SiteOne Landscape Supply, Inc. (NYSE:SITE) Short Interest Down 13.7% in June

SiteOne Landscape Supply, Inc. (NYSE:SITE) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 2,390,000 shares, a drop of 13.7% from the May 31st total of 2,770,000 shares. Based on an average daily trading volume, of 360,600 shares, the short-interest ratio is currently 6.6 days.

SiteOne Landscape Supply Price Performance

Shares of SITE traded down $3.95 during mid-day trading on Monday, reaching $117.46. 388,854 shares of the company’s stock were exchanged, compared to its average volume of 340,956. The company has a market cap of $5.31 billion, a price-to-earnings ratio of 35.19 and a beta of 1.52. The company has a quick ratio of 0.96, a current ratio of 2.36 and a debt-to-equity ratio of 0.35. The company has a 50-day simple moving average of $145.87 and a two-hundred day simple moving average of $158.53. SiteOne Landscape Supply has a 52-week low of $116.81 and a 52-week high of $188.01.

SiteOne Landscape Supply (NYSE:SITE) last issued its quarterly earnings results on Wednesday, May 1st. The industrial products company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.22). The business had revenue of $904.80 million during the quarter, compared to analyst estimates of $864.01 million. SiteOne Landscape Supply had a net margin of 3.63% and a return on equity of 10.77%. The company’s revenue was up 8.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.10) earnings per share. On average, sell-side analysts predict that SiteOne Landscape Supply will post 3.81 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Barclays decreased their target price on SiteOne Landscape Supply from $133.00 to $129.00 and set an “underweight” rating on the stock in a research report on Wednesday, June 5th. Truist Financial reduced their price objective on SiteOne Landscape Supply from $175.00 to $158.00 and set a “buy” rating for the company in a research note on Thursday, June 6th. Stifel Nicolaus dropped their price target on SiteOne Landscape Supply from $165.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Loop Capital cut their target price on SiteOne Landscape Supply from $155.00 to $140.00 and set a “hold” rating for the company in a research note on Thursday, June 13th. Finally, Robert W. Baird decreased their price target on SiteOne Landscape Supply from $185.00 to $175.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 5th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, SiteOne Landscape Supply currently has a consensus rating of “Hold” and an average price target of $153.63.

Insiders Place Their Bets

In related news, CEO Doug Black sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $162.10, for a total value of $1,621,000.00. Following the transaction, the chief executive officer now owns 574,657 shares in the company, valued at approximately $93,151,899.70. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SiteOne Landscape Supply

Several institutional investors and hedge funds have recently added to or reduced their stakes in SITE. EULAV Asset Management raised its position in SiteOne Landscape Supply by 2.2% in the first quarter. EULAV Asset Management now owns 51,100 shares of the industrial products company’s stock valued at $8,920,000 after purchasing an additional 1,100 shares during the period. Cetera Advisors LLC purchased a new stake in shares of SiteOne Landscape Supply during the 1st quarter valued at about $708,000. Cetera Investment Advisers lifted its position in SiteOne Landscape Supply by 143.8% during the 1st quarter. Cetera Investment Advisers now owns 12,281 shares of the industrial products company’s stock worth $2,144,000 after acquiring an additional 7,244 shares in the last quarter. Swedbank AB acquired a new position in SiteOne Landscape Supply during the 1st quarter worth approximately $16,757,000. Finally, LRI Investments LLC purchased a new position in SiteOne Landscape Supply in the 1st quarter worth approximately $168,000.

SiteOne Landscape Supply Company Profile

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.