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SiteOne Landscape Supply Inc. ($SITE) Stock Forecast: Up 5.6% Today

Morpher AI identified a bullish signal. The stock price may continue to rise based on the momentum of the good news.

What is SiteOne Landscape Supply Inc.?

SiteOne Landscape (NYSE: SITE) specializes in providing hardscape products and landscape supplies. The stock SITE saw a significant bullish movement today.

Why is SiteOne Landscape Supply Inc. going up?

SITE stock is up 5.6% on Jun 12, 2024 14:54

  • The recent acquisition of Cohen & Cohen Natural Stone by SiteOne Landscape signifies a strategic expansion into the Canadian market, broadening its hardscape product range.
  • SiteOne Landscape's acquisitions, including Cohen & Cohen and AC Florida Pavers, LLC, showcase the company's proactive growth strategy and market diversification efforts.
  • These acquisitions are likely to be well-received by investors due to the company's commitment to expanding its product offerings and geographical presence, potentially resulting in increased revenue and market share in the future.

SITE Price Chart

SITE News

SiteOne Landscape Buys Cohen & Cohen, Expands in Canada

SiteOne Landscape (NYSE: SITE ) has acquired Cohen & Cohen Natural Stone, thus expanding its capacity to provide a full range of hardscape products and landscape supplies to its customers in eastern Canada. Cohen and Cohen Natural Stone provides a range of natural stone, concrete, masonry and landscape accessories. It has one location in Ottawa, Canada and is an authorized dealer for brands such as Unilock, Best Way Stone, Porcea Stone and Banas Stone. Cohen and Cohen also provides in-house fabrication services, such as ripping, cutting and coring, to ensure that every piece of stone is tailor-made to the client''s specific requirements. This is the fourth acquisition for SiteOne Landscape so far in 2024. Earlier this month, the company announced the acquisition of AC Florida Pavers, LLC, which operates under the trade name Hardscape.com. This buyout will expand SITE''s ability to provide hardscape products to its Florida customers and is a significant addition to its existing premium hardscapes offerings nationally.

https://www.benzinga.com/news/earnings/24/06/39267331/siteone-landscape-buys-cohen-cohen-expands-in-canada

News Article Image SiteOne Landscape Buys Cohen & Cohen, Expands in Canada

Cohen & Cohen Natural Stone Joins SiteOne Landscape Supply

SiteOne Landscape Supply, Inc. (NYSE: SITE) announced today its acquisition of Cohen & Cohen Natural Stone (“Cohen & Cohen”), a wholesale distributor of hardscapes products with one location in Ottawa, Ontario, Canada. “Cohen & Cohen has built a tremendous reputation for high-quality stone and hardscapes products in the Ottawa market,” said Doug Black, Chairman and CEO of SiteOne Landscape Jetzt den vollständigen Artikel lesen

https://www.wallstreet-online.de/nachricht/18176634-cohen-cohen-natural-stone-joins-siteone-landscape-supply

News Article Image Cohen & Cohen Natural Stone Joins SiteOne Landscape Supply

SiteOne Landscape Supply Inc. Price History

12.05.2024 - SITE Stock was up 5.6%

  • The recent acquisition of Cohen & Cohen Natural Stone by SiteOne Landscape signifies a strategic expansion into the Canadian market, broadening its hardscape product range.
  • SiteOne Landscape's acquisitions, including Cohen & Cohen and AC Florida Pavers, LLC, showcase the company's proactive growth strategy and market diversification efforts.
  • These acquisitions are likely to be well-received by investors due to the company's commitment to expanding its product offerings and geographical presence, potentially resulting in increased revenue and market share in the future.

