NorthCrest Asset Management LLC reduced its position in Republic Services, Inc. (NYSE: RSG – Get a rating) by 90.8% in Q1, according to the company in its latest 13F filing with the Securities and Exchange Commission (SEC). The institutional investor held 1,803 shares of the business services provider after selling 17,881 shares during the quarter. NorthCrest Asset Management LLC’s holdings in Republic Services were worth $239,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of RSG. Allspring Global Investments Holdings LLC bought a new position in shares of Republic Services in Q4 for a value of approximately $499,246,000. Norges Bank bought a new position in shares of Republic Services in the 4th quarter for a value of approximately $277,394,000. BlackRock Inc. increased its holdings of Republic Services shares by 2.3% in the fourth quarter. BlackRock Inc. now owns 20,657,599 shares of the business services provider worth $2,880,704,000 after purchasing an additional 466,966 shares in the last quarter. Marshall Wace LLP purchased a new stake in Republic Services during the fourth quarter worth approximately $55,983,000. Finally, Allianz Asset Management GmbH increased its stake in Republic Services by 197.2% during the fourth quarter. Allianz Asset Management GmbH now owns 547,248 shares of the business services provider valued at $76,313,000 after buying an additional 363,101 shares in the last quarter. Hedge funds and other institutional investors own 92.80% of the company’s shares.
Shares of RSG opened at $130.21 on Thursday. The company’s 50-day simple moving average is $130.55 and its 200-day simple moving average is $129.94. The company has a market capitalization of $41.13 billion, a P/E ratio of 30.86, a P/E/G ratio of 2.64 and a beta of 0.75. The company has a debt ratio of 1.07, a current ratio of 0.75 and a quick ratio of 0.75. Republic Services, Inc. has a 1-year minimum of $109.06 and a 1-year maximum of $145.98.
Services of the Republic (NYSE: RSG – Get a rating) last announced its results on Thursday, May 5. The business services provider reported earnings per share of $1.14 for the quarter, beating analyst consensus estimates of $1.05 by $0.09. The company posted revenue of $2.97 billion for the quarter, versus a consensus estimate of $2.89 billion. Republic Services had a net margin of 11.54% and a return on equity of 15.60%. Republic Services quarterly revenue increased 14.4% year over year. During the same period last year, the company posted earnings per share of $0.93. On average, stock analysts expect Republic Services, Inc. to post earnings per share of 4.67 for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 15. Investors of record on Friday, July 1 will receive a dividend of $0.46. This represents a dividend of $1.84 on an annualized basis and a yield of 1.41%. The ex-dividend date is Thursday, June 30. Republic Services’ dividend payout ratio is currently 43.60%.
In other Republic Services news, CAO Brian A. Goebel sold 347 shares of Republic Services in a trade that took place on Thursday, June 2. The shares were sold at an average price of $135.01, for a total transaction of $46,848.47. As a result of the transaction, the chief accounting officer now directly owns 6,186 shares of the company, valued at $835,171.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available at this hyperlink. Additionally, COO Timothy E. Stuart sold 15,000 shares of Republic Services in a trade that took place on Tuesday, June 7. The stock was sold at an average price of $135.19, for a total transaction of $2,027,850.00. Following the transaction, the COO now directly owns 19,675 shares of the company, valued at $2,659,863.25. Disclosure of this sale can be found here. Insiders of the company hold 0.06% of the shares of the company.
Several equity research analysts have commented on RSG shares. Deutsche Bank Aktiengesellschaft downgraded Republic Services shares from a “hold” rating to a “buy” rating and set a price target of $147.00 on the stock in a Thursday, June 16 report. Raymond James raised his price target on Republic Services shares from $140.00 to $142.00 and gave the company an “outperform” rating in a Friday, April 22 report. Bank of America moved Republic Services shares from a “neutral” to a “buy” rating and raised its price target for the company from $140.00 to $150.00 in a Friday 13 report. may. Morgan Stanley lowered its price target on Republic Services shares from $152.00 to $142.00 and set an “overweight” rating on the stock in a Wednesday, June 22 report. To finish, StockNews.com purported coverage of Republic Services stock in a Thursday, March 31 research report. They issued a “Strong Buy” rating for the company. Two analysts gave the stock a hold rating, six gave the stock a buy rating and two gave the company a strong buy rating. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $138.14.
About Republic Services (Get a rating)
Republic Services, Inc., together with its subsidiaries, provides environmental services in the United States. The company offers collection and processing of recyclable materials, collection, transfer and disposal of non-hazardous solid waste and other environmental solutions. Its collection services include curbside collection of materials for transportation to transfer stations, landfills or recycling processing centers; supply of recycling and waste containers; and rental of compactors.
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