On September 26, 2023, SiteOne Landscape Supply (NYSE:SITE) received an upgrade from UBS Group. Research analysts at UBS upgraded the company’s rating from “neutral” to “buy” in a research report issued to clients and investors.
SiteOne Landscape Supply stock opened at $157.59 on Tuesday. The company currently has a market capitalization of $7.10 billion, with a price-to-earnings (PE) ratio of 37.61 and a price-to-earnings growth (PEG) ratio of 8.09. It also has a beta of 1.48. The company’s 50-day moving average is $162.64, while its 200-day moving average is $152.85. In terms of its yearly performance, SiteOne Landscape Supply has reached both a fifty-two week low of $97.36 and a fifty-two week high of $176.16.
Looking at the company’s financials, it has a debt-to-equity ratio of 0.30, indicating moderate leverage levels. Furthermore, it boasts a current ratio of 2.32 and a quick ratio of 1.06, reflecting its ability to meet short-term obligations.
It is worth noting that several institutional investors have recently made changes to their stakes in SITE as well. HB Wealth Management LLC increased its position in SiteOne Landscape Supply by 4% during the second quarter and now holds 1,604 shares valued at approximately $268,000 after acquiring an additional 61 shares during the period.
Huntington National Bank also increased its position in the company by 25.9% during the second quarter and now owns 345 shares valued at about $58,000 after acquiring an extra 71 shares.
Other notable institutional investors that have added to their positions include Oppenheimer Asset Management Inc., which increased its stake by 0.4% during the first quarter and now owns 17,199 shares valued at approximately $2,354,000 after acquiring an additional 77 shares.
Moreover, Mitchell & Pahl Private Wealth LLC increased its position in SiteOne Landscape Supply by 2.3% during the second quarter and now holds 3,510 shares valued at around $587,000 after acquiring an additional 78 shares.
Lastly, First Republic Investment Management Inc. also increased its position in the company by 0.8% during the first quarter and now owns 10,557 shares valued at roughly $1,707,000 after acquiring an additional 88 shares.
In terms of financial performance, SiteOne Landscape Supply released its quarterly earnings data on August 2nd, reporting earnings per share of $2.71 for the quarter. This surpassed the consensus estimate of $2.69 by a mere $0.02. The company generated revenue of $1.35 billion for the quarter compared to analyst estimates of $1.31 billion.
Looking deeper into these results, SiteOne Landscape Supply’s net margin was reported at 4.59%, while its return on equity stood at 14.31%. Moreover, the company’s revenue for the quarter showed an increase of 11.3% compared to the same period last year.
Analysts are predicting that SiteOne Landscape Supply will achieve earnings per share of approximately $3.93 for this fiscal year.
In conclusion, with UBS Group upgrading SiteOne Landscape Supply’s rating from “neutral” to “buy,” investors may want to take note of this development as it could signify a positive outlook for the company in terms of future growth potential and profitability.
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Mixed Analyst Reviews and Insider Sales Complicate the Outlook for SiteOne Landscape Supply
SiteOne Landscape Supply (NYSE: SITE), a leading distributor of landscaping products, has recently received mixed reviews from analysts. Several industry experts have provided their insights on the stock, offering varying recommendations and target prices.
One notable analyst firm, Stifel Nicolaus, upgraded their rating on SiteOne Landscape Supply from a “hold” to a “buy” and increased their target price from $160.00 to $185.00. This positive shift indicates the firm’s belief in the company’s growth potential and may catch the attention of investors looking for promising opportunities in the landscaping sector.
Truist Financial also expressed optimism about SiteOne Landscape Supply by raising their target price on the stock from $177.00 to $187.00 while reiterating a “buy” rating. This move suggests that Truist Financial expects SiteOne to achieve further success in the market.
However, not all analysts share such upbeat sentiments regarding SiteOne Landscape Supply. StockNews.com initiated coverage on the stock with a neutral rating, or “hold,” indicating an uncertain outlook for the company. While it remains unclear what factors contributed to this view, it suggests caution regarding investing in SiteOne at this time.
Overall, among these differing opinions, Bloomberg reports that the consensus rating for SiteOne Landscape Supply is still labeled as “Hold.” This reflects a fair amount of perplexity surrounding investors’ expectations for the stock’s future performance.
In unrelated news, CEO Doug Black made headlines when he sold 8,000 shares of SiteOne Landscape Supply on July 19th for an average price of $167.33 per share. The transaction resulted in a total value of $1,338,640.00 and reduced his ownership stake in the company slightly.
According to reports filed with the Securities and Exchange Commission (SEC), after this sale, Doug Black still owns 558,886 shares of SiteOne Landscape Supply valued at approximately $93,518,394.38. This transaction, along with the disclosed insider sales in the last quarter, indicates a total of 25,028 shares sold by company insiders worth $4,035,315. Such actions raise questions among investors about management’s confidence in the company’s growth prospects and may influence their investment decisions.
Additionally, Chief Financial Officer John T. Guthrie sold 1,028 shares of SiteOne Landscape Supply on August 7th for an average price of $164.47 per share. Following this sale, Guthrie retains ownership of 15,050 shares valued at $2,475,273.50.
While these insider sales are not uncommon and can be attributed to various personal financial needs or diversification strategies employed by executives within publicly traded companies, it is crucial for investors to monitor such transactions for any potential impact on stock performance.
In summary, the differing opinions from analysts and recent insider sales have contributed to the perplexing situation surrounding SiteOne Landscape Supply’s stock. Investors will need to weigh these factors carefully before making any investment decisions concerning SiteOne Landscape Supply as they navigate through uncertainty and attempt to determine the true value of this landscaping products distributor.
