Republic Services, Inc. (RSG) Holdings Lessened by Gateway Investment Advisers LLC
Gateway Investment Advisers LLC reduced its holdings in Republic Services, Inc. (NYSE:RSG) by 12.4% in the 4th quarter, HoldingsChannel reports. The fund owned 12,507 shares of the business services provider’s stock after selling 1,778 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Republic Services were worth $846,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in RSG. Janus Henderson Group PLC increased its holdings in shares of Republic Services by 13,584.4% in the second quarter. Janus Henderson Group PLC now owns 3,744,875 shares of the business services provider’s stock worth $238,663,000 after acquiring an additional 3,717,509 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Republic Services by 39.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,592,679 shares of the business services provider’s stock worth $101,501,000 after acquiring an additional 452,390 shares in the last quarter. BlueCrest Capital Management Ltd bought a new stake in shares of Republic Services in the second quarter worth about $18,441,000. PGGM Investments increased its holdings in shares of Republic Services by 116.3% in the third quarter. PGGM Investments now owns 516,174 shares of the business services provider’s stock worth $34,098,000 after acquiring an additional 277,585 shares in the last quarter. Finally, Pictet Asset Management Ltd. increased its holdings in shares of Republic Services by 14.3% in the third quarter. Pictet Asset Management Ltd. now owns 1,586,935 shares of the business services provider’s stock worth $104,833,000 after acquiring an additional 198,620 shares in the last quarter. Institutional investors own 59.80% of the company’s stock.
In related news, CEO Donald W. Slager sold 98,132 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $64.19, for a total transaction of $6,299,093.08. Following the completion of the transaction, the chief executive officer now directly owns 322,541 shares of the company’s stock, valued at $20,703,906.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donald W. Slager sold 32,421 shares of the stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $64.00, for a total value of $2,074,944.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 137,063 shares of company stock valued at $8,816,258. 0.40% of the stock is owned by corporate insiders.
Republic Services (NYSE:RSG) last posted its quarterly earnings data on Thursday, November 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.04. The business had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.54 billion. Republic Services had a return on equity of 10.58% and a net margin of 8.15%. Republic Services’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the company earned $0.62 earnings per share. analysts anticipate that Republic Services, Inc. will post 2.4 EPS for the current year.
Republic Services declared that its Board of Directors has approved a stock repurchase plan on Thursday, November 2nd that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd were issued a dividend of $0.345 per share. The ex-dividend date of this dividend was Friday, December 29th. This represents a $1.38 dividend on an annualized basis and a dividend yield of 1.99%. Republic Services’s payout ratio is presently 58.47%.
RSG has been the subject of several recent analyst reports. Zacks Investment Research upgraded Republic Services from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a report on Monday, January 22nd. BMO Capital Markets restated a “buy” rating and issued a $72.00 price target on shares of Republic Services in a report on Friday, October 13th. Stifel Nicolaus downgraded Republic Services from a “buy” rating to a “hold” rating and lowered their price target for the stock from $76.00 to $70.00 in a report on Wednesday, October 4th. Credit Suisse Group decreased their price objective on Republic Services from $69.00 to $67.00 and set a “neutral” rating for the company in a report on Monday, November 6th. Finally, Bank of America decreased their price objective on Republic Services from $72.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. Republic Services presently has a consensus rating of “Hold” and a consensus price target of $68.71.
About Republic Services
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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