Rentokil Initial (NYSE:RTO) Reaches New 52-Week High – Here’s What Happened

Shares of Rentokil Initial PLC (NYSE:RTO) reached a new 52-week high on Wednesday . The stock traded as high as $32.29 and last traded at $32.1160, with a volume of 2462687 shares trading hands. The stock had previously closed at $31.50.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Sanford C. Bernstein upgraded shares of Rentokil Initial from an “underperform” rating to an “outperform” rating in a report on Tuesday, October 7th. Bank of America raised shares of Rentokil Initial from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Thursday, December 18th. Jefferies Financial Group upgraded Rentokil Initial to a “strong-buy” rating in a report on Wednesday, October 8th. Berenberg Bank raised Rentokil Initial to a “strong sell” rating in a research report on Monday, September 29th. Finally, Zacks Research upgraded Rentokil Initial from a “strong sell” rating to a “hold” rating in a report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.00.

Rentokil Initial Stock Performance

The company’s fifty day simple moving average is $29.39 and its 200-day simple moving average is $26.78. The company has a quick ratio of 1.03, a current ratio of 1.12 and a debt-to-equity ratio of 0.79.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC boosted its holdings in Rentokil Initial by 292.0% in the first quarter. Jane Street Group LLC now owns 117,341 shares of the company’s stock worth $2,687,000 after acquiring an additional 87,405 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Rentokil Initial by 416.9% in the 2nd quarter. Parallel Advisors LLC now owns 1,132 shares of the company’s stock valued at $27,000 after purchasing an additional 913 shares during the last quarter. Patriot Financial Group Insurance Agency LLC boosted its stake in Rentokil Initial by 15.9% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 16,649 shares of the company’s stock worth $400,000 after purchasing an additional 2,288 shares in the last quarter. Cromwell Holdings LLC grew its position in Rentokil Initial by 397.3% during the 2nd quarter. Cromwell Holdings LLC now owns 2,546 shares of the company’s stock worth $61,000 after purchasing an additional 2,034 shares during the last quarter. Finally, Vontobel Holding Ltd. increased its stake in Rentokil Initial by 31.2% during the 2nd quarter. Vontobel Holding Ltd. now owns 16,000 shares of the company’s stock valued at $384,000 after purchasing an additional 3,805 shares in the last quarter. 9.91% of the stock is owned by institutional investors and hedge funds.

Rentokil Initial Company Profile

Rentokil Initial PLC is a global business services company specializing in pest control, hygiene and workwear services. Headquartered in Crawley, West Sussex, United Kingdom, the company delivers outsourced solutions designed to protect people, preserve assets and enhance workplaces for both commercial and residential customers.

Under the Rentokil Pest Control brand, the company offers services ranging from routine inspections and treatment of insects, rodents and birds to specialised programmes for food manufacturing and healthcare environments.