Capital Asset Advisory Services LLC, a major institutional investor in SiteOne Landscape Supply (NYSE:SITE), has made significant changes to its position in the company during the 4th quarter. Recently, the firm reported a decrease in its holdings by 57.3% as indicated in its latest 13F filing with the Securities and Exchange Commission (SEC). At present, Capital Asset Advisory Services LLC’s ownership of SiteOne Landscape Supply’s outstanding shares stands at 1,900 – an approximate drop of 2,547 shares from its previous position. As a result, the total value of Capital Asset Advisory Services LLC’s current investment amounts to $244,000 – a noteworthy difference from its former stake.
SiteOne Landscape Supply is one of the leading industrial products companies listed on NYSE with operations nationwide. On May 3rd, after markets closed for Q1-2021 earnings report season wrap-up, the company reported lower earnings per share (EPS) than was previously estimated by stock analysts. According to reports published on news sites such as Yahoo Finance and Bloomberg Markets and Finance among others investors were looking forward to seeing EPS of around $0.22 per share however their expectations fell short after the final numbers announced EPS loss per share totaling ($0.10). The firm’s Q1-2021 net income placing them with revenue from sales amounting to roughly $837.20 million which although greater than analyst predictions was not sufficient enough against last year’s same period performance where they posted an EPS of $0.70.
Financial experts predict that SiteOne Landscape Supply is expected to post higher earnings in the coming months with sell-side analysts forecasting that it will reach approximately 3.71 EPS for this fiscal year alone. This outlook suggests an increased level of investment potential and profitability for traders who continue bullish positioning with leverage points despite myopic performances reflected by declining investments by big holders such as Capital Asset Advisory Services LLC. Investing experts are monitoring this security closely and it is expected that more insights into the stock will be revealed in the coming weeks as SiteOne Landscape Supply continues to demonstrate good growth, profitability, and potential market value.
[bs_slider_forecast ticker=”SITE”]
Hedge Funds and Institutional Investors Bullish on SiteOne Landscape Supply: Recent Acquisitions Indicate Renewed Confidence in the Industrial Products Company
The ever-changing financial market has seen a flurry of activity among hedge funds and institutional investors. The latest moves by these players reflect their bullish stance on SiteOne Landscape Supply, a leading industrial products company in the green space.
Concord Wealth Partners has made a significant investment in SiteOne Landscape Supply by purchasing a new stake worth $27,000 in the fourth quarter. In addition, Eagle Bay Advisors LLC followed suit by acquiring a new stake valued at $29,000 in the second quarter. Proudly sitting atop the list are Bessemer Group Inc., which increased its stake by 383.3%, now owning 261 shares valued at $30,000 after adding an additional 207 during the last quarter; and Harvest Fund Management Co. Ltd., which lifted its position in SiteOne Landscape Supply by an astronomical 910.0% in the fourth quarter and now owns 303 shares of the industrial products company’s stock valued at $36,000 after buying an additional 273 shares during that period.
Another notable mover is Covestor Ltd., which lifted its stake in SiteOne Landscape Supply significantly by 113.5% in the first quarter alone to own a total of 331 shares currently valued at $54,000.
This acquisition spending spree demonstrates clear optimism from hedge funds and institutional investors regarding SITE stock – something that should not be taken lightly – as it exemplifies renewed confidence within this particular segment of the market.
SITE stock opened trading on Monday with shares going for $158.79 each; The firm boasts a market capitalization of over $7 billion, with a PE ratio of 34.90 and beta standing at 1.44 – signaling moderately high volatility compared to other stocks within its peer group.
Overall, it appears that things are looking up for SiteOne Landscape Supply as scrutiny continues to pour in from heavyweights within finance who see great value in holding onto SITE stock given recent trends. Investors in the market can look to past performance of SITE to see relative performance and use those insights to inform their investment decision-making process.
