Should You Invest Your Money in SiteOne Landscape Supply (SITE) Shares?

·2 min read

Alger, an investment management firm, published its “Alger Weatherbie Specialized Growth Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. During the fourth quarter, the largest portfolio sector weightings were Information Technology and Health Care. The largest sector overweight was Financials. The portfolio had no exposure to the Consumer Staples or utility sectors and negligible exposure to Communication Services. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Alger Weatherbie Specialized Growth Fund, in its Q4 2021 investor letter, mentioned SiteOne Landscape Supply, Inc. (NYSE: SITE) and discussed its stance on the firm. SiteOne Landscape Supply, Inc. is a Roswell, Georgia-based commercial and residential landscape supply distributor with a $7.8 billion market capitalization. SITE delivered a -27.92% return since the beginning of the year, while its 12-month returns are up by 9.77%. The stock closed at $174.63 per share on January 26, 2022.

Here is what Alger Weatherbie Specialized Growth Fund has to say about SiteOne Landscape Supply, Inc. in its Q4 2021 investor letter:

"SiteOne Landscape Supply, Inc. was among the top contributors to performance. SiteOne Landscape Supply engages in the wholesale distribution of landscape supplies in the U.S. and Canada. The company provides a selection of approximately 120,000 items, including irrigation supplies, fertilizer and control products, landscape accessories, nursery goods, outdoor lighting and ice melt products, as well as hardscapes, such as pavers, natural stones and blocks. It also offers consultative services, including assistance with irrigation network design and commercial project planning. SiteOne posted another strong quarter, beating publicly available Wall Street estimates and raising guidance yet again. While the impact of inflation and broad industry supply chain challenges have been higher than expected, SiteOne's inventory pre-buying provided the company with stock items that competitors lacked. With a tough year-over-year comparison, we felt there might be some risk that sales volumes would be down, but sales increased slightly relative to a very strong third quarter of 2020."

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Our calculations show that SiteOne Landscape Supply, Inc. (NYSE: SITE) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. SITE was in 15 hedge fund portfolios at the end of the third quarter of 2021, compared to 25 funds in the previous quarter. SiteOne Landscape Supply, Inc. (NYSE: SITE) delivered a -22.33% return in the past 3 months.

You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.