05.05.2024 - SITE Stock was down 5.4%

  • SITE's stock saw a significant decline today, possibly influenced by profit-taking following a recent uptrend.
  • Investor focus shifted towards HealthEquity Inc. (HQY) due to a positive earnings projection, leading to a decline in SITE's stock.
  • The underwhelming earnings results from Designer Brands Inc. (DBI) in the retail sector likely contributed to a cautious investor sentiment, impacting SITE's stock.
  • Market uncertainties, including a decrease in crude oil prices affecting Exxon Mobil Corp. (XOM), may have further pressured SITE's stock downward.

04.05.2024 - SITE Stock was down 9.9%

  • SITE had a bearish movement, potentially influenced by the underperformance of Designer Brands Inc. (DBI), which also reported lower-than-expected earnings.
  • The negative trend in the market for footwear and accessories retailers, as seen with DBI, might have spilled over to SITE, impacting investor sentiment.
  • The general decline in certain sectors, such as retail and consumer goods, could have led to a broader sell-off in tech stocks like SITE, contributing to its bearish movement today.

10.03.2024 - SITE Stock was down 5.6%

  • The announcement of the first quarter 2024 earnings release date and conference call may have raised concerns among investors about the company's financial performance.
  • Despite the positive adjustment to its Relative Strength (RS) Rating, the overall market sentiment might have shifted, leading to a bearish movement in SITE stock.
  • Investors may be taking profits following a previous uptrend in the stock, contributing to the bearish movement today.
  • Uncertainties surrounding the company's future growth prospects could also be influencing the bearish sentiment among traders.

21.02.2024 - SITE Stock was up 5.1%

  • The upgrade in SiteOne Landscape Supply's Relative Strength (RS) Rating from 67 to 73 indicates improved technical strength, potentially attracting more investors to the stock.
  • The selling of 10,000 shares by the CEO, Doug Black, could be seen as profit-taking or a strategic move, but it did not deter the overall bullish sentiment towards the stock.
  • The combination of the RS Rating upgrade and the CEO's share sale might have created a mixed sentiment among investors, but the bullish market movement prevailed due to the positive technical outlook of the company.

15.01.2024 - SITE Stock was up 8.5%

  • The bullish movement in SITE's stock can be attributed to several factors:
  • 1. Strong sales growth: A notable increase in sales growth reported by SITE indicates that the company is performing well and meeting market expectations.
  • 2. Performance-based stock plan: SITE has implemented a strategy to drive performance and align the interests of its executives with shareholders by incentivizing officers with performance stock units. This can boost investor confidence.
  • 3. Improved price strength: SITE's Relative Strength (RS) Rating has been on the rise, indicating that the stock has been outperforming a majority of other stocks in terms of price strength. This has attracted investors' attention and potentially driven the bullish movement.
  • Overall, SITE's strong sales growth, implementation of performance-based incentives, and improved price strength have likely contributed to the bullish movement in the stock.

14.01.2024 - SITE Stock was up 8.1%

  • Several factors contributed to the upward movement in SITE's stock today:
  • 1. Strong Q4 earnings: Despite reporting a loss, the market reacted positively to the company's earnings report, signaling possible improvements in its financial performance.
  • 2. Performance-based stock plan: SITE announced a program incentivizing its officers with performance stock units. This move boosted investor confidence, indicating alignment of executive compensation with company performance.
  • 3. Improved price strength: SITE's Relative Strength (RS) Rating has upgraded, surpassing many other stocks in terms of price strength. This attracted investors seeking stocks with strong momentum.
  • 4. Overall market trend: The bullish movement in SITE's stock may also reflect the positive growth in the landscape supply industry, fueled by increased demand for landscaping services and construction activities.
  • In conclusion, favorable earnings sentiment, performance-based incentives, improved price strength, and a positive market trend likely contributed to the upward movement in SITE's stock.

