National Asset Management Inc. boosted its holdings in Republic Services, Inc. (NYSE:RSG) by 15.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,628 shares of the business services provider’s stock after purchasing an additional 1,133 shares during the quarter. National Asset Management Inc.’s holdings in Republic Services were worth $805,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in RSG. Atlas Private Wealth Management acquired a new position in shares of Republic Services during the 3rd quarter worth $32,000. Ovata Capital Management Ltd purchased a new position in shares of Republic Services during the 2nd quarter worth about $39,000. Duncker Streett & Co. Inc. purchased a new position in shares of Republic Services during the 2nd quarter worth about $41,000. Cornerstone Advisors Inc. lifted its holdings in shares of Republic Services by 150.9% during the 2nd quarter. Cornerstone Advisors Inc. now owns 710 shares of the business services provider’s stock worth $58,000 after acquiring an additional 427 shares during the period. Finally, Cullen Frost Bankers Inc. lifted its holdings in shares of Republic Services by 294.6% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,030 shares of the business services provider’s stock worth $85,000 after acquiring an additional 769 shares during the period. Hedge funds and other institutional investors own 57.21% of the company’s stock.
Several brokerages have recently weighed in on RSG. Bank of America increased their price objective on shares of Republic Services from $101.00 to $106.00 and gave the stock a “buy” rating in a report on Friday, November 6th. JPMorgan Chase & Co. downgraded shares of Republic Services from an “overweight” rating to a “neutral” rating and set a $99.00 target price for the company. in a research report on Wednesday, September 23rd. Morgan Stanley increased their price objective on shares of Republic Services from $94.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, November 6th. Argus raised their price objective on Republic Services from $102.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Zacks Investment Research cut Republic Services from a “buy” rating to a “hold” rating and set a $98.00 price objective on the stock. in a research note on Tuesday, October 20th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Republic Services has an average rating of “Buy” and an average price target of $96.43.
In other news, COO Timothy E. Stuart sold 14,710 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $95.20, for a total transaction of $1,400,392.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Donald W. Slager sold 32,748 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $91.06, for a total value of $2,982,032.88. Following the transaction, the chief executive officer now directly owns 375,027 shares in the company, valued at $34,149,958.62. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.
RSG stock opened at $99.91 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market capitalization of $31.84 billion, a price-to-earnings ratio of 30.18, a PEG ratio of 3.68 and a beta of 0.61. Republic Services, Inc. has a 1 year low of $65.37 and a 1 year high of $103.79. The stock’s fifty day moving average is $94.28 and its two-hundred day moving average is $88.42.
Republic Services (NYSE:RSG) last posted its earnings results on Thursday, November 5th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.17. The company had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Republic Services had a return on equity of 13.41% and a net margin of 10.35%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period last year, the business posted $0.91 earnings per share. As a group, analysts predict that Republic Services, Inc. will post 3.17 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Monday, January 4th will be issued a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Thursday, December 31st. Republic Services’s dividend payout ratio (DPR) is 50.90%.
Republic Services declared that its board has initiated a share repurchase program on Thursday, November 5th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the business services provider to repurchase up to 6.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
About Republic Services
Republic Services, Inc, together with its subsidiaries, provides non-hazardous solid waste collection, transfer, disposal, recycling, and environmental services in the United States. The company serves small-container, large-container, and municipal and residential customers. The company's collection services include curbside collection of waste for transport to transfer stations, landfills, or recycling processing centers; supply of waste containers; and renting of compactors.
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