Blueshift Asset Management LLC Trims Stake in Republic Services, Inc. (NYSE:RSG)

27 Nov 2024, 08:58 by Renee Jackson · The Cerbat Gem

Blueshift Asset Management LLC decreased its position in shares of Republic Services, Inc. (NYSE:RSG – Free Report) by 32.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,227 shares of the business services provider’s stock after selling 2,996 shares during the period. Blueshift Asset Management LLC’s holdings in Republic Services were worth $1,251,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Allspring Global Investments Holdings LLC grew its position in Republic Services by 2.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,520,738 shares of the business services provider’s stock worth $506,265,000 after purchasing an additional 57,040 shares during the last quarter. Legal & General Group Plc increased its position in Republic Services by 5.4% in the 2nd quarter. Legal & General Group Plc now owns 1,808,580 shares of the business services provider’s stock valued at $351,480,000 after acquiring an additional 92,013 shares during the period. TD Asset Management Inc raised its stake in Republic Services by 2.1% during the 2nd quarter. TD Asset Management Inc now owns 1,757,757 shares of the business services provider’s stock valued at $341,602,000 after acquiring an additional 35,650 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Republic Services by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 1,476,116 shares of the business services provider’s stock worth $286,868,000 after purchasing an additional 3,809 shares during the last quarter. Finally, Earnest Partners LLC lifted its holdings in shares of Republic Services by 1.9% during the second quarter. Earnest Partners LLC now owns 1,286,053 shares of the business services provider’s stock worth $249,932,000 after purchasing an additional 23,534 shares during the period. 57.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RSG has been the topic of a number of recent analyst reports. Scotiabank initiated coverage on shares of Republic Services in a research note on Friday, October 4th. They set a “sector perform” rating and a $224.00 price target on the stock. Oppenheimer raised their price target on Republic Services from $219.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Royal Bank of Canada upped their price objective on Republic Services from $211.00 to $219.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 30th. StockNews.com downgraded Republic Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Finally, William Blair began coverage on shares of Republic Services in a research note on Thursday, October 3rd. They set an “outperform” rating on the stock. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $215.71.

Read Our Latest Analysis on RSG

Republic Services Stock Up 0.4 %

RSG opened at $218.80 on Wednesday. The business’s fifty day simple moving average is $205.15 and its 200 day simple moving average is $199.43. Republic Services, Inc. has a 52 week low of $159.10 and a 52 week high of $219.94. The firm has a market cap of $68.52 billion, a P/E ratio of 35.01, a PEG ratio of 3.33 and a beta of 0.70. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 1.07.

Republic Services (NYSE:RSG – Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.20. Republic Services had a net margin of 12.46% and a return on equity of 18.18%. The business had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $4.12 billion. During the same period in the previous year, the firm posted $1.54 earnings per share. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Republic Services, Inc. will post 6.24 EPS for the current fiscal year.

Republic Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 1.06%. The ex-dividend date is Thursday, January 2nd. Republic Services’s dividend payout ratio (DPR) is 37.12%.

Insider Activity at Republic Services

In related news, CFO Brian M. Delghiaccio sold 5,071 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $210.02, for a total value of $1,065,011.42. Following the completion of the sale, the chief financial officer now directly owns 6,318 shares in the company, valued at approximately $1,326,906.36. The trade was a 44.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.09% of the company’s stock.

About Republic Services

(Free Report)

Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States and Canada. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions.