Commonwealth Bank of Australia Has $3.14 Million Stake in Republic Services, Inc. (RSG)
Commonwealth Bank of Australia lifted its holdings in shares of Republic Services, Inc. (NYSE:RSG) by 0.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,096 shares of the business services provider’s stock after buying an additional 200 shares during the period. Commonwealth Bank of Australia’s holdings in Republic Services were worth $3,137,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Tuttle Tactical Management purchased a new position in Republic Services in the 1st quarter valued at approximately $2,845,000. Pictet Asset Management Ltd. increased its stake in Republic Services by 2.4% in the 1st quarter. Pictet Asset Management Ltd. now owns 2,492,912 shares of the business services provider’s stock valued at $200,380,000 after purchasing an additional 59,371 shares in the last quarter. CIBC World Markets Inc. grew its holdings in Republic Services by 1.2% during the 1st quarter. CIBC World Markets Inc. now owns 22,433 shares of the business services provider’s stock valued at $1,803,000 after buying an additional 256 shares during the last quarter. BlackRock Inc. grew its holdings in Republic Services by 4.0% during the 1st quarter. BlackRock Inc. now owns 21,393,144 shares of the business services provider’s stock valued at $1,719,581,000 after buying an additional 830,100 shares during the last quarter. Finally, Ballentine Partners LLC grew its holdings in Republic Services by 3.5% during the 1st quarter. Ballentine Partners LLC now owns 3,822 shares of the business services provider’s stock valued at $307,000 after buying an additional 131 shares during the last quarter. 58.96% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Donald W. Slager sold 69,966 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $82.66, for a total transaction of $5,783,389.56. Following the sale, the chief executive officer now owns 287,610 shares in the company, valued at $23,773,842.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Ark Jon Vander sold 19,278 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $82.33, for a total value of $1,587,157.74. The disclosure for this sale can be found here. Insiders have sold 151,575 shares of company stock worth $12,472,125 in the last 90 days. Insiders own 0.30% of the company’s stock.
Republic Services (NYSE:RSG) last announced its earnings results on Thursday, April 25th. The business services provider reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.01. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Republic Services had a return on equity of 12.72% and a net margin of 10.25%. Republic Services’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.74 EPS. As a group, equities research analysts forecast that Republic Services, Inc. will post 3.24 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be issued a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Friday, June 28th. Republic Services’s dividend payout ratio (DPR) is 48.54%.
A number of equities research analysts have commented on RSG shares. Zacks Investment Research cut Republic Services from a “hold” rating to a “sell” rating in a report on Tuesday, March 12th. KeyCorp started coverage on Republic Services in a report on Monday, February 4th. They set a “sector weight” rating and a $77.73 target price on the stock. Royal Bank of Canada started coverage on Republic Services in a report on Wednesday, May 1st. They set a “sector perform” rating and a $87.00 target price on the stock. UBS Group increased their target price on Republic Services from $79.00 to $82.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. Finally, Stifel Nicolaus cut Republic Services from a “buy” rating to a “hold” rating and set a $86.00 target price on the stock. in a report on Thursday, April 11th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $81.97.
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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, landfills, or recycling processing centers; supply of waste containers; and renting of compactors.
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