SiteOne Landscape Supply (NYSE:SITE) Sets New 1-Year High Following Better-Than-Expected Earnings

SiteOne Landscape Supply, Inc. (NYSE:SITE) hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $167.60 and last traded at $161.8850, with a volume of 294006 shares. The stock had previously closed at $148.78.

The industrial products company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.08. SiteOne Landscape Supply had a return on equity of 8.62% and a net margin of 2.98%.The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same quarter in the prior year, the company earned ($0.48) EPS. The business’s revenue was up 3.2% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SITE. Barclays set a $134.00 target price on shares of SiteOne Landscape Supply and gave the company an “equal weight” rating in a research note on Monday, December 8th. William Blair reissued a “market perform” rating on shares of SiteOne Landscape Supply in a report on Wednesday, October 15th. Stifel Nicolaus set a $144.00 target price on SiteOne Landscape Supply in a research note on Monday. Zacks Research lowered SiteOne Landscape Supply from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada raised shares of SiteOne Landscape Supply from a “sector perform” rating to an “outperform” rating and set a $151.00 price objective on the stock in a research report on Thursday, January 8th. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $151.10.

Hedge Funds Weigh In On SiteOne Landscape Supply

Several hedge funds and other institutional investors have recently bought and sold shares of SITE. Man Group plc raised its holdings in shares of SiteOne Landscape Supply by 0.4% during the second quarter. Man Group plc now owns 22,338 shares of the industrial products company’s stock valued at $2,702,000 after purchasing an additional 86 shares during the last quarter. Keynote Financial Services LLC raised its stake in SiteOne Landscape Supply by 5.4% during the 2nd quarter. Keynote Financial Services LLC now owns 1,740 shares of the industrial products company’s stock valued at $210,000 after buying an additional 89 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its stake in shares of SiteOne Landscape Supply by 0.5% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 16,928 shares of the industrial products company’s stock worth $2,109,000 after buying an additional 89 shares during the last quarter. Allworth Financial LP grew its holdings in shares of SiteOne Landscape Supply by 61.2% in the second quarter. Allworth Financial LP now owns 237 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 90 shares during the period. Finally, HM Payson & Co. grew its holdings in shares of SiteOne Landscape Supply by 32.2% in the third quarter. HM Payson & Co. now owns 398 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 97 shares during the period.

SiteOne Landscape Supply Stock Performance

The company has a market cap of $7.28 billion, a P/E ratio of 53.01, a P/E/G ratio of 1.53 and a beta of 1.59. The company has a quick ratio of 1.14, a current ratio of 2.49 and a debt-to-equity ratio of 0.29. The business has a fifty day simple moving average of $136.68 and a two-hundred day simple moving average of $134.05.

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.