Royal Bank Of Canada Has Lowered Expectations for SiteOne Landscape Supply (NYSE:SITE) Stock Price

SiteOne Landscape Supply (NYSE:SITE) had its price objective lowered by equities research analysts at Royal Bank Of Canada from $135.00 to $124.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 50.50% from the company’s current price.

SITE has been the topic of several other reports. Truist Financial reduced their price objective on SiteOne Landscape Supply from $200.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. William Blair reiterated a “market perform” rating on shares of SiteOne Landscape Supply in a report on Wednesday. UBS Group lowered their target price on SiteOne Landscape Supply from $140.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Weiss Ratings downgraded SiteOne Landscape Supply from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, September 18th. Finally, KeyCorp reduced their price target on SiteOne Landscape Supply from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, SiteOne Landscape Supply currently has a consensus rating of “Hold” and an average target price of $131.70.

SiteOne Landscape Supply Stock Down 8.9%

Shares of SITE stock traded down $8.08 during trading on Wednesday, reaching $82.39. The company’s stock had a trading volume of 77,030 shares, compared to its average volume of 809,766. SiteOne Landscape Supply has a 1-year low of $84.01 and a 1-year high of $168.56. The stock’s 50-day moving average price is $95.08 and its 200 day moving average price is $110.20. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 22.73, a P/E/G ratio of 1.27 and a beta of 1.38. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.30 and a quick ratio of 1.01.

SiteOne Landscape Supply (NYSE:SITE) last released its earnings results on Wednesday, July 29th. The industrial products company reported $3.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.36 by ($0.22). SiteOne Landscape Supply had a return on equity of 9.76% and a net margin of 3.41%.The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the company earned $2.86 earnings per share. SiteOne Landscape Supply’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, research analysts anticipate that SiteOne Landscape Supply will post 3.93 EPS for the current year.

Insider Buying and Selling

In related news, CEO Doug Black acquired 8,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were bought at an average price of $102.03 per share, with a total value of $816,240.00. Following the completion of the acquisition, the chief executive officer owned 8,000 shares in the company, valued at $816,240. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SiteOne Landscape Supply

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc boosted its stake in SiteOne Landscape Supply by 114.3% in the third quarter. Versant Capital Management Inc now owns 420 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 224 shares in the last quarter. SkyView Investment Advisors LLC acquired a new position in SiteOne Landscape Supply during the second quarter worth approximately $114,000. WINTON GROUP Ltd acquired a new stake in shares of SiteOne Landscape Supply in the second quarter valued at approximately $675,000. Engineers Gate Manager LP grew its position in shares of SiteOne Landscape Supply by 268.3% during the second quarter. Engineers Gate Manager LP now owns 10,630 shares of the industrial products company’s stock worth $1,216,000 after acquiring an additional 7,744 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of SiteOne Landscape Supply in the 2nd quarter valued at $6,977,000.

About SiteOne Landscape Supply

SiteOne Landscape Supply, Inc is a wholesale distributor of landscape and outdoor living products serving professional customers across the United States and Canada. The company supplies landscape contractors, landscape designers, irrigation professionals, golf course managers, government agencies and other green-industry businesses through a network of distribution centers and branches.

Its product portfolio includes irrigation and outdoor lighting equipment, nursery products, turf and landscape maintenance supplies, fertilizers and other agronomic products, hardscape materials, outdoor living products, and golf course maintenance supplies.