Bank of America Initiates Coverage on SiteOne Landscape Supply (NYSE:SITE)

Investment analysts at Bank of America started coverage on shares of SiteOne Landscape Supply (NYSE:SITE) in a report released on Thursday,Benzinga reports. The firm set a “buy” rating and a $147.00 price target on the industrial products company’s stock. Bank of America‘s target price would indicate a potential upside of 15.40% from the stock’s previous close.

A number of other equities research analysts have also commented on the stock. Loop Capital raised shares of SiteOne Landscape Supply from a “hold” rating to a “buy” rating and upped their price objective for the company from $150.00 to $160.00 in a research note on Friday, September 19th. Stifel Nicolaus decreased their price target on SiteOne Landscape Supply from $140.00 to $134.00 and set a “hold” rating for the company in a report on Tuesday. Weiss Ratings restated a “hold (c-)” rating on shares of SiteOne Landscape Supply in a research report on Wednesday, October 8th. Barclays set a $134.00 target price on SiteOne Landscape Supply and gave the stock an “equal weight” rating in a report on Monday, December 8th. Finally, Royal Bank Of Canada raised their price objective on shares of SiteOne Landscape Supply from $143.00 to $151.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 30th. Five research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $150.10.

SiteOne Landscape Supply Stock Up 0.1%

Shares of NYSE:SITE opened at $127.38 on Thursday. The firm has a market cap of $5.67 billion, a P/E ratio of 41.36, a P/E/G ratio of 2.07 and a beta of 1.60. SiteOne Landscape Supply has a 12-month low of $101.25 and a 12-month high of $154.00. The business has a fifty day simple moving average of $126.84 and a 200 day simple moving average of $129.92. The company has a quick ratio of 1.14, a current ratio of 2.49 and a debt-to-equity ratio of 0.29.

SiteOne Landscape Supply (NYSE:SITE) last issued its quarterly earnings results on Wednesday, October 29th. The industrial products company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.09. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.26 billion. SiteOne Landscape Supply had a return on equity of 8.62% and a net margin of 2.98%.The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.97 earnings per share. Analysts predict that SiteOne Landscape Supply will post 3.61 earnings per share for the current year.

Hedge Funds Weigh In On SiteOne Landscape Supply

A number of large investors have recently modified their holdings of SITE. Man Group plc raised its holdings in shares of 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 valued at $2,702,000 after acquiring an additional 86 shares in the last quarter. Keynote Financial Services LLC raised its holdings in SiteOne Landscape Supply by 5.4% in the 2nd quarter. Keynote Financial Services LLC now owns 1,740 shares of the industrial products company’s stock worth $210,000 after purchasing an additional 89 shares in the last quarter. Allworth Financial LP raised its holdings in SiteOne Landscape Supply by 61.2% in the 2nd quarter. Allworth Financial LP now owns 237 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 90 shares in the last quarter. HM Payson & Co. lifted its position in shares of SiteOne Landscape Supply by 32.2% in the 3rd quarter. HM Payson & Co. now owns 398 shares of the industrial products company’s stock worth $51,000 after purchasing an additional 97 shares during the period. Finally, Mitchell & Pahl Private Wealth LLC boosted its stake in shares of SiteOne Landscape Supply by 1.8% during the 3rd quarter. Mitchell & Pahl Private Wealth LLC now owns 5,797 shares of the industrial products company’s stock valued at $747,000 after purchasing an additional 105 shares in the last quarter.

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.