SiteOne Landscape Supply (NYSE:SITE) Trading 8.8% Higher Following Strong Earnings

SiteOne Landscape Supply, Inc. (NYSE:SITE)’s share price traded up 8.8% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $134.54 and last traded at $134.1060. 157,602 shares changed hands during trading, a decline of 70% from the average session volume of 523,518 shares. The stock had previously closed at $123.24.

The industrial products company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.09. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.26 billion. SiteOne Landscape Supply had a return on equity of 7.80% and a net margin of 2.69%.The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 earnings per share.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wall Street Zen upgraded SiteOne Landscape Supply from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Weiss Ratings restated a “hold (c-)” rating on shares of SiteOne Landscape Supply in a report on Wednesday, October 8th. Zacks Research lowered SiteOne Landscape Supply from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. The Goldman Sachs Group lowered their target price on SiteOne Landscape Supply from $158.00 to $138.00 and set a “neutral” rating on the stock in a research report on Monday, October 13th. Finally, William Blair reaffirmed a “market perform” rating on shares of SiteOne Landscape Supply in a research report on Wednesday, October 15th. Five equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $148.50.

Institutional Trading of SiteOne Landscape Supply

A number of hedge funds and other institutional investors have recently modified their holdings of SITE. Man Group plc increased its position in SiteOne Landscape Supply by 0.4% during the second quarter. Man Group plc now owns 22,338 shares of the industrial products company’s stock worth $2,702,000 after buying an additional 86 shares during the last quarter. Keynote Financial Services LLC increased its position in SiteOne Landscape Supply by 5.4% during the second quarter. Keynote Financial Services LLC now owns 1,740 shares of the industrial products company’s stock worth $210,000 after buying an additional 89 shares during the last quarter. Allworth Financial LP increased its position in SiteOne Landscape Supply by 61.2% during the second quarter. Allworth Financial LP now owns 237 shares of the industrial products company’s stock worth $29,000 after buying an additional 90 shares during the last quarter. GAMMA Investing LLC increased its position in SiteOne Landscape Supply by 24.3% during the first quarter. GAMMA Investing LLC now owns 486 shares of the industrial products company’s stock worth $59,000 after buying an additional 95 shares during the last quarter. Finally, HM Payson & Co. increased its position in SiteOne Landscape Supply by 32.2% during the third quarter. HM Payson & Co. now owns 398 shares of the industrial products company’s stock worth $51,000 after buying an additional 97 shares during the last quarter.

SiteOne Landscape Supply Trading Up 6.9%

The business has a 50-day simple moving average of $132.88 and a two-hundred day simple moving average of $127.24. The stock has a market cap of $5.88 billion, a price-to-earnings ratio of 48.09, a P/E/G ratio of 2.28 and a beta of 1.59. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.41 and a quick ratio of 1.06.

About SiteOne Landscape Supply

SiteOne Landscape Supply, Inc, together with its subsidiaries, engages in the wholesale distribution of landscape supplies in the United States and Canada. The company provides irrigation products, including controllers, valves, sprinkler heads, irrigation pipes, micro irrigation, and drip products; fertilizer, grass seed, and ice melt products; control products, such as herbicides, fungicides, rodenticides, and other pesticides; landscape accessories that include mulches, soil amendments, drainage pipes, tools, and sods; nursery goods, which consist of deciduous and evergreen shrubs, ornamental, shade, evergreen trees, field grown and container-grown nursery stock, roses, perennials, annuals, bulbs, and plant species and cultivars; hardscapes, such as pavers, natural stones, blocks, and other durable materials; and outdoor lighting products that include lighting fixtures, LED lamps, wires, transformers, and accessories.