BNP Paribas Arbitrage SA boosted its position in shares of Republic Services, Inc. (NYSE:RSG) by 27.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 409,562 shares of the business services provider’s stock after purchasing an additional 88,885 shares during the period. BNP Paribas Arbitrage SA owned 0.12% of Republic Services worth $27,056,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of RSG. Janus Henderson Group PLC grew its position in Republic Services by 13,584.4% during the 2nd quarter. Janus Henderson Group PLC now owns 3,744,875 shares of the business services provider’s stock worth $238,663,000 after purchasing an additional 3,717,509 shares in the last quarter. BlackRock Inc. grew its position in Republic Services by 6.4% during the 2nd quarter. BlackRock Inc. now owns 20,282,248 shares of the business services provider’s stock worth $1,292,589,000 after purchasing an additional 1,223,613 shares in the last quarter. Renaissance Technologies LLC grew its position in Republic Services by 89.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,653,800 shares of the business services provider’s stock worth $105,397,000 after purchasing an additional 778,800 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Republic Services by 39.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,592,679 shares of the business services provider’s stock worth $101,501,000 after purchasing an additional 452,390 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Republic Services by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 19,214,975 shares of the business services provider’s stock worth $1,224,571,000 after purchasing an additional 418,797 shares in the last quarter. Hedge funds and other institutional investors own 60.71% of the company’s stock.
In related news, insider Donald W. Slager sold 22,608 shares of Republic Services stock in a transaction on Friday, September 29th. The shares were sold at an average price of $66.05, for a total value of $1,493,258.40. Following the completion of the sale, the insider now owns 246,617 shares of the company’s stock, valued at approximately $16,289,052.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Catharine D. Ellingsen sold 14,250 shares of Republic Services stock in a transaction on Friday, September 29th. The shares were sold at an average price of $66.02, for a total transaction of $940,785.00. Following the completion of the sale, the executive vice president now directly owns 8,007 shares of the company’s stock, valued at approximately $528,622.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,187 shares of company stock valued at $2,854,922. 0.40% of the stock is owned by company insiders.
Several equities analysts have weighed in on RSG shares. Zacks Investment Research upgraded shares of Republic Services from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a research report on Friday, July 14th. Stifel Nicolaus reiterated a “buy” rating and set a $73.00 price objective on shares of Republic Services in a research report on Wednesday, July 19th. BMO Capital Markets lifted their target price on shares of Republic Services from $71.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. Barclays PLC reissued a “neutral” rating on shares of Republic Services in a research note on Friday, July 28th. Finally, Credit Suisse Group set a $69.00 target price on shares of Republic Services and gave the company a “hold” rating in a research note on Saturday, July 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $67.71.
Shares of Republic Services, Inc. (RSG) traded down $0.32 during trading hours on Friday, hitting $63.45. 835,000 shares of the company’s stock were exchanged, compared to its average volume of 1,135,242. The firm has a market cap of $21,313.50, a price-to-earnings ratio of 26.57, a P/E/G ratio of 3.14 and a beta of 0.61. Republic Services, Inc. has a 52 week low of $52.83 and a 52 week high of $67.18. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.93.
Republic Services (NYSE:RSG) last issued its earnings results on Thursday, November 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. Republic Services had a net margin of 8.15% and a return on equity of 10.58%. The company had revenue of $2.57 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the business posted $0.62 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. sell-side analysts expect that Republic Services, Inc. will post 2.4 earnings per share for the current year.
Republic Services announced that its board has initiated a stock repurchase plan on Thursday, November 2nd that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the business services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be paid a $0.345 dividend. This represents a $1.38 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Friday, December 29th. Republic Services’s payout ratio is presently 58.47%.
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About Republic Services
Republic Services, Inc is a provider of non-hazardous solid waste collection, transfer, disposal, recycling and energy services. The Company’s segments include Group 1, Group 2 and Corporate entities. Its Group 1 and Group 2 segments provide integrated waste management services. Group 1 consists of geographic areas located in the western and portions of the mid-western United States.
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