Verition Fund Management LLC trimmed its stake in shares of Republic Services, Inc. (NYSE:RSG – Get Rating) by 64.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,448 shares of the business services provider’s stock after selling 9,826 shares during the period. Verition Fund Management LLC’s holdings in Republic Services were worth $722,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in Republic Services by 2.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 99,077 shares of the business services provider’s stock worth $13,128,000 after purchasing an additional 2,742 shares during the period. EverSource Wealth Advisors LLC grew its position in Republic Services by 39.1% in the first quarter. EverSource Wealth Advisors LLC now owns 1,937 shares of the business services provider’s stock valued at $257,000 after purchasing an additional 544 shares in the last quarter. Advisory Services Network LLC grew its position in Republic Services by 29.3% in the first quarter. Advisory Services Network LLC now owns 2,636 shares of the business services provider’s stock valued at $350,000 after purchasing an additional 597 shares in the last quarter. Neuberger Berman Group LLC grew its position in Republic Services by 1.1% in the first quarter. Neuberger Berman Group LLC now owns 9,787 shares of the business services provider’s stock valued at $1,297,000 after purchasing an additional 106 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Republic Services by 20.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 209,755 shares of the business services provider’s stock valued at $27,793,000 after acquiring an additional 36,197 shares during the period. 58.01% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on RSG. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Republic Services from $147.00 to $158.00 in a research report on Tuesday, August 9th. StockNews.com cut shares of Republic Services from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 15th. Morgan Stanley raised their target price on shares of Republic Services from $147.00 to $157.00 and gave the stock an “overweight” rating in a research note on Monday, August 8th. Finally, Oppenheimer lifted their price objective on shares of Republic Services from $139.00 to $154.00 and gave the stock an “outperform” rating in a research note on Monday, August 8th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Republic Services currently has an average rating of “Moderate Buy” and an average target price of $148.33.
Insider Activity at Republic Services
Republic Services Stock Performance
RSG opened at $141.56 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.26. The company’s fifty day moving average price is $141.66 and its two-hundred day moving average price is $134.62. Republic Services, Inc. has a 1-year low of $113.57 and a 1-year high of $149.17. The company has a market cap of $44.72 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 2.66 and a beta of 0.70.
Republic Services (NYSE:RSG – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The business services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.14. Republic Services had a net margin of 11.31% and a return on equity of 16.18%. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter in the prior year, the company posted $1.09 earnings per share. The business’s revenue was up 21.4% on a year-over-year basis. On average, analysts expect that Republic Services, Inc. will post 4.78 EPS for the current fiscal year.
Republic Services Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Monday, October 3rd will be paid a $0.495 dividend. This is an increase from Republic Services’s previous quarterly dividend of $0.46. This represents a $1.98 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date is Friday, September 30th. Republic Services’s dividend payout ratio (DPR) is currently 42.20%.
Republic Services Company Profile
Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States. The company offers collection and processing of recyclable materials, collection, transfer and disposal of non-hazardous solid waste, and other environmental solutions. Its collection services include curbside collection of material for transport to transfer stations, landfills, or recycling processing centers; supply of recycling and waste containers; and renting of compactors.
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