Nordea Investment Management AB Sells 117,259 Shares of Republic Services, Inc. (NYSE:RSG)

Nordea Investment Management AB cut its stake in Republic Services, Inc. (NYSE:RSG) by 3.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,682,553 shares of the business services provider’s stock after selling 117,259 shares during the period. Republic Services makes up about 0.8% of Nordea Investment Management AB’s portfolio, making the stock its 25th biggest holding. Nordea Investment Management AB owned approximately 1.16% of Republic Services worth $557,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently modified their holdings of the company. Maryland State Retirement & Pension System increased its stake in Republic Services by 1.7% in the first quarter. Maryland State Retirement & Pension System now owns 16,313 shares of the business services provider’s stock valued at $2,206,000 after acquiring an additional 273 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Republic Services by 4.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 561,333 shares of the business services provider’s stock worth $75,903,000 after buying an additional 24,478 shares during the last quarter. First Interstate Bank acquired a new stake in Republic Services in the first quarter valued at about $243,000. Brown Advisory Inc. grew its position in Republic Services by 2.5% in the first quarter. Brown Advisory Inc. now owns 11,909 shares of the business services provider’s stock valued at $1,610,000 after acquiring an additional 292 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Republic Services by 6.0% in the first quarter. US Bancorp DE now owns 186,766 shares of the business services provider’s stock worth $25,254,000 after acquiring an additional 10,629 shares during the last quarter. 57.23% of the stock is currently owned by institutional investors.

Republic Services Stock Up 0.3 %

Shares of Republic Services stock traded up $0.52 during trading on Friday, reaching $150.96. 183,806 shares of the company traded hands, compared to its average volume of 1,250,880. The firm has a market capitalization of $47.75 billion, a PE ratio of 30.27, a P/E/G ratio of 2.93 and a beta of 0.67. Republic Services, Inc. has a 1-year low of $120.58 and a 1-year high of $156.65. The company has a 50 day moving average price of $148.61 and a 200-day moving average price of $142.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.76 and a quick ratio of 0.76.

Republic Services (NYSE:RSG) last issued its earnings results on Monday, July 31st. The business services provider reported $1.41 EPS for the quarter, beating the consensus estimate of $1.32 by $0.09. Republic Services had a return on equity of 16.53% and a net margin of 10.91%. The company had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period last year, the business posted $1.32 EPS. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, equities research analysts expect that Republic Services, Inc. will post 5.35 earnings per share for the current fiscal year.

Republic Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Monday, October 2nd will be given a dividend of $0.535 per share. The ex-dividend date of this dividend is Friday, September 29th. This is an increase from Republic Services’s previous quarterly dividend of $0.50. This represents a $2.14 annualized dividend and a dividend yield of 1.42%. Republic Services’s payout ratio is presently 39.84%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on RSG shares. Morgan Stanley lifted their price target on shares of Republic Services from $158.00 to $170.00 and gave the company an “overweight” rating in a report on Tuesday, August 1st. Truist Financial increased their price target on Republic Services from $146.00 to $155.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. StockNews.com started coverage on Republic Services in a report on Thursday, August 17th. They issued a “buy” rating for the company. Raymond James lifted their price target on Republic Services from $154.00 to $167.00 and gave the company an “outperform” rating in a research note on Friday, July 21st. Finally, Oppenheimer upped their price objective on Republic Services from $158.00 to $159.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Republic Services currently has an average rating of “Moderate Buy” and a consensus target price of $159.00.

Insider Buying and Selling

In other Republic Services news, CMO Amanda Hodges sold 2,712 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $148.66, for a total transaction of $403,165.92. Following the completion of the sale, the chief marketing officer now directly owns 4,969 shares of the company’s stock, valued at approximately $738,691.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Brian M. Delghiaccio sold 5,500 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $149.65, for a total transaction of $823,075.00. Following the transaction, the chief financial officer now directly owns 5,071 shares of the company’s stock, valued at $758,875.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Amanda Hodges sold 2,712 shares of the company’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $148.66, for a total transaction of $403,165.92. Following the completion of the sale, the chief marketing officer now directly owns 4,969 shares of the company’s stock, valued at $738,691.54. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.

Republic Services Company Profile

Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions.