Parnassus Investments LLC lowered its stake in shares of Republic Services, Inc. (NYSE:RSG – Free Report) by 7.8% in the 4th quarter, HoldingsChannel reports. The firm owned 312,695 shares of the business services provider’s stock after selling 26,516 shares during the quarter. Parnassus Investments LLC’s holdings in Republic Services were worth $66,269,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Republic Services by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 19,107,360 shares of the business services provider’s stock worth $4,384,757,000 after purchasing an additional 49,365 shares during the last quarter. Capital World Investors increased its stake in shares of Republic Services by 27.7% during the 4th quarter. Capital World Investors now owns 8,765,623 shares of the business services provider’s stock worth $1,857,698,000 after purchasing an additional 1,899,183 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Republic Services by 15.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,098,273 shares of the business services provider’s stock worth $711,003,000 after purchasing an additional 409,142 shares during the last quarter. Norges Bank purchased a new stake in shares of Republic Services during the 4th quarter worth approximately $617,165,000. Finally, Bank of America Corp DE grew its stake in Republic Services by 6.0% in the 3rd quarter. Bank of America Corp DE now owns 2,031,005 shares of the business services provider’s stock valued at $466,075,000 after buying an additional 114,291 shares in the last quarter. Hedge funds and other institutional investors own 57.73% of the company’s stock.
Republic Services Stock Down 2.0%
RSG opened at $208.30 on Friday. The company has a fifty day moving average price of $209.05 and a 200-day moving average price of $214.55. The firm has a market capitalization of $64.09 billion, a P/E ratio of 29.89, a price-to-earnings-growth ratio of 3.50 and a beta of 0.41. 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, Inc. has a one year low of $196.41 and a one year high of $253.38.
Republic Services Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders 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 of this dividend is Thursday, July 2nd. Republic Services’s payout ratio is currently 35.87%.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on RSG shares. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and issued a $249.00 price objective on shares of Republic Services in a research note on Friday, May 8th. JPMorgan Chase & Co. lifted their price objective on shares of Republic Services from $233.00 to $245.00 and gave the company a “neutral” rating in a research note on Friday, April 10th. BMO Capital Markets reduced their price objective on shares of Republic Services from $251.00 to $248.00 and set an “outperform” rating for the company in a research note on Wednesday, February 18th. Citigroup reduced their price objective on shares of Republic Services from $253.00 to $247.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Finally, Wells Fargo & Company boosted their price target on shares of Republic Services from $238.00 to $252.00 and gave the company an “overweight” rating in a research report on Wednesday, March 18th. Eleven research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.26.
Get Our Latest Stock Analysis on RSG
Insiders Place Their Bets
In other news, Director Sandra M. Volpe sold 1,800 shares of Republic Services stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $211.28, for a total transaction of $380,304.00. Following the completion of the sale, the director directly owned 58 shares of the company’s stock, valued at approximately $12,254.24. The trade was a 96.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Cascade Investment, L.L.C. acquired 60,700 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were bought at an average cost of $213.31 per share, with a total value of $12,947,917.00. Following the completion of the acquisition, the insider directly owned 110,803,982 shares in the company, valued at $23,635,597,400.42. The trade was a 0.05% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 987,150 shares of company stock valued at $202,366,682 over the last ninety days. 0.12% of the stock is currently owned by insiders.
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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