Kinetic Partners Management LP Buys New Holdings in SiteOne Landscape Supply, Inc. $SITE

Kinetic Partners Management LP purchased a new position in SiteOne Landscape Supply, Inc. (NYSE:SITE) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 146,101 shares of the industrial products company’s stock, valued at approximately $16,715,000.

Other institutional investors also recently bought and sold shares of the company. Millennium Management LLC boosted its holdings in shares of SiteOne Landscape Supply by 45.9% in the 1st quarter. Millennium Management LLC now owns 75,149 shares of the industrial products company’s stock valued at $9,126,000 after acquiring an additional 23,657 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of SiteOne Landscape Supply by 36.6% during the first quarter. NewEdge Advisors LLC now owns 399 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 107 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in SiteOne Landscape Supply by 5.7% during the first quarter. Goldman Sachs Group Inc. now owns 213,331 shares of the industrial products company’s stock valued at $25,907,000 after purchasing an additional 11,574 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in SiteOne Landscape Supply by 10.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 170,285 shares of the industrial products company’s stock valued at $20,679,000 after purchasing an additional 16,378 shares during the period. Finally, Jane Street Group LLC purchased a new stake in SiteOne Landscape Supply in the first quarter valued at $6,797,000.

Insider Buying and Selling

In other news, Director Fred M. Diaz sold 562 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $112.52, for a total transaction of $63,236.24. Following the transaction, the director owned 11,267 shares in the company, valued at $1,267,762.84. This trade represents a 4.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Doug Black purchased 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was bought at an average cost of $102.03 per share, for a total transaction of $816,240.00. Following the purchase, the chief executive officer directly owned 8,000 shares in the company, valued at $816,240. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. 2.10% of the stock is owned by insiders.

Analyst Ratings Changes

SITE has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft raised SiteOne Landscape Supply from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a research report on Thursday, April 30th. KeyCorp lowered their target price on SiteOne Landscape Supply from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Thursday, July 30th. Weiss Ratings lowered SiteOne Landscape Supply from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, August 17th. Truist Financial reduced their price target on SiteOne Landscape Supply from $200.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Finally, Barclays decreased their price target on SiteOne Landscape Supply from $129.00 to $108.00 and set an “equal weight” rating for the company in a report on Thursday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $135.27.

SiteOne Landscape Supply Price Performance

NYSE:SITE opened at $95.23 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 2.30 and a debt-to-equity ratio of 0.36. SiteOne Landscape Supply, Inc. has a 52 week low of $90.07 and a 52 week high of $168.56. The stock’s 50-day moving average price is $103.48 and its 200-day moving average price is $120.78. The stock has a market capitalization of $4.16 billion, a PE ratio of 26.09, a price-to-earnings-growth ratio of 1.38 and a beta of 1.35.

SiteOne Landscape Supply (NYSE:SITE) last released its quarterly earnings results on Wednesday, July 29th. The industrial products company reported $3.14 earnings per share for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.22). The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.54 billion. SiteOne Landscape Supply had a return on equity of 9.76% and a net margin of 3.41%.The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.86 EPS. As a group, equities analysts expect that SiteOne Landscape Supply, Inc. will post 3.93 EPS for the current fiscal year.

About SiteOne Landscape Supply

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.