PNC Financial Services Group Inc., a global financial institution, has recently announced that it reduced its stake in SiteOne Landscape Supply Inc. by 8.5% in the fourth quarter of 2022, according to the company’s latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC).
The value of PNC’s holdings in SiteOne Landscape Supply dropped to $1,608,000 after selling 1,266 shares during the period. The move was undoubtedly a strategic one as PNC continues to be an active player in the market.
SiteOne Landscape Supply is an industrial products company that opened at $141.11 on May 29th, 2023. The company operates with a market capitalization of $6.35 billion and offers its customers a diverse range of landscaping and garden products.
The company currently has a price-to-earnings (P/E) ratio of 31.01 and a beta of 1.45 which favors risky investors who are not risk-averse but seek high returns on their investments.
Despite the current challenges faced by the entire industry caused by supply chain disruptions and global COVID-19 regulations hindering movement of goods and staff alike; SiteOne Landscape Supply remains upbeat based on its past performance record.
SiteOne Landscape Supply has performed incredibly well over recent quarters and boasts a significant growth trajectory which has seen it achieve impressive profit margins against some seemingly insurmountable odds.
As such, analysts predict that investors will continue to have confidence in the future success of this promising industrial supplier despite competitors making attempts to compete with SiteOne’s powerful brand dominance.
Investors looking for information about hedge funds investing in SITE can visit HoldingsChannel.com for getting insider trades of companies regulated under SEC filings. Holding stocks demands high-risk tolerance, hence predisposition towards hedging their bets when starting out would benefit many small investors who are seeking maximum rewards from minimum risks.
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SiteOne Landscape Supply: Hedge Fund Acquisitions and Analyst Price Target Increases
SiteOne Landscape Supply, a Roswell-based industrial products company, has been making waves in the financial world recently. Several hedge funds have reportedly made changes to their positions in the organization, including Eaton Vance Management, First Republic Investment Management, Utah Retirement Systems, Harbor Investment Advisory LLC, and Amalgamated Bank. Together, these firms have acquired additional shares of SITE worth millions of dollars.
In addition to these developments, SiteOne Landscape Supply is also being closely watched by research analysts. Recent reports indicate that Stifel Nicolaus has raised its price target on SITE from $125.00 to $140.00; Loop Capital has raised its target from $155.00 to $175.00; Royal Bank of Canada has raised its target from $119.00 to $135.00; Credit Suisse Group has raised its price objective from $127.00 to $157.00; and Robert W. Baird has raised its price objective from $163.00 to $170.00.
At present, SiteOne Landscape Supply boasts a consensus rating of “Hold” and a consensus price target of $155.30 based on data from Bloomberg.
SiteOne Landscape Supply’s recent quarterly earnings data shows that it reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.32). However, the firm’s revenue for the same period was up 4% year-over-year at around $837 million.
Despite mixed performance indicators and divergent views among research analysts about whether or not investors should buy or sell shares at current prices, businesses like SiteOne Landscape Supply are essential components in nationwide supply chains for materials involved in both residential and commercial landscaping projects.
For now, it remains to be seen how well SiteOne Landscape Supply will fare in this highly unpredictable market sector and whether or not those hedge fund acquisitions will ultimately pay off for investors down the line. One thing is sure, however – SiteOne Landscape Supply remains a significant player in the industry today.
