Pictet Asset Management Ltd. reduced its stake in Republic Services, Inc. (NYSE:RSG) by 2.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,428,334 shares of the business services provider’s stock after selling 64,578 shares during the period. Pictet Asset Management Ltd. owned approximately 0.76% of Republic Services worth $210,391,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Bank & Trust bought a new stake in Republic Services in the 2nd quarter valued at $35,000. Gemmer Asset Management LLC increased its holdings in shares of Republic Services by 140.2% in the 2nd quarter. Gemmer Asset Management LLC now owns 454 shares of the business services provider’s stock worth $39,000 after buying an additional 265 shares during the last quarter. Glassman Wealth Services increased its holdings in shares of Republic Services by 44.9% in the 1st quarter. Glassman Wealth Services now owns 507 shares of the business services provider’s stock worth $41,000 after buying an additional 157 shares during the last quarter. Motco bought a new stake in shares of Republic Services in the 2nd quarter worth about $62,000. Finally, Pearl River Capital LLC increased its holdings in shares of Republic Services by 804.4% in the 2nd quarter. Pearl River Capital LLC now owns 814 shares of the business services provider’s stock worth $71,000 after buying an additional 724 shares during the last quarter. Institutional investors own 58.79% of the company’s stock.
In related news, CEO Donald W. Slager sold 95,126 shares of Republic Services stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $90.00, for a total transaction of $8,561,340.00. Following the completion of the transaction, the chief executive officer now directly owns 382,736 shares of the company’s stock, valued at approximately $34,446,240. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Donald W. Slager sold 48,891 shares of Republic Services stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $90.00, for a total transaction of $4,400,190.00. Following the transaction, the chief executive officer now directly owns 333,846 shares of the company’s stock, valued at $30,046,140. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 147,117 shares of company stock valued at $13,240,530. 0.30% of the stock is owned by corporate insiders.
Republic Services (NYSE:RSG) last released its quarterly earnings results on Thursday, July 25th. The business services provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. Republic Services had a net margin of 10.32% and a return on equity of 12.86%. The firm had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.62 billion. During the same period in the previous year, the company earned $0.73 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, sell-side analysts expect that Republic Services, Inc. will post 3.24 EPS for the current year.
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 dividend of $0.405 per share. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from Republic Services’s previous quarterly dividend of $0.38. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.86%. Republic Services’s payout ratio is currently 48.54%.
A number of research firms have recently weighed in on RSG. Royal Bank of Canada set a $91.00 target price on shares of Republic Services and gave the stock a “hold” rating in a report on Friday, July 26th. Raymond James set a $93.00 target price on shares of Republic Services and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. began coverage on shares of Republic Services in a report on Wednesday, August 7th. They issued a “neutral” rating and a $94.00 target price on the stock. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Republic Services presently has an average rating of “Hold” and an average price target of $84.67.
About Republic Services
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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