SiteOne Landscape Supply, Inc. (NYSE:SITE) has gained the attention of Russell Investments Group Ltd., which recently increased its holdings in the company by 7.3% during the first quarter of this year. According to documents filed with the Securities & Exchange Commission, Russell Investments Group Ltd. now owns 56,584 shares of SITE stock, following the acquisition of an additional 3,853 shares during the period. The total value of these holdings is estimated at $7,692,000 at the end of the most recent quarter.
The recent filing provides valuable insight into SiteOne Landscape Supply’s current financial standing and investor sentiment. It showcases increasing interest from institutional investors like Russell Investments Group Ltd., who believe in the company’s potential and growth prospects.
SiteOne Landscape Supply recently released its quarterly earnings results on August 2nd, shedding further light on its financial performance. For that quarter, the industrial products company reported earnings per share (EPS) of $2.71, surpassing analysts’ consensus estimate by $0.02. This positive result demonstrates SiteOne Landscape Supply’s ability to generate strong profits.
Furthermore, this report revealed that SiteOne Landscape Supply achieved a return on equity of 14.31% along with a net margin of 4.59%. These figures reflect efficient capital management and solid control over costs and expenses.
In terms of revenue, SiteOne Landscape Supply reported $1.35 billion for the quarter, surpassing analyst estimates that predicted $1.31 billion in revenue. This represents an impressive 11.3% growth compared to the same period last year when the company posted revenue figures of $1.21 billion.
Despite exceeding EPS estimates and delivering robust revenue growth, it is important to note that earnings per share for this fiscal year are projected to reach only $3.98 according to industry analysts.
The data indicates that SiteOne Landscape Supply remains on a positive trajectory, benefiting from strong financial performance and successful execution of its business strategies. The company’s ability to consistently surpass analyst expectations is indicative of a solid operational foundation.
Investors are showing confidence in SiteOne Landscape Supply, recognizing its potential for growth in the foreseeable future. As various institutional investors like Russell Investments Group Ltd. increase their stake in the company, it boosts SITE’s credibility and further strengthens shareholders’ confidence.
While economists and market analysts continue to monitor the situation closely, it appears that SiteOne Landscape Supply is well-positioned to capitalize on current market conditions and potentially deliver favorable results for its shareholders in the long run.
In conclusion, SiteOne Landscape Supply continues to impress with its strong financial performance and ability to exceed analysts’ expectations. The recent increase in holdings by Russell Investments Group Ltd. demonstrates growing investor interest in the company. With a proven track record of outperforming estimates and substantial revenue growth, SiteOne Landscape Supply appears poised for future success in the industrial products sector.
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Changes in Investor Landscape and Analyst Ratings for SiteOne Landscape Supply (SITE)
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”SITE” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]August 20, 2023 – The industrial products company, SiteOne Landscape Supply, has experienced recent changes in its investor landscape. Notably, various hedge funds have made adjustments to their positions in SITE, with some increasing their holdings and others diminishing them. This activity provides insights into the confidence and strategies of these funds and highlights potential changes in the market sentiment towards SiteOne Landscape Supply.
Price T Rowe Associates Inc. MD raised its ownership in SiteOne Landscape Supply by 11.3% during the fourth quarter of the previous fiscal year. The firm now possesses 5,599,387 shares of the company’s stock worth approximately $656,920,000 after purchasing an additional 566,688 shares. Vanguard Group Inc., on the other hand, increased its stake by a marginal 0.7% during the third quarter of the same year. The fund currently owns 3,998,194 shares valued at around $416,373,000 following an acquisition of an extra 29,355 shares.
BlackRock Inc., a global investment management corporation known for its substantial market presence and sector expertise, expanded its holdings in SiteOne Landscape Supply by a significant 17.4% during the first quarter of this year. Their current ownership stands at 3,394,331 shares with an approximate value of $548,828,000. T. Rowe Price Investment Management Inc., another renowned financial services firm operating worldwide and specialized in asset management services also participated actively by increasing their ownership by 4.5%, amounting to a total holding of 1,174,204 shares worth approximately $137,758,000.
Conestoga Capital Advisors LLC joined this list as well by boosting its holdings slightly during the first quarter this year with a modest increase of about 3.2%. Presently owning approximately 1,080-421 shares valued at roughly $147-877-000; Conestoga Capital Advisors LLC echoes the sentiment of other hedge funds in maintaining an active presence in SiteOne Landscape Supply.
These changes in investor positions may signal the potential opportunities investors perceive in this industrial products company. However, it must be emphasized that these alterations to shareholdings are not indicative of success or failure but rather serve as a reflection of the hedge funds’ assessment of investment prospects based on their specific strategies and market analysis.
In response to these developments, several research firms have weighed in on SITE’s performance. Truist Financial recently increased its price target for SiteOne Landscape Supply from $177.00 to $187.00, expressing optimism with a “buy” rating attached to their recommendation. Conversely, StockNews.com initiated coverage on the company with a “hold” rating, suggesting they believe the stock’s performance will remain stable without significant growth or decline.
It is worth mentioning that Robert W. Baird raised its price objective from $163.00 to $170.00 after assessing SiteOne Landscape Supply, reflecting moderate confidence they hold regarding future prospects. In contrast, Deutsche Bank Aktiengesellschaft lowered their prior price objective from $163.00 to $153.00, potentially indicating caution amidst prevailing market conditions.
Barclays researchers also shared similar apprehensions by lowering SiteOne Landscape Supply’s rating from “equal weight” to “underweight” while slashing the stock’s price target from $146.00 to $144.00.
Overall, Bloomberg.com reveals a consensus rating of “Hold” for SiteOne Landscape Supply and an average consensus target price of $164-00 among analysts offering ratings on the firm.
Alongside these financial developments comes news of CFO John T. Guthrie’s recent sale of 1,028 shares at an average price of $164-47 amounting to approximately $169-075-16 in total transactions which were disclosed in a filing with the Securities & Exchange Commission. Following the sale, Guthrie now holds 15,050 shares in SiteOne Landscape Supply valued at approximately $2,475,273-50.
In addition to this transaction, EVP L Briley Brisendine Jr. sold 2,900 shares of SiteOne Landscape Supply stock on June 16th at an average price of $160.00. The total value of this sale reached $464,000.00. Consequently, Brisendine now owns 8,322 shares in the company worth around $1,331,520 according to the disclosure.
It is important to note that insiders have sold approximately 11,928 shares of SiteOne Landscape Supply stock over the past three months for a total value of $1,971,-715. Furthermore, insiders own about 2.70% of the corporation’s shares.
As for the performance of SITE on the stock market on August 20th this year; the trading session saw it open at approximately $155-06 per share. The company’s stock has experienced significant swings in value over the past year with a low of $97-36 and a high reaching$176-16. Presently showcasing a fifty-day moving average of around $163-80 and a two-hundred-day moving average of