14.01.2024 - SITE Stock was down 5.7%

  • The bearish movement in SITE's stock today can be attributed to a combination of factors:
  • 1. Poor Q4 earnings: A reported loss of $3.4 million in the fourth quarter may have disappointed investors, leading to a sell-off of the stock.
  • 2. Performance-based stock plan: The news of SiteOne Landscape Supply incentivizing its officers with performance stock units may have raised concerns among investors about the company's financial performance and future prospects.
  • 3. Relative price strength: An upgrade in the Relative Strength (RS) Rating for SITE indicates improved price strength. However, it is possible that investors were expecting a higher rating, leading to a negative reaction in the stock price.
  • Overall, the bearish movement in SITE's stock today can be attributed to a combination of disappointing earnings, concerns about the performance-based stock plan, and potentially high investor expectations regarding relative price strength.

13.01.2024 - SITE Stock was down 5.7%

  • The bearish movement of SITE today could be attributed to the following factors:
  • 1. Performance-based stock plan: SiteOne Landscape Supply's decision to incentivize its officers with performance stock units might have raised concerns among investors, potentially leading to a sell-off of the stock.
  • 2. Relative price strength: There has been an improvement in the Relative Strength (RS) Rating of SITE, indicating strengthened price performance. However, this positive development may not have sufficiently counteracted the prevailing bearish sentiment in the market, resulting in the downturn of the stock.
  • 3. Market conditions: The negative movement of SITE's stock price could be influenced by the overall bearish sentiment observed in the market today. Various factors such as economic indicators, global events, or investor sentiment could have contributed to this negative market sentiment, impacting SITE's performance.

13.01.2024 - SITE Stock was down 5.2%

  • Several factors could explain the bearish movement in SITE's stock today:
  • 1. Technical Analysis: Recently, the stock's Relative Strength (RS) Rating showed signs of improved price strength. However, traders might have engaged in profit-taking, causing a decline in the stock price.
  • 2. Market Sentiment: Broader market sentiment may have impacted SITE's stock as well. If there was a market sell-off or concerns about the economy, investors may have chosen to sell SITE's stock.
  • 3. Investor Expectations: High investor expectations for SITE's performance could have led to a decline in the stock price if any news or developments didn't meet those expectations.
  • 4. Other Factors: It is important to consider that there may be industry-specific or company-specific factors affecting SITE's stock. These could include changes in competition, regulatory issues, or other news not covered in the provided information.

02.10.2023 - SITE Stock was up 5.2%

  • SiteOne Landscape Supply reported mixed Q3 results, indicating some challenges in the market. However, despite softer markets and commodity price deflation, the company achieved continued growth in net sales during the third quarter.
  • The company's positive sales volume growth and contribution from acquisitions were likely factors contributing to the bullish movement in the stock.
  • Investors may have been reassured by the company's ability to navigate challenging market conditions and maintain growth, leading to increased confidence in the stock.

01.10.2023 - SITE Stock was down 10.5%

  • The bearish movement in SITE's stock today could be attributed to the following factors:
  • 1. Softening markets and commodity price deflation: The company's announcement mentioned headwinds from softer markets and commodity price deflation. This could have negatively impacted investor sentiment and contributed to the bearish movement.
  • 2. Earnings announcement: The upcoming earnings announcement could have created uncertainty among investors, leading to a sell-off of the stock. Investors may have been cautious about the company's performance in the third quarter given the challenging market conditions mentioned in the article.
  • 3. Overall market conditions: The broader market conditions, such as economic indicators and investor sentiment, could have also played a role in the bearish movement of SITE's stock. If there was a general negative sentiment in the market or concerns about the overall economy, it could have influenced the stock's performance.

18.09.2023 - SITE Stock was down 6.3%

  • The bearish movement in SITE's stock could be attributed to the announcement of their upcoming third quarter 2023 earnings release date. Investors might be concerned about the potential performance of the company during this period.
  • The market might be reacting to the overall sentiment in the landscape supply industry, which could be influenced by factors such as changes in demand for landscaping services or competition from other players in the market.
  • It's possible that investors are taking profits after a period of bullish movement in SITE's stock, leading to a temporary downward pressure on the price.
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Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.