GAM Holding AG raised its stake in Republic Services, Inc. (NYSE:RSG) by 23.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 42,734 shares of the business services provider’s stock after buying an additional 8,119 shares during the quarter. GAM Holding AG’s holdings in Republic Services were worth $2,922,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in RSG. Ceredex Value Advisors LLC acquired a new position in Republic Services in the 1st quarter valued at $91,949,000. Unigestion Holding SA acquired a new position in Republic Services in the 2nd quarter valued at $67,460,000. Eaton Vance Management raised its holdings in Republic Services by 5,223.4% in the 1st quarter. Eaton Vance Management now owns 752,036 shares of the business services provider’s stock valued at $49,807,000 after acquiring an additional 737,909 shares in the last quarter. BlackRock Inc. raised its holdings in Republic Services by 2.1% in the 1st quarter. BlackRock Inc. now owns 20,456,218 shares of the business services provider’s stock valued at $1,354,817,000 after acquiring an additional 425,547 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Republic Services by 5.6% in the 1st quarter. JPMorgan Chase & Co. now owns 6,894,618 shares of the business services provider’s stock valued at $456,630,000 after acquiring an additional 367,769 shares in the last quarter. 61.43% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Jeffrey A. Hughes sold 16,200 shares of Republic Services stock in a transaction on Wednesday, May 30th. The stock was sold at an average price of $68.00, for a total value of $1,101,600.00. Following the transaction, the executive vice president now owns 16,200 shares in the company, valued at approximately $1,101,600. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Charles F. Serianni sold 9,500 shares of Republic Services stock in a transaction on Thursday, July 12th. The shares were sold at an average price of $70.00, for a total value of $665,000.00. Following the completion of the transaction, the chief financial officer now owns 46,143 shares in the company, valued at approximately $3,230,010. The disclosure for this sale can be found here. In the last quarter, insiders sold 342,768 shares of company stock worth $24,920,732. Corporate insiders own 0.30% of the company’s stock.
Republic Services (NYSE:RSG) last issued its quarterly earnings results on Thursday, July 26th. The business services provider reported $0.73 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. Republic Services had a return on equity of 11.65% and a net margin of 13.51%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.53 billion. During the same quarter last year, the company posted $0.61 EPS. The company’s revenue for the quarter was down .4% compared to the same quarter last year. equities research analysts expect that Republic Services, Inc. will post 3.04 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be paid a $0.375 dividend. This is a positive change from Republic Services’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, September 28th. This represents a $1.50 annualized dividend and a dividend yield of 2.05%. Republic Services’s dividend payout ratio (DPR) is presently 56.79%.
RSG has been the subject of several analyst reports. Oppenheimer reaffirmed a “hold” rating on shares of Republic Services in a report on Thursday, May 3rd. Argus raised Republic Services from a “hold” rating to a “buy” rating in a report on Thursday, May 10th. Zacks Investment Research raised Republic Services from a “sell” rating to a “hold” rating in a report on Wednesday, May 30th. ValuEngine raised Republic Services from a “hold” rating to a “buy” rating in a report on Thursday, August 2nd. Finally, BMO Capital Markets lifted their price objective on Republic Services from $75.00 to $79.00 and gave the company a “positive” rating in a report on Thursday, August 16th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $74.29.
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; supply of waste containers; and renting of compactors.
Further Reading: Average Daily Trade Volume – What You Need to Know
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