Should You Sell SiteOne Landscape Supply (SITE) Now?
Choice Equities Capital Management, a hedge fund manager, released its third-quarter investor letter recently. You can view it here. In the third quarter, the fund returned -1.7% on a net basis compared to -2.2% loss for the Russell 2000 Index and -4.9% loss for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Choice Equities 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 supply distribution company. On December 13, 2022, SiteOne Landscape Supply, Inc. (NYSE:SITE) stock closed at $123.10 per share. One-month return of SiteOne Landscape Supply, Inc. (NYSE:SITE) was 5.29% and its shares lost 47.30% of their value over the last 52 weeks. SiteOne Landscape Supply, Inc. (NYSE:SITE) has a market capitalization of $5.552 billion.
Choice Equities made the following comment about SiteOne Landscape Supply, Inc. (NYSE:SITE) in its Q3 2022 investor letter:
"I exited SiteOne Landscape Supply, Inc. (NYSE:SITE) a few weeks after I wrote about it in our last letter. Though it is a fantastic company with a monopoly-like stronghold in landscape distribution supply and the majority of their earnings and cash flows come from serving durable repair / remodel and maintenance needs, it is a housing derivative. In the context of a 30-year mortgage rate at 6% and moving to 7%, I felt it would be prudent to move to the sidelines and monitor performance for now."
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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 Baron Funds’ 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.
