The Manufacturers Life Insurance Company trimmed its holdings in shares of Republic Services, Inc. (NYSE:RSG – Free Report) by 7.3% in the first quarter, Holdings Channel reports. The firm owned 108,255 shares of the business services provider’s stock after selling 8,556 shares during the period. The Manufacturers Life Insurance Company’s holdings in Republic Services were worth $23,710,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in RSG. Wealth Watch Advisors INC acquired a new stake in shares of Republic Services in the third quarter valued at about $26,000. Laurel Wealth Advisors LLC purchased a new position in Republic Services in the 4th quarter worth approximately $25,000. Prosperity Bancshares Inc purchased a new stake in shares of Republic Services during the fourth quarter valued at approximately $30,000. Sound Income Strategies LLC acquired a new position in shares of Republic Services during the fourth quarter worth $32,000. Finally, Hilton Head Capital Partners LLC purchased a new position in shares of Republic Services in the fourth quarter valued at $32,000. 57.73% of the stock is owned by hedge funds and other institutional investors.
Republic Services Stock Down 0.3%
NYSE:RSG opened at $210.75 on Friday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.67 and a current ratio of 0.67. The company has a market capitalization of $64.84 billion, a price-to-earnings ratio of 30.24, a price-to-earnings-growth ratio of 3.52 and a beta of 0.40. Republic Services, Inc. has a one year low of $196.41 and a one year high of $238.62. The stock has a 50-day simple moving average of $212.57 and a 200 day simple moving average of $214.98.
Republic Services Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Friday, October 2nd will be paid a $0.67 dividend. The ex-dividend date is Friday, October 2nd. This is an increase from Republic Services’s previous quarterly dividend of $0.62. This represents a $2.68 dividend on an annualized basis and a yield of 1.3%. Republic Services’s payout ratio is presently 35.87%.
Insider Activity at Republic Services
In related news, major shareholder Cascade Investment, L.L.C. bought 366,000 shares of the stock in a transaction dated Wednesday, May 13th. The stock was bought at an average cost of $202.24 per share, with a total value of $74,019,840.00. Following the completion of the acquisition, the insider owned 110,315,982 shares of the company’s stock, valued at $22,310,304,199.68. This trade represents a 0.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sandra M. Volpe sold 1,800 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $211.28, for a total value of $380,304.00. Following the completion of the sale, the director directly owned 58 shares in the company, valued at approximately $12,254.24. This trade represents a 96.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have bought 987,150 shares of company stock valued at $202,366,682 over the last ninety days. Corporate insiders own 0.12% of the company’s stock.
Analyst Upgrades and Downgrades
RSG has been the topic of several analyst reports. Royal Bank Of Canada lifted their price target on shares of Republic Services from $265.00 to $267.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Robert W. Baird lowered their target price on Republic Services from $242.00 to $240.00 and set a “neutral” rating for the company in a research note on Thursday, April 16th. JPMorgan Chase & Co. lifted their target price on Republic Services from $233.00 to $245.00 and gave the stock a “neutral” rating in a research report on Friday, April 10th. Canadian Imperial Bank of Commerce restated an “outperform” rating and set a $249.00 price objective on shares of Republic Services in a research note on Friday, May 8th. Finally, Barclays lifted their price objective on Republic Services from $227.00 to $233.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Eleven investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $243.89.
Check Out Our Latest Stock Analysis on Republic Services
Republic Services 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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