Highland Capital Management LLC purchased a new position in shares of Republic Services, Inc. (NYSE:RSG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 17,565 shares of the business services provider’s stock, valued at approximately $1,276,000.
A number of other institutional investors also recently added to or reduced their stakes in RSG. Unigestion Holding SA purchased a new position in Republic Services during the second quarter worth $67,460,000. Bank of America Corp DE grew its position in shares of Republic Services by 11.7% in the second quarter. Bank of America Corp DE now owns 8,681,132 shares of the business services provider’s stock valued at $593,441,000 after purchasing an additional 909,717 shares during the period. Morgan Stanley grew its position in shares of Republic Services by 29.7% in the second quarter. Morgan Stanley now owns 1,600,693 shares of the business services provider’s stock valued at $109,424,000 after purchasing an additional 366,972 shares during the period. Millennium Management LLC grew its position in shares of Republic Services by 2,835.0% in the second quarter. Millennium Management LLC now owns 284,162 shares of the business services provider’s stock valued at $19,425,000 after purchasing an additional 274,480 shares during the period. Finally, Mackay Shields LLC grew its position in shares of Republic Services by 507.8% in the second quarter. Mackay Shields LLC now owns 232,507 shares of the business services provider’s stock valued at $15,895,000 after purchasing an additional 194,250 shares during the period. 60.69% of the stock is owned by institutional investors.
In related news, insider Donald W. Slager sold 225,734 shares of Republic Services stock in a transaction on Monday, August 13th. The stock was sold at an average price of $73.02, for a total value of $16,483,096.68. Following the transaction, the insider now owns 378,023 shares in the company, valued at $27,603,239.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Donald W. Slager sold 91,334 shares of Republic Services stock in a transaction on Friday, August 10th. The shares were sold at an average price of $73.04, for a total value of $6,671,035.36. Following the completion of the transaction, the chief executive officer now owns 378,023 shares in the company, valued at approximately $27,610,799.92. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.
A number of equities research analysts have recently commented on the company. BMO Capital Markets lifted their price objective on Republic Services from $75.00 to $79.00 and gave the company a “positive” rating in a research report on Thursday, August 16th. Zacks Investment Research downgraded Republic Services from a “hold” rating to a “sell” rating in a research report on Tuesday, July 3rd. Stifel Nicolaus lifted their price objective on Republic Services from $73.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, September 10th. ValuEngine raised Republic Services from a “hold” rating to a “buy” rating in a research report on Thursday, August 2nd. Finally, Bank of America lifted their price objective on Republic Services from $70.00 to $79.00 and gave the company a “buy” rating in a research report on Friday, August 17th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Republic Services has a consensus rating of “Buy” and an average target price of $75.00.
Shares of NYSE:RSG opened at $71.95 on Friday. The firm has a market capitalization of $23.64 billion, a PE ratio of 29.67, a price-to-earnings-growth ratio of 2.23 and a beta of 0.57. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 1.05. Republic Services, Inc. has a 52 week low of $60.26 and a 52 week high of $75.82.
Republic Services (NYSE:RSG) last announced its quarterly earnings data on Thursday, July 26th. The business services provider reported $0.73 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.73. The business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.53 billion. Republic Services had a return on equity of 11.65% and a net margin of 13.51%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.61 earnings per share. On average, research analysts anticipate that Republic Services, Inc. will post 3.04 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Monday, October 1st were issued a $0.375 dividend. The ex-dividend date was Friday, September 28th. This represents a $1.50 dividend on an annualized basis and a yield of 2.08%. This is a boost from Republic Services’s previous quarterly dividend of $0.35. Republic Services’s dividend payout ratio (DPR) is presently 61.73%.
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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