SiteOne Landscape Supply (NYSE:SITE) Shares Down 11.3% After Earnings Miss

SiteOne Landscape Supply, Inc. (NYSE:SITE) shares fell 11.3% on Wednesday following a dissappointing earnings announcement. The stock traded as low as $123.96 and last traded at $126.8050. 383,016 shares were traded during trading, a decline of 41% from the average session volume of 650,487 shares. The stock had previously closed at $142.94.

The industrial products company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.27). The company had revenue of $940.10 million for the quarter, compared to analyst estimates of $984.89 million. SiteOne Landscape Supply had a net margin of 3.23% and a return on equity of 9.28%. The firm’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.61) EPS.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of SiteOne Landscape Supply in a report on Wednesday, January 21st. Barclays upped their price objective on shares of SiteOne Landscape Supply from $134.00 to $150.00 and gave the company an “equal weight” rating in a research note on Thursday, February 12th. Bank of America decreased their target price on shares of SiteOne Landscape Supply from $182.00 to $167.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Robert W. Baird set a $190.00 target price on shares of SiteOne Landscape Supply in a research note on Thursday, February 12th. Finally, UBS Group began coverage on SiteOne Landscape Supply in a research note on Friday, April 10th. They set a “neutral” rating and a $140.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $163.67.

Insider Buying and Selling

In other SiteOne Landscape Supply news, EVP Eric J. Elema sold 1,765 shares of SiteOne Landscape Supply stock in a transaction on Friday, February 13th. The shares were sold at an average price of $158.01, for a total value of $278,887.65. Following the transaction, the executive vice president owned 2,911 shares in the company, valued at $459,967.11. This trade represents a 37.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On SiteOne Landscape Supply

A number of institutional investors have recently added to or reduced their stakes in SITE. Dynamic Technology Lab Private Ltd purchased a new stake in shares of SiteOne Landscape Supply during the 3rd quarter worth about $1,932,000. Magnetar Financial LLC increased its position in SiteOne Landscape Supply by 41.0% during the 3rd quarter. Magnetar Financial LLC now owns 46,669 shares of the industrial products company’s stock worth $6,011,000 after purchasing an additional 13,572 shares in the last quarter. Interval Partners LP purchased a new position in SiteOne Landscape Supply in the third quarter valued at approximately $12,720,000. 59 North Capital Management LP purchased a new position in SiteOne Landscape Supply in the third quarter valued at approximately $214,417,000. Finally, Kinetic Partners Management LP acquired a new position in SiteOne Landscape Supply during the third quarter valued at approximately $20,286,000.

SiteOne Landscape Supply Trading Down 14.3%

The company has a quick ratio of 1.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.29. The firm’s 50 day simple moving average is $137.33 and its 200-day simple moving average is $135.04. The company has a market capitalization of $5.43 billion, a PE ratio of 36.61, a P/E/G ratio of 1.72 and a beta of 1.57.

About SiteOne Landscape Supply

SiteOne Landscape Supply is a leading distributor of landscape supplies and irrigation equipment in North America. The company serves a broad range of customers, including independent landscapers, lawn and garden retailers, municipalities and other commercial landscape professionals. Its product portfolio spans irrigation and lighting controls, pipes and fittings, fertilizers and soils, lighting fixtures, hardscapes, outdoor lighting systems and related installation accessories.

In addition to core product lines, SiteOne offers agronomic services designed to optimize turf and plant health, as well as online tools and training resources to help customers plan, specify and manage projects more efficiently.