Share Repurchase Plan Initiated by Republic Services (RSG)
Republic Services (NYSE:RSG) declared that its Board of Directors has initiated a stock buyback program, which authorizes the company to buyback $2.00 billion in outstanding shares on Thursday, November 2nd, EventVestor reports. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
Republic Services (RSG) opened at $63.90 on Friday. The company has a market cap of $21,519.09, a price-to-earnings ratio of 26.63, a price-to-earnings-growth ratio of 2.88 and a beta of 0.61. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.51 and a current ratio of 0.51.
Republic Services (NYSE:RSG) last released its quarterly earnings data on Thursday, November 2nd. The business services provider reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. Republic Services had a net margin of 8.15% and a return on equity of 10.57%. The firm had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the firm earned $0.62 earnings per share. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. equities analysts predict that Republic Services will post 2.37 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd will be paid a $0.345 dividend. This represents a $1.38 dividend on an annualized basis and a dividend yield of 2.16%. Republic Services’s dividend payout ratio (DPR) is 58.47%.
Several research analysts recently issued reports on RSG shares. BidaskClub lowered shares of Republic Services from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. Barclays PLC reissued a “neutral” rating on shares of Republic Services in a research note on Friday, July 28th. Zacks Investment Research raised shares of Republic Services from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Friday, July 14th. BMO Capital Markets increased their target price on shares of Republic Services from $71.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, July 28th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Republic Services in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $68.29.
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In other news, insider Donald W. Slager sold 22,608 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $66.05, for a total value of $1,493,258.40. Following the completion of the sale, the insider now owns 246,617 shares in the company, valued at $16,289,052.85. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Catharine D. Ellingsen sold 14,250 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $66.02, for a total transaction of $940,785.00. Following the completion of the sale, the executive vice president now owns 8,007 shares of the company’s stock, valued at approximately $528,622.14. The disclosure for this sale can be found here. Insiders sold 43,187 shares of company stock worth $2,854,922 over the last ninety days. Insiders own 0.40% of the company’s stock.
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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