HB Wealth Management LLC, a prominent investment firm, has recently purchased a new stake in SiteOne Landscape Supply, Inc. This acquisition was revealed in the company’s latest Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,543 shares of SiteOne Landscape Supply’s stock, with an estimated value of $211,000.
SiteOne Landscape Supply (NYSE:SITE) made headlines when it announced its quarterly earnings report on May 3rd. Unfortunately, the industrial products company fell short of expectations, reporting earnings per share of ($0.10). This result came as a surprise to analysts who had projected earnings at $0.22 per share. As a result, the company missed the consensus estimate by a significant margin of ($0.32).
Despite this setback, SiteOne Landscape Supply still maintains a net margin of 5.15% and a promising return on equity of 16.13%. Furthermore, the company experienced a notable increase in revenue during the quarter, reaching $837.20 million compared to analyst expectations of $789.80 million. This represents a significant uptick of 4.0% in quarterly revenue compared to the same period last year.
Looking ahead into the future prospects for SiteOne Landscape Supply Inc., analysts predict that the company will post an EPS (earnings per share) of 3.71 for the current year. This forecast takes into account various factors such as market trends and historical data.
SiteOne Landscape Supply is primarily engaged in wholesale distribution within the landscape supplies industry across North America – catering to both the United States and Canada markets. The company offers an extensive selection of approximately 155,000 different stock keeping units (SKUs). These include irrigation supplies such as controllers, valves, sprinkler heads, and pipes.
In addition to irrigation supplies, SiteOne Landscape Supply also provides customers with fertilizers, grass seed products, and ice melt products. The company further offers a range of control products, including herbicides, fungicides, rodenticides, and other pesticides. This diverse product offering allows SiteOne Landscape Supply to meet the diverse needs of its consumers in the landscaping industry.
Moreover, SiteOne Landscape Supply maintains an impressive inventory of landscape accessories such as mulches, soil amendments, drainage pipes, tools, and even sods. Furthermore, the company specializes in nursery goods which consist of deciduous and evergreen shrubs, trees (both ornamental and shade), field-grown and container-grown nursery stock, roses, perennials, annuals, bulbs, and various plant species.
Not limited to just softscape materials, SiteOne Landscape Supply also provides hardscape products including pavers made from natural stones and blocks. These durable materials serve as key components for construction projects within the landscaping industry. Outdoor lighting fixtures are additionally offered by SiteOne Landscape Supply – these products include lighting fixtures themselves as well as LED lamps, wires, transformers, and other necessary accessories.
As HB Wealth Management LLC acquires a stake in SiteOne Landscape Supply Inc., it is clear that the investment firm sees potential in this industrial company’s future growth prospects. With a wide-ranging product line and strong financial indicators despite recent earnings setbacks, SiteOne Landscape Supply aims to solidify its position as a leading wholesale distributor in the landscaping supplies market across North America.
[bs_slider_forecast ticker=”SITE”]
Growing Interest in SiteOne Landscape Supply: Institutional Investors and Hedge Funds Show Support
SiteOne Landscape Supply, Inc. has been attracting the attention of institutional investors and hedge funds lately. These investors have either increased or decreased their stakes in the company, indicating a growing interest in SiteOne’s potential. Some notable participants include Concord Wealth Partners, Eagle Bay Advisors LLC, Bessemer Group Inc., Harvest Fund Management Co. Ltd, and Covestor Ltd.
Concord Wealth Partners entered the market by purchasing a stake in SiteOne Landscape Supply during the fourth quarter, valued at around $27,000. Shortly after that, Eagle Bay Advisors LLC also acquired a stake in the company during the second quarter, with an approximate value of $29,000. Bessemer Group Inc., on the other hand, significantly increased its stake in SiteOne Landscape Supply by 383.3% during the fourth quarter. As a result of this move, Bessemer now owns 261 shares of the company’s stock valued at $30,000 after acquiring an additional 207 shares.
Similarly, Harvest Fund Management Co. Ltd decided to increase its stake in SiteOne Landscape Supply dramatically. During the fourth quarter, it expanded its position by 910%, resulting in ownership of 303 shares valued at $36,000 after acquiring an extra 273 shares. Lastly, Covestor Ltd augmented its stake in SiteOne Landscape Supply by 113.5% during the first quarter. Having purchased an additional 176 shares during this period for approximately $54,000.
SiteOne Landscape Supply’s stock opened at $167.55 on Thursday on The New York Stock Exchange (NYSE). Investors closely monitor this trading activity as it provides insights into how shareholders perceive the company’s performance and prospects moving forward. Furthermore, analysts pay specific attention to long-term trends by evaluating moving averages such as fifty-day simple moving average ($149.97) and two-hundred-day simple moving average ($140.90). These indicators help ascertain potential resistance and support levels in the market.
As of now, the firm has a market capitalization of $7.54 billion. The company’s price-to-earnings (P/E) ratio stands at 36.82, which suggests that investors are willing to pay a higher premium for every dollar earned by SiteOne Landscape Supply compared to its industry peers. Additionally, the company’s beta of 1.44 implies that the stock is more volatile than the overall market.
From a financial standpoint, SiteOne Landscape Supply boasts a healthy debt-to-equity ratio of 0.47, implying that it maintains conservative leverage relative to its equity base. Furthermore, the current and quick ratios stand at 2.58 and 1.03, respectively, suggesting that the company has sufficient liquidity to cover short-term obligations.
SiteOne Landscape Supply primarily operates as a wholesale distributor of landscape supplies across the United States and Canada. The company offers an extensive array of approximately 155,000 stock keeping units (SKUs). These include irrigation supplies such as controllers, valves, sprinkler heads, and irrigation pipes; eco-friendly products like fertilizers and ice melt; control products ranging from herbicides to other pesticides; landscape accessories encompassing mulches, soil amendments, tools; nursery goods consisting of various plants species; hardscapes including pavers and natural stones; and outdoor lighting products such as fixtures and LED lamps.
Market sentiment towards SiteOne Landscape Supply has been evaluated by numerous analysts recently through various research reports. Deutsche Bank Aktiengesellschaft lowered their price target on the shares from $163.00 to $153.00 in their report on May 5th. Likewise, Barclays reduced their rating on SiteOne Landscape Supply from “equal weight” to “underweight” while also decreasing their price target from $146.00 to $144.00 in a report released on May 24th.
However, Robert W. Baird had a more optimistic view, increasing their price target from $163.00 to $170.00 in their report on May 4th. StockNews.com also expressed an improved assessment of SiteOne Landscape Supply, upgrading its rating from “sell” to “hold” in their report on June 19th. Lastly, Loop Capital raised their price target to $175.00 in a research report on May 4th.
In summary, SiteOne Landscape Supply has garnered considerable attention from investors due to recent activities by institutional investors and hedge funds. The stock’s performance can be tracked through various moving averages, providing insights into market trends and potential investment opportunities. Beyond this, the company’s financial health and strategic position indicate its ability to weather challenges and deliver value to shareholders. As SiteOne Landscape Supply continues its operations as a major wholesale distributor of landscape supplies, its industry analysts’ recommendation serves as guidance for potential investors looking to take part in the stock market frenzy surrounding this innovative company.