Summit Global Investments lifted its stake in shares of Republic Services, Inc. (NYSE:RSG) by 2.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,635 shares of the business services provider’s stock after buying an additional 1,384 shares during the quarter. Summit Global Investments’ holdings in Republic Services were worth $4,552,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Republic Services by 4.0% during the first quarter. BlackRock Inc. now owns 21,393,144 shares of the business services provider’s stock valued at $1,719,581,000 after buying an additional 830,100 shares during the period. Vanguard Group Inc increased its position in shares of Republic Services by 0.6% during the third quarter. Vanguard Group Inc now owns 18,743,008 shares of the business services provider’s stock valued at $1,361,867,000 after buying an additional 115,598 shares during the period. Wells Fargo & Company MN increased its position in shares of Republic Services by 4.2% during the first quarter. Wells Fargo & Company MN now owns 5,255,079 shares of the business services provider’s stock valued at $422,404,000 after buying an additional 210,081 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Republic Services by 2.1% during the first quarter. Dimensional Fund Advisors LP now owns 4,296,177 shares of the business services provider’s stock valued at $345,339,000 after buying an additional 89,843 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Republic Services by 9.3% during the fourth quarter. Geode Capital Management LLC now owns 3,819,787 shares of the business services provider’s stock valued at $275,009,000 after buying an additional 324,355 shares during the period. Institutional investors own 58.95% of the company’s stock.
Several brokerages recently issued reports on RSG. Zacks Investment Research upgraded shares of Republic Services from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Bank of America reiterated a “neutral” rating and set a $85.00 price target (up previously from $79.00) on shares of Republic Services in a research report on Friday, April 26th. Stifel Nicolaus upgraded shares of Republic Services from a “hold” rating to a “buy” rating and boosted their price target for the company from $86.00 to $90.00 in a research report on Monday, April 29th. UBS Group boosted their price target on shares of Republic Services from $79.00 to $82.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Finally, Royal Bank of Canada began coverage on shares of Republic Services in a research report on Wednesday, May 1st. They set a “sector perform” rating and a $87.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $81.97.
RSG traded up $0.31 during midday trading on Friday, reaching $86.51. The company’s stock had a trading volume of 16,212 shares, compared to its average volume of 986,268. The stock has a market cap of $27.92 billion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 2.83 and a beta of 0.53. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.42 and a current ratio of 0.42. Republic Services, Inc. has a 1 year low of $67.48 and a 1 year high of $87.49.
Republic Services (NYSE:RSG) last announced its quarterly earnings data on Thursday, April 25th. The business services provider reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.01. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Republic Services had a net margin of 10.25% and a return on equity of 12.72%. The business’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.74 earnings per share. Equities research analysts predict that Republic Services, Inc. will post 3.23 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Friday, June 28th. Republic Services’s dividend payout ratio (DPR) is presently 48.54%.
In other Republic Services news, President Ark Jon Vander sold 19,278 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $82.33, for a total value of $1,587,157.74. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Tomago Collins sold 4,102 shares of the company’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $80.59, for a total transaction of $330,580.18. Following the completion of the sale, the director now owns 14,821 shares in the company, valued at approximately $1,194,424.39. The disclosure for this sale can be found here. In the last 90 days, insiders sold 151,575 shares of company stock worth $12,472,125. Corporate insiders own 0.30% of the company’s stock.
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Republic Services Profile
Republic Services, Inc, together with its subsidiaries, provides non-hazardous solid waste collection, transfer, recycling, disposal, and energy services for small-container, large-container, municipal and residential, and energy services customers in the United States and Puerto Rico. 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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