Should You Invest in SiteOne Landscape Supply (SITE)?
Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. The Healthcare and industrial sectors contributed to the relative performance of the fund in the quarter while Consumer discretionary and Information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Weatherbie Specialized Growth Fund highlighted stocks like SiteOne Landscape Supply, Inc. (NYSE:SITE) in the second quarter 2023 investor letter. Headquartered in Roswell, Georgia, SiteOne Landscape Supply, Inc. (NYSE:SITE) is a wholesale distributor of landscape supplies. On September 14, 2023, SiteOne Landscape Supply, Inc. (NYSE:SITE) stock closed at $164.60 per share. One-month return of SiteOne Landscape Supply, Inc. (NYSE:SITE) was 6.15%, and its shares gained 44.81% of their value over the last 52 weeks. SiteOne Landscape Supply, Inc. (NYSE:SITE) has a market capitalization of $7.417 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about SiteOne Landscape Supply, Inc. (NYSE:SITE) in its Q2 2023 investor letter:
"SiteOne Landscape Supply, Inc. (NYSE:SITE) is a wholesale distributor of landscaping products operating in the United States and Canada. The company offers a wide array of approximately 120.000 stock keeping units (SKUS), featuring irrigation supplies, fertilizers, control products, landscape accessories, nursery goods, and outdoor lighting. They also supply hardscape materials like pavers, natural stones, and blocks, as well as ice melt products. During the period, the company reported strong fiscal first quarter results. Despite unprecedented rain in the western region causing a near-term headwind, quarterly revenues came in above consensus estimates driven by strength in the southern region."
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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 second quarter which was 18 in the previous quarter.
We discussed SiteOne Landscape Supply, Inc. (NYSE:SITE) in another article and shared Baron Small Cap Fund's views on the company. In addition, please check out our hedge fund investor letters Q2 2023 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.
