Mirae Asset Global Investments Co. Ltd. Purchases New Position in Republic Services, Inc. $RSG

Mirae Asset Global Investments Co. Ltd. acquired a new position in Republic Services, Inc. (NYSE:RSG) in the third quarter, HoldingsChannel.com reports. The firm acquired 49,390 shares of the business services provider’s stock, valued at approximately $10,365,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in Republic Services during the 2nd quarter valued at $3,798,092,000. State Street Corp raised its stake in shares of Republic Services by 1.6% in the second quarter. State Street Corp now owns 9,953,507 shares of the business services provider’s stock worth $2,120,893,000 after purchasing an additional 160,051 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Republic Services in the second quarter worth $682,573,000. Allspring Global Investments Holdings LLC raised its stake in shares of Republic Services by 68.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,256,190 shares of the business services provider’s stock worth $497,828,000 after purchasing an additional 913,249 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Republic Services by 1.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,132,434 shares of the business services provider’s stock valued at $454,379,000 after purchasing an additional 28,996 shares in the last quarter. 57.73% of the stock is owned by institutional investors.

Republic Services Price Performance

NYSE RSG opened at $245.35 on Thursday. The business’s fifty day moving average price is $223.85 and its 200-day moving average price is $217.32. The stock has a market capitalization of $74.74 billion, a price-to-earnings ratio of 33.94, a PEG ratio of 4.04 and a beta of 0.32. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.75 and a quick ratio of 0.64. Republic Services, Inc. has a 1-year low of $196.41 and a 1-year high of $249.37.

Republic Services (NYSE:RSG) last released its quarterly earnings results on Thursday, October 29th. The business services provider reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.01. Republic Services had a return on equity of 18.56% and a net margin of 12.93%. The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same period last year, the business posted $1.90 EPS. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, equities analysts predict that Republic Services, Inc. will post 7.26 earnings per share for the current year.

Republic Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Monday, January 4th will be issued a $0.67 dividend. The ex-dividend date of this dividend is Monday, January 4th. This represents a $2.68 dividend on an annualized basis and a yield of 1.1%. Republic Services’s dividend payout ratio is currently 37.07%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. The Goldman Sachs Group dropped their price objective on Republic Services from $256.00 to $246.00 and set a “buy” rating on the stock in a research report on Friday, October 2nd. Scotiabank reissued a “sector perform” rating and issued a $236.00 target price on shares of Republic Services in a research report on Thursday, October 15th. Canadian Imperial Bank of Commerce lowered their target price on shares of Republic Services from $249.00 to $240.00 and set an “outperform” rating on the stock in a research note on Thursday, October 8th. Weiss Ratings raised shares of Republic Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, August 21st. Finally, Barclays lifted their price target on shares of Republic Services from $240.00 to $254.00 and gave the stock an “equal weight” rating in a research note on Monday. Twelve research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Republic Services has a consensus rating of “Moderate Buy” and a consensus price target of $249.32.

Insider Transactions at Republic Services

In other news, major shareholder Cascade Investment, L.L.C. purchased 409,500 shares of the business’s stock in a transaction on Tuesday, September 8th. The stock was acquired at an average cost of $221.49 per share, for a total transaction of $90,700,155.00. Following the purchase, the insider directly owned 116,166,330 shares in the company, valued at $25,729,680,431.70. This trade represents a 0.35% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders bought 6,254,462 shares of company stock valued at $1,380,321,958 over the last 90 days. Company insiders own 0.12% of the company’s stock.

About Republic Services

Republic Services, Inc is an environmental services company that provides waste collection, recycling and disposal solutions for residential, commercial, industrial and municipal customers. Its services include curbside collection, dumpster and roll-off container services, transfer station operations, landfill management and recycling processing.

The company also provides specialized environmental services, including hazardous waste management, emergency response, remediation and other sustainability-related solutions for businesses and government organizations.