a consensus target price of $159.70.

SiteOne Landscape Supply Price Performance

The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 2.33. The company has a market cap of $4.90 billion, a P/E ratio of 32.93, a P/E/G ratio of 1.43 and a beta of 1.35. The firm’s fifty day moving average is $119.36 and its two-hundred day moving average is $131.14.

SiteOne Landscape Supply (NYSE:SITE) last posted its quarterly earnings results on Wednesday, April 29th. The industrial products company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.27). The business had revenue of $940.10 million for the quarter, compared to the consensus estimate of $982.27 million. SiteOne Landscape Supply had a net margin of 3.24% and a return on equity of 9.22%. SiteOne Landscape Supply’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.61) earnings per share. As a group, analysts anticipate that SiteOne Landscape Supply, Inc. will post 4.06 earnings per share for the current fiscal year.

Insider Transactions at SiteOne Landscape Supply

In related news, Director Fred M. Diaz sold 562 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $112.52, for a total value of $63,236.24. Following the transaction, the director directly owned 11,267 shares of the company’s stock, valued at approximately $1,267,762.84. The trade was a 4.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SITE. NewEdge Advisors LLC grew its holdings in SiteOne Landscape Supply by 539.1% during the 1st quarter. NewEdge Advisors LLC now owns 2,550 shares of the industrial products company’s stock valued at $339,000 after buying an additional 2,151 shares in the last quarter. Glenmede Trust Co. NA lifted its holdings in shares of SiteOne Landscape Supply by 13.4% in the first quarter. Glenmede Trust Co. NA now owns 4,998 shares of the industrial products company’s stock worth $665,000 after buying an additional 592 shares in the last quarter. Argent Capital Management LLC purchased a new position in shares of SiteOne Landscape Supply in the first quarter worth $31,917,000. Essential Partners LLC boosted its position in shares of SiteOne Landscape Supply by 20.8% during the first quarter. Essential Partners LLC now owns 1,644 shares of the industrial products company’s stock worth $219,000 after acquiring an additional 283 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of SiteOne Landscape Supply by 3.6% during the first quarter. Janus Henderson Group PLC now owns 410,854 shares of the industrial products company’s stock worth $54,685,000 after acquiring an additional 14,414 shares during the last quarter.

SiteOne Landscape Supply Company Profile

SiteOne Landscape Supply is a leading distributor of landscape supplies and irrigation equipment in North America. The company serves a broad range of customers, including independent landscapers, lawn and garden retailers, municipalities and other commercial landscape professionals. Its product portfolio spans irrigation and lighting controls, pipes and fittings, fertilizers and soils, lighting fixtures, hardscapes, outdoor lighting systems and related installation accessories.

In addition to core product lines, SiteOne offers agronomic services designed to optimize turf and plant health, as well as online tools and training resources to help customers plan, specify and manage projects more efficiently.