King Luther Capital Management Corp lessened its position in shares of Republic Services, Inc. (NYSE:RSG – Free Report) by 1.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 53,942 shares of the business services provider’s stock after selling 738 shares during the quarter. King Luther Capital Management Corp’s holdings in Republic Services were worth $8,262,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in RSG. D.A. Davidson & CO. acquired a new position in shares of Republic Services during the 1st quarter worth $203,000. Synovus Financial Corp raised its stake in Republic Services by 1.9% in the 1st quarter. Synovus Financial Corp now owns 14,255 shares of the business services provider’s stock valued at $1,890,000 after purchasing an additional 260 shares during the last quarter. Vontobel Holding Ltd. raised its stake in Republic Services by 34.6% in the 1st quarter. Vontobel Holding Ltd. now owns 3,885 shares of the business services provider’s stock valued at $523,000 after purchasing an additional 998 shares during the last quarter. Blair William & Co. IL raised its stake in Republic Services by 1.6% in the 1st quarter. Blair William & Co. IL now owns 31,162 shares of the business services provider’s stock valued at $4,129,000 after purchasing an additional 495 shares during the last quarter. Finally, Moors & Cabot Inc. raised its stake in Republic Services by 2.9% in the 1st quarter. Moors & Cabot Inc. now owns 6,726 shares of the business services provider’s stock valued at $891,000 after purchasing an additional 187 shares during the last quarter. Institutional investors and hedge funds own 57.23% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on the stock. Oppenheimer boosted their target price on shares of Republic Services from $159.00 to $161.00 and gave the company an “outperform” rating in a research note on Monday, October 16th. BMO Capital Markets boosted their target price on shares of Republic Services from $158.00 to $160.00 and gave the company a “market perform” rating in a research note on Tuesday, August 1st. Morgan Stanley lifted their price target on Republic Services from $158.00 to $170.00 and gave the company an “overweight” rating in a report on Tuesday, August 1st. Citigroup lifted their price target on Republic Services from $177.00 to $178.00 and gave the company a “buy” rating in a report on Wednesday, August 2nd. Finally, Royal Bank of Canada lifted their price target on Republic Services from $163.00 to $166.00 and gave the company a “sector perform” rating in a report on Monday, October 2nd. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $160.36.
Republic Services Stock Up 0.5 %
Shares of NYSE:RSG opened at $159.50 on Tuesday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.58 and a current ratio of 0.58. Republic Services, Inc. has a 1 year low of $120.58 and a 1 year high of $160.04. The stock has a market capitalization of $50.19 billion, a P/E ratio of 30.85, a PEG ratio of 2.91 and a beta of 0.67. The stock has a 50-day simple moving average of $149.11 and a 200-day simple moving average of $147.87.
Republic Services (NYSE:RSG – Get Free Report) last issued its earnings results on Thursday, October 26th. The business services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Republic Services had a return on equity of 16.81% and a net margin of 11.17%. The business had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.81 billion. During the same quarter in the previous year, the business earned $1.34 EPS. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. Equities analysts forecast that Republic Services, Inc. will post 5.47 earnings per share for the current year.
Republic Services Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be given a dividend of $0.535 per share. This represents a $2.14 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend is Friday, December 29th. Republic Services’s dividend payout ratio (DPR) is presently 41.39%.
Republic Services declared that its board has approved a stock repurchase program on Thursday, October 26th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
About Republic Services
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.
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