Janney Montgomery Scott LLC cut its holdings in Republic Services, Inc. (NYSE:RSG) by 4.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 25,538 shares of the business services provider’s stock after selling 1,082 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Republic Services were worth $2,384,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of RSG. Wells Fargo & Company MN lifted its stake in shares of Republic Services by 4.5% during the third quarter. Wells Fargo & Company MN now owns 4,169,489 shares of the business services provider’s stock worth $389,222,000 after buying an additional 177,693 shares during the period. Bank of New York Mellon Corp lifted its position in Republic Services by 20.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,022,562 shares of the business services provider’s stock worth $165,951,000 after acquiring an additional 350,073 shares during the period. Bank of America Corp DE lifted its position in Republic Services by 12.8% during the 2nd quarter. Bank of America Corp DE now owns 1,994,247 shares of the business services provider’s stock worth $163,629,000 after acquiring an additional 226,779 shares during the period. Nordea Investment Management AB grew its stake in Republic Services by 43.9% during the 2nd quarter. Nordea Investment Management AB now owns 1,687,630 shares of the business services provider’s stock valued at $136,360,000 after purchasing an additional 514,494 shares during the last quarter. Finally, Chilton Investment Co. LLC increased its holdings in shares of Republic Services by 8.5% in the second quarter. Chilton Investment Co. LLC now owns 1,208,398 shares of the business services provider’s stock valued at $99,149,000 after purchasing an additional 94,848 shares during the period. 57.21% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on RSG shares. Bank of America upped their target price on Republic Services from $101.00 to $106.00 and gave the company a “buy” rating in a research report on Friday, November 6th. Argus increased their price objective on shares of Republic Services from $102.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley boosted their target price 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. Jefferies Financial Group raised shares of Republic Services from a “hold” rating to a “buy” rating and upped their price target for the company from $102.00 to $110.00 in a report on Monday, October 19th. Finally, Raymond James lifted their price objective on Republic Services from $97.00 to $102.00 and gave the company an “outperform” rating in a research note on Friday, November 6th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $96.43.
In related news, COO Timothy E. Stuart sold 14,710 shares of the business’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Donald W. Slager sold 32,748 shares of the 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 completion of the transaction, the chief executive officer now directly owns 375,027 shares of the company’s stock, valued at $34,149,958.62. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.
NYSE RSG opened at $98.86 on Friday. The stock has a market capitalization of $31.51 billion, a price-to-earnings ratio of 29.87, a PEG ratio of 3.68 and a beta of 0.61. The stock has a 50-day moving average of $94.42 and a 200 day moving average of $88.52. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 1.04. Republic Services, Inc. has a twelve month low of $65.37 and a twelve month high of $103.79.
Republic Services (NYSE:RSG) last posted its quarterly earnings data on Thursday, November 5th. The business services provider reported $1.00 EPS for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.17. Republic Services had a return on equity of 13.41% and a net margin of 10.35%. The business had revenue of $2.57 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the previous year, the business earned $0.91 earnings per share. The business’s revenue was down 2.8% compared to the same quarter last year. Equities analysts predict that Republic Services, Inc. will post 3.17 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Monday, January 4th will be issued a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Thursday, December 31st. Republic Services’s payout ratio is 50.90%.
Republic Services declared that its board has authorized a stock buyback program on Thursday, November 5th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 6.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is 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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