SiteOne Landscape Supply, Inc. $SITE Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC reduced its stake in SiteOne Landscape Supply, Inc. (NYSE:SITE) by 12.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 357,893 shares of the industrial products company’s stock after selling 52,656 shares during the period. Fred Alger Management LLC’s holdings in SiteOne Landscape Supply were worth $46,097,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in SITE. Bamco Inc. NY raised its position in shares of SiteOne Landscape Supply by 1.3% during the 3rd quarter. Bamco Inc. NY now owns 1,966,876 shares of the industrial products company’s stock worth $253,334,000 after purchasing an additional 25,059 shares during the period. 59 North Capital Management LP bought a new stake in shares of SiteOne Landscape Supply in the 3rd quarter worth approximately $214,417,000. Capital World Investors boosted its position in SiteOne Landscape Supply by 3.3% during the 3rd quarter. Capital World Investors now owns 1,016,671 shares of the industrial products company’s stock valued at $130,947,000 after purchasing an additional 32,682 shares during the period. State Street Corp boosted its position in SiteOne Landscape Supply by 1.7% during the 2nd quarter. State Street Corp now owns 777,354 shares of the industrial products company’s stock valued at $94,013,000 after purchasing an additional 12,766 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in SiteOne Landscape Supply by 4.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 732,391 shares of the industrial products company’s stock worth $94,327,000 after buying an additional 31,019 shares during the last quarter.

Analyst Upgrades and Downgrades

SITE has been the topic of several analyst reports. Royal Bank Of Canada increased their target price on SiteOne Landscape Supply from $151.00 to $171.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Weiss Ratings reissued a “hold (c-)” rating on shares of SiteOne Landscape Supply in a report on Wednesday, January 21st. Bank of America started coverage on shares of SiteOne Landscape Supply in a research report on Thursday, December 18th. They set a “buy” rating and a $147.00 price target for the company. Zacks Research raised shares of SiteOne Landscape Supply from a “strong sell” rating to a “hold” rating in a report on Friday, February 13th. Finally, Truist Financial lifted their price objective on shares of SiteOne Landscape Supply from $165.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, SiteOne Landscape Supply currently has an average rating of “Hold” and a consensus price target of $159.44.

SiteOne Landscape Supply Stock Performance

Shares of SITE stock opened at $130.06 on Monday. SiteOne Landscape Supply, Inc. has a 12-month low of $101.25 and a 12-month high of $168.56. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.47 and a quick ratio of 1.20. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 38.71, a price-to-earnings-growth ratio of 1.68 and a beta of 1.59. The business has a 50 day simple moving average of $144.33 and a 200 day simple moving average of $134.98.

SiteOne Landscape Supply (NYSE:SITE) last announced its earnings results on Wednesday, February 11th. The industrial products company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.09. SiteOne Landscape Supply had a return on equity of 9.28% and a net margin of 3.23%.The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the previous year, the business earned ($0.48) EPS. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, equities research analysts anticipate that SiteOne Landscape Supply, Inc. will post 3.61 EPS for the current year.

Insider Activity at SiteOne Landscape Supply

In related news, EVP Eric J. Elema sold 1,765 shares of SiteOne Landscape Supply stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $158.01, for a total transaction of $278,887.65. Following the sale, the executive vice president directly owned 2,911 shares in the company, valued at $459,967.11. The trade was a 37.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.60% of the company’s stock.

SiteOne Landscape Supply 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.