Republic Services, Inc. (RSG) Stake Lessened by Teacher Retirement System of Texas
Teacher Retirement System of Texas reduced its position in shares of Republic Services, Inc. (NYSE:RSG) by 8.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 688,746 shares of the business services provider’s stock after selling 62,959 shares during the period. Teacher Retirement System of Texas owned about 0.21% of Republic Services worth $45,499,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Evercore Wealth Management LLC lifted its position in Republic Services by 48.6% in the second quarter. Evercore Wealth Management LLC now owns 1,593 shares of the business services provider’s stock valued at $102,000 after acquiring an additional 521 shares during the last quarter. Sun Life Financial INC lifted its position in Republic Services by 20,900.0% in the second quarter. Sun Life Financial INC now owns 1,680 shares of the business services provider’s stock valued at $107,000 after acquiring an additional 1,672 shares during the last quarter. Almanack Investment Partners LLC. purchased a new stake in Republic Services in the second quarter valued at $141,000. Whittier Trust Co. of Nevada Inc. lifted its position in Republic Services by 59.1% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,903 shares of the business services provider’s stock valued at $185,000 after acquiring an additional 1,078 shares during the last quarter. Finally, Acrospire Investment Management LLC purchased a new stake in Republic Services in the second quarter valued at $191,000. 60.98% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Catharine D. Ellingsen sold 14,250 shares of the stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $66.02, for a total value of $940,785.00. Following the sale, the executive vice president now directly owns 8,007 shares in the company, valued at $528,622.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey A. Hughes sold 6,329 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $66.50, for a total transaction of $420,878.50. Following the transaction, the executive vice president now directly owns 428 shares in the company, valued at approximately $28,462. The disclosure for this sale can be found here. Insiders have sold 43,187 shares of company stock worth $2,854,922 over the last 90 days. 0.40% of the stock is currently owned by company insiders.
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Shares of Republic Services, Inc. (NYSE RSG) traded down $0.32 on Monday, reaching $63.45. 835,000 shares of the company’s stock traded hands, compared to its average volume of 1,135,242. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.93. Republic Services, Inc. has a one year low of $52.83 and a one year high of $67.18. The firm has a market capitalization of $21,310.00, a price-to-earnings ratio of 26.44, a P/E/G ratio of 3.12 and a beta of 0.62.
Republic Services (NYSE:RSG) last issued its earnings results on Thursday, November 2nd. The business services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. Republic Services had a net margin of 8.15% and a return on equity of 10.58%. The company had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the business posted $0.62 earnings per share. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. sell-side analysts predict that Republic Services, Inc. will post 2.4 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd will be given a dividend of $0.345 per share. The ex-dividend date of this dividend is Friday, December 29th. This represents a $1.38 annualized dividend and a yield of 2.17%. Republic Services’s payout ratio is currently 58.47%.
Republic Services declared that its Board of Directors has initiated a stock repurchase plan on Thursday, November 2nd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
A number of brokerages recently weighed in on RSG. Zacks Investment Research raised shares of Republic Services from a “sell” rating to a “hold” rating in a research report on Friday, November 3rd. Bank of America Corporation reduced their target price on shares of Republic Services from $72.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, October 5th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Republic Services in a report on Friday, August 25th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Republic Services in a report on Thursday, September 7th. Finally, Credit Suisse Group set a $69.00 target price on shares of Republic Services and gave the company a “hold” rating in a report on Saturday, July 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. Republic Services has a consensus rating of “Hold” and a consensus target price of $67.71.
Republic Services Company Profile
Republic Services, Inc is a provider of non-hazardous solid waste collection, transfer, disposal, recycling and energy services. The Company’s segments include Group 1, Group 2 and Corporate entities. Its Group 1 and Group 2 segments provide integrated waste management services. Group 1 consists of geographic areas located in the western and portions of the mid-western United States.
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