Should You Add SiteOne Landscape Supply (SITE) to Your Portfolio?
Baron Funds, an investment management company, released its “Baron Real Estate Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like SiteOne Landscape Supply, Inc. (NYSE:SITE) in the Q3 2022 investor letter. Headquartered in Roswell, Georgia, SiteOne Landscape Supply, Inc. (NYSE:SITE) is a landscape supplies distribution company. On November 21, 2022, SiteOne Landscape Supply, Inc. (NYSE:SITE) stock closed at $121.78 per share. One-month return of SiteOne Landscape Supply, Inc. (NYSE:SITE) was 5.493% and its shares lost 50.97% of their value over the last 52 weeks. SiteOne Landscape Supply, Inc. (NYSE:SITE) has a market capitalization of $5.493 billion.
Baron Funds made the following comment about SiteOne Landscape Supply, Inc. (NYSE:SITE) in its Q3 2022 investor letter:
"SiteOne Landscape Supply, Inc. (NYSE:SITE) is the only national wholesale distributor of landscape supplies. The company is more than five times the size of its next closest competitor and has many opportunities to make acquisitions and consolidate a highly fragmented industry. The company is currently valued at only 13 times cash flow versus its historical valuation range of 15 to 20 times cash flow prior to COVID-19."
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SiteOne Landscape Supply, Inc. (NYSE:SITE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held SiteOne Landscape Supply, Inc. (NYSE:SITE) at the end of the third quarter which was 17 in the previous quarter.
We discussed SiteOne Landscape Supply, Inc. (NYSE:SITE) in another article and shared Polen Capital's views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
