Resona Asset Management Co. Ltd. decreased its holdings in shares of Republic Services, Inc. (NYSE:RSG – Free Report) by 4.3% in the 4th quarter, Holdings Channel reports. The fund owned 103,089 shares of the business services provider’s stock after selling 4,593 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Republic Services were worth $21,878,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of RSG. Bessemer Group Inc. raised its stake in Republic Services by 7,683.2% during the third quarter. Bessemer Group Inc. now owns 739,792 shares of the business services provider’s stock worth $169,768,000 after acquiring an additional 730,287 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Republic Services by 1,337.9% in the fourth quarter. SG Americas Securities LLC now owns 575,637 shares of the business services provider’s stock valued at $121,995,000 after buying an additional 535,603 shares during the period. Man Group plc increased its stake in shares of Republic Services by 380.1% in the third quarter. Man Group plc now owns 667,603 shares of the business services provider’s stock valued at $153,202,000 after buying an additional 528,540 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Republic Services by 93.3% in the third quarter. BNP Paribas Financial Markets now owns 907,735 shares of the business services provider’s stock valued at $208,307,000 after buying an additional 438,219 shares during the period. Finally, Caisse de depot et placement du Quebec increased its stake in shares of Republic Services by 49.1% in the third quarter. Caisse de depot et placement du Quebec now owns 1,326,827 shares of the business services provider’s stock valued at $304,480,000 after buying an additional 437,166 shares during the period. Institutional investors and hedge funds own 57.73% of the company’s stock.
Wall Street Analysts Forecast Growth
RSG has been the subject of several recent research reports. Scotiabank lowered their price objective on Republic Services from $246.00 to $242.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 21st. JPMorgan Chase & Co. upped their price objective on Republic Services from $233.00 to $245.00 and gave the company a “neutral” rating in a research note on Friday, April 10th. Weiss Ratings downgraded Republic Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, April 29th. BMO Capital Markets lowered their price objective on Republic Services from $251.00 to $248.00 and set an “outperform” rating for the company in a research note on Wednesday, February 18th. Finally, Wells Fargo & Company upped their price objective on Republic Services from $238.00 to $252.00 and gave the company an “overweight” rating in a research note on Wednesday, March 18th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, Republic Services currently has an average rating of “Hold” and a consensus price target of $245.15.
More Republic Services News
Here are the key news stories impacting Republic Services this week:
- Positive Sentiment: Cascade Investment made several large open-market purchases of Republic Services shares over the past few trading sessions, including 307,505 shares, 119,795 shares, and 60,700 shares, signaling strong insider confidence in the company’s outlook.
- Positive Sentiment: The company recently beat first-quarter earnings and revenue estimates, with EPS of $1.70 versus $1.64 expected and revenue of $4.11 billion versus $4.10 billion projected, supporting investor sentiment.
- Neutral Sentiment: Republic Services also declared a quarterly dividend of $0.625 per share, which reinforces its income profile but is not likely the main driver of the stock today.
- Neutral Sentiment: Wall Street remains mixed, with a consensus Hold rating and an average price target of $245.15, suggesting analysts see limited near-term upside but no major deterioration in the business.
Insider Activity
In other Republic Services news, major shareholder Cascade Investment, L.L.C. purchased 366,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of $202.24 per share, for a total transaction of $74,019,840.00. Following the acquisition, the insider owned 110,315,982 shares of the company’s stock, valued at approximately $22,310,304,199.68. This represents a 0.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders purchased 987,150 shares of company stock worth $202,366,682. 0.12% of the stock is currently owned by corporate insiders.
Republic Services Stock Performance
Shares of RSG stock opened at $214.94 on Wednesday. The stock has a market capitalization of $66.13 billion, a PE ratio of 30.84, a PEG ratio of 3.53 and a beta of 0.43. Republic Services, Inc. has a one year low of $196.41 and a one year high of $258.75. The business’s 50 day simple moving average is $214.00 and its 200 day simple moving average is $214.86. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.67.
Republic Services (NYSE:RSG – Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.06. The firm had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.10 billion. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.58 EPS. As a group, research analysts forecast that Republic Services, Inc. will post 7.27 earnings per share for the current year.
Republic Services Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd will be issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, July 2nd. Republic Services’s dividend payout ratio is presently 36.15%.
Republic Services Company Profile
Republic Services, Inc is a leading provider of non-hazardous solid waste and recycling services in the United States. The company offers a broad range of waste management solutions to residential, commercial, industrial and municipal customers, positioning itself as a full-service partner for everyday waste collection as well as specialized disposal needs.
Republic’s core operations include curbside and commercial collection, transfer and hauling, materials recovery and recycling facilities, and landfill disposal.
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