State Board of Administration of Florida Retirement System lowered its stake in Republic Services, Inc. (NYSE:RSG) by 0.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 348,529 shares of the business services provider’s stock after selling 661 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.11% of Republic Services worth $30,197,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Horizon Investments LLC increased its stake in shares of Republic Services by 7.4% during the first quarter. Horizon Investments LLC now owns 41,983 shares of the business services provider’s stock valued at $3,375,000 after buying an additional 2,875 shares during the period. Northern Trust Corp increased its stake in shares of Republic Services by 1.8% during the first quarter. Northern Trust Corp now owns 3,003,904 shares of the business services provider’s stock valued at $241,455,000 after buying an additional 51,715 shares during the period. Amundi Pioneer Asset Management Inc. increased its stake in shares of Republic Services by 17.0% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 609,170 shares of the business services provider’s stock valued at $48,964,000 after buying an additional 88,445 shares during the period. VisionPoint Advisory Group LLC increased its stake in shares of Republic Services by 7.5% during the first quarter. VisionPoint Advisory Group LLC now owns 28,586 shares of the business services provider’s stock valued at $2,298,000 after buying an additional 2,002 shares during the period. Finally, Independent Advisor Alliance increased its stake in shares of Republic Services by 201.6% during the first quarter. Independent Advisor Alliance now owns 12,038 shares of the business services provider’s stock valued at $968,000 after buying an additional 8,046 shares during the period. Hedge funds and other institutional investors own 59.61% of the company’s stock.
RSG stock traded up $0.10 during midday trading on Friday, hitting $89.12. The stock had a trading volume of 2,702 shares, compared to its average volume of 1,174,142. The firm has a market cap of $28.57 billion, a price-to-earnings ratio of 28.84, a price-to-earnings-growth ratio of 3.04 and a beta of 0.50. The business has a 50-day moving average of $88.44 and a two-hundred day moving average of $83.20. Republic Services, Inc. has a 52-week low of $67.48 and a 52-week high of $90.61. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.41 and a quick ratio of 0.41.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 1.82%. This is a boost from Republic Services’s previous quarterly dividend of $0.38. The ex-dividend date is Monday, September 30th. Republic Services’s dividend payout ratio is presently 48.54%.
In related news, EVP Catharine D. Ellingsen sold 3,100 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $90.00, for a total value of $279,000.00. Following the sale, the executive vice president now directly owns 14,307 shares of the company’s stock, valued at $1,287,630. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.
RSG has been the topic of several research analyst reports. Raymond James set a $93.00 target price on Republic Services and gave the company an “outperform” rating in a research note on Friday, July 26th. Bank of America reissued a “neutral” rating and set a $85.00 target price (up from $79.00) on shares of Republic Services in a research note on Friday, April 26th. Stifel Nicolaus raised Republic Services from a “hold” rating to a “buy” rating and boosted their target price for the company from $86.00 to $90.00 in a research note on Monday, April 29th. Royal Bank of Canada set a $91.00 price target on Republic Services and gave the stock a “hold” rating in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. initiated coverage on Republic Services in a research note on Wednesday, August 7th. They issued a “neutral” rating and a $94.00 price target on the stock. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $84.67.
Republic Services Profile
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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