Envestnet Asset Management Inc. boosted its stake in Republic Services, Inc. (NYSE:RSG) by 1,455.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 182,301 shares of the business services provider’s stock after purchasing an additional 170,582 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Republic Services were worth $12,463,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of RSG. BP PLC acquired a new position in Republic Services during the second quarter worth about $1,914,000. Highstreet Asset Management Inc. raised its stake in Republic Services by 14.6% during the second quarter. Highstreet Asset Management Inc. now owns 7,538 shares of the business services provider’s stock worth $515,000 after acquiring an additional 961 shares in the last quarter. Brinker Capital Inc. acquired a new position in Republic Services during the first quarter worth about $1,417,000. United Capital Financial Advisers LLC raised its stake in Republic Services by 0.5% during the first quarter. United Capital Financial Advisers LLC now owns 173,129 shares of the business services provider’s stock worth $11,466,000 after acquiring an additional 826 shares in the last quarter. Finally, Richard Bernstein Advisors LLC raised its stake in Republic Services by 18.8% during the second quarter. Richard Bernstein Advisors LLC now owns 59,035 shares of the business services provider’s stock worth $4,036,000 after acquiring an additional 9,341 shares in the last quarter. 61.42% of the stock is owned by institutional investors and hedge funds.
In other news, insider Donald W. Slager sold 225,734 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $73.02, for a total transaction of $16,483,096.68. Following the sale, the insider now directly owns 378,023 shares in the company, valued at $27,603,239.46. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Charles F. Serianni sold 9,500 shares of the company’s stock in a transaction that occurred on Thursday, July 12th. The shares were sold at an average price of $70.00, for a total value of $665,000.00. Following the completion of the sale, the chief financial officer now owns 46,143 shares in the company, valued at $3,230,010. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 326,568 shares of company stock worth $23,819,132. Company insiders own 0.30% of the company’s stock.
Several research analysts have commented on RSG shares. Argus raised Republic Services from a “hold” rating to a “buy” rating in a research note on Thursday, May 10th. Bank of America boosted their target price on Republic Services from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, August 17th. ValuEngine upgraded Republic Services from a “hold” rating to a “buy” rating in a report on Thursday, August 2nd. Zacks Investment Research upgraded Republic Services from a “sell” rating to a “hold” rating in a report on Thursday, June 7th. Finally, BMO Capital Markets boosted their price target on Republic Services from $75.00 to $79.00 and gave the stock a “positive” rating in a report on Thursday, August 16th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $74.29.
NYSE:RSG opened at $73.98 on Thursday. The stock has a market cap of $23.87 billion, a PE ratio of 30.44, a PEG ratio of 2.25 and a beta of 0.57. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.05. Republic Services, Inc. has a 1-year low of $60.26 and a 1-year high of $74.78.
Republic Services (NYSE:RSG) last released its quarterly earnings results on Thursday, July 26th. The business services provider reported $0.73 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. The company had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.53 billion. Republic Services had a return on equity of 11.65% and a net margin of 13.51%. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.61 earnings per share. sell-side analysts anticipate that Republic Services, Inc. will post 3.04 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be issued a dividend of $0.375 per share. This is a boost from Republic Services’s previous quarterly dividend of $0.35. This represents a $1.50 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Friday, September 28th. Republic Services’s payout ratio is 56.79%.
About Republic Services
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; supply of waste containers; and renting of compactors.
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