Municipal Employees Retirement System of Michigan cut its stake in Republic Services, Inc. (NYSE:RSG) by 3.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,110 shares of the business services provider’s stock after selling 1,580 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Republic Services were worth $2,782,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. boosted its stake in Republic Services by 0.3% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 4,821 shares of the business services provider’s stock worth $307,000 after purchasing an additional 16 shares in the last quarter. MUFG Americas Holdings Corp raised its position in Republic Services by 0.4% during the 2nd quarter. MUFG Americas Holdings Corp now owns 4,971 shares of the business services provider’s stock worth $317,000 after buying an additional 20 shares during the last quarter. Blue Chip Partners Inc. raised its position in Republic Services by 0.5% during the 2nd quarter. Blue Chip Partners Inc. now owns 4,763 shares of the business services provider’s stock worth $304,000 after buying an additional 25 shares during the last quarter. Pinnacle Financial Partners Inc. raised its position in Republic Services by 1.9% during the 2nd quarter. Pinnacle Financial Partners Inc. now owns 3,293 shares of the business services provider’s stock worth $210,000 after buying an additional 60 shares during the last quarter. Finally, Ameritas Investment Partners Inc. raised its position in Republic Services by 1.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,383 shares of the business services provider’s stock worth $342,000 after buying an additional 78 shares during the last quarter. Institutional investors own 60.98% of the company’s stock.
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A number of equities analysts have issued reports on RSG shares. Bank of America Corporation reduced their price target on shares of Republic Services from $72.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 5th. Credit Suisse Group set a $69.00 target price on shares of Republic Services and gave the company a “hold” rating in a report on Saturday, July 29th. KeyCorp reaffirmed a “hold” rating on shares of Republic Services in a report on Thursday, August 24th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Republic Services in a report on Friday, August 25th. Finally, Stifel Nicolaus lowered shares of Republic Services from a “buy” rating to a “hold” rating and cut their target price for the company from $76.00 to $70.00 in a report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $67.71.
Shares of Republic Services, Inc. (NYSE RSG) traded up $0.46 on Tuesday, reaching $63.91. 768,800 shares of the company’s stock traded hands, compared to its average volume of 1,133,568. Republic Services, Inc. has a 52 week low of $53.30 and a 52 week high of $67.18. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.51 and a current ratio of 0.54. The firm has a market cap of $21,206.55, a PE ratio of 26.44, a PEG ratio of 3.12 and a beta of 0.61.
Republic Services (NYSE:RSG) last announced its earnings results on Thursday, November 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.04. Republic Services had a net margin of 8.15% and a return on equity of 10.58%. The company had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the company posted $0.62 EPS. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. sell-side analysts predict that Republic Services, Inc. will post 2.4 EPS 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 2.16%. Republic Services’s payout ratio is 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 purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
In other news, EVP Jeffrey A. Hughes sold 6,329 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $66.50, for a total transaction of $420,878.50. Following the transaction, the executive vice president now owns 428 shares of the company’s stock, valued at approximately $28,462. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Catharine D. Ellingsen sold 14,250 shares of the business’s 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 transaction, the executive vice president now directly owns 8,007 shares in the company, valued at approximately $528,622.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,187 shares of company stock worth $2,854,922. Corporate insiders own 0.40% of the company’s stock.
Republic Services Profile
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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