Manning & Napier Advisors LLC Has $4.63 Million Stake in Republic Services, Inc. (RSG)
Manning & Napier Advisors LLC grew its stake in Republic Services, Inc. (NYSE:RSG) by 2.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,133 shares of the business services provider’s stock after purchasing an additional 1,800 shares during the period. Manning & Napier Advisors LLC’s holdings in Republic Services were worth $4,632,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Evercore Wealth Management LLC grew its position in shares of 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 purchasing an additional 521 shares in the last quarter. Sun Life Financial INC grew its position in shares of 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 purchasing an additional 1,672 shares in the last quarter. Almanack Investment Partners LLC. purchased a new stake in shares of Republic Services in the second quarter valued at approximately $141,000. Whittier Trust Co. of Nevada Inc. grew its position in shares of 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 purchasing an additional 1,078 shares in the last quarter. Finally, Acrospire Investment Management LLC purchased a new stake in shares of Republic Services in the second quarter valued at approximately $191,000. Institutional investors and hedge funds own 60.98% of the company’s stock.
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In other news, insider Donald W. Slager sold 32,421 shares of the firm’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $64.00, for a total transaction of $2,074,944.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey A. Hughes sold 6,329 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $66.50, for a total value of $420,878.50. Following the transaction, the executive vice president now owns 428 shares of the company’s stock, valued at $28,462. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,608 shares of company stock valued at $4,929,866. Company insiders own 0.40% of the company’s stock.
Several research analysts recently weighed in on RSG shares. BMO Capital Markets reiterated a “buy” rating and issued a $72.00 price objective on shares of Republic Services in a research report on Friday, October 13th. Bank of America Corporation lowered their price objective on Republic Services from $72.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 5th. Zacks Investment Research upgraded Republic Services from a “sell” rating to a “hold” rating in a research report on Friday, November 3rd. KeyCorp reiterated a “hold” rating on shares of Republic Services in a research report on Thursday, August 24th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Republic Services in a research report on Friday, August 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $67.71.
Republic Services, Inc. (RSG) traded down $0.80 on Friday, hitting $62.44. The stock had a trading volume of 819,637 shares, compared to its average volume of 1,260,300. Republic Services, Inc. has a 1-year low of $54.47 and a 1-year high of $67.18. The stock has a market capitalization of $20,869.01, a price-to-earnings ratio of 26.02, a P/E/G ratio of 3.07 and a beta of 0.61. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.51 and a current ratio of 0.54.
Republic Services (NYSE:RSG) last released its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. Republic Services had a return on equity of 10.58% and a net margin of 8.15%. The business had revenue of $2.57 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the business posted $0.62 earnings per share. The company’s quarterly revenue was up 6.5% on a year-over-year basis. research analysts expect that Republic Services, Inc. will post 2.4 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd will be given a dividend of $0.345 per share. The ex-dividend date is Friday, December 29th. This represents a $1.38 annualized dividend and a dividend yield of 2.21%. Republic Services’s dividend payout ratio is currently 58.47%.
Republic Services announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 2nd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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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