Elo Mutual Pension Insurance Co grew its holdings in shares of Republic Services, Inc. (NYSE:RSG) by 1.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,096 shares of the business services provider’s stock after buying an additional 245 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Republic Services were worth $1,599,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of RSG. Norges Bank acquired a new position in shares of Republic Services during the fourth quarter valued at about $208,205,000. Wells Fargo & Company MN lifted its position in shares of Republic Services by 14.0% during the fourth quarter. Wells Fargo & Company MN now owns 4,752,782 shares of the business services provider’s stock valued at $457,693,000 after purchasing an additional 583,293 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Republic Services by 32.1% during the fourth quarter. Nordea Investment Management AB now owns 2,036,149 shares of the business services provider’s stock valued at $196,081,000 after purchasing an additional 494,819 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Republic Services by 28.1% during the first quarter. Victory Capital Management Inc. now owns 2,059,478 shares of the business services provider’s stock valued at $204,610,000 after purchasing an additional 452,156 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of Republic Services by 46.3% during the fourth quarter. Lazard Asset Management LLC now owns 1,001,605 shares of the business services provider’s stock valued at $96,454,000 after purchasing an additional 317,039 shares in the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.
RSG opened at $109.10 on Friday. The stock has a market capitalization of $34.81 billion, a P/E ratio of 34.20, a price-to-earnings-growth ratio of 2.91 and a beta of 0.70. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a 50-day simple moving average of $107.09. Republic Services, Inc. has a twelve month low of $78.22 and a twelve month high of $113.28.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Thursday, July 1st will be paid a dividend of $0.425 per share. The ex-dividend date of this dividend is Wednesday, June 30th. This represents a $1.70 annualized dividend and a yield of 1.56%. Republic Services’s dividend payout ratio is currently 47.75%.
In related news, major shareholder Cascade Investment, L.L.C. purchased 10,055 shares of the business’s stock in a transaction on Wednesday, March 31st. The stock was acquired at an average price of $99.44 per share, with a total value of $999,869.20. Following the purchase, the insider now directly owns 108,812,574 shares in the company, valued at $10,820,322,358.56. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Brian A. Goebel sold 1,224 shares of the business’s stock in a transaction that occurred on Friday, May 7th. The stock was sold at an average price of $110.67, for a total transaction of $135,460.08. In the last ninety days, insiders have sold 20,782 shares of company stock valued at $2,326,129. 0.20% of the stock is owned by corporate insiders.
RSG has been the topic of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on shares of Republic Services in a research report on Wednesday, April 7th. They set a “buy” rating and a $117.00 price target on the stock. Morgan Stanley raised their price target on shares of Republic Services from $100.00 to $109.00 and gave the company an “equal weight” rating in a research report on Thursday, May 6th. JPMorgan Chase & Co. raised shares of Republic Services from a “neutral” rating to an “overweight” rating and set a $102.00 price objective on the stock in a research report on Tuesday, February 23rd. They noted that the move was a valuation call. Raymond James lifted their price objective on shares of Republic Services from $111.00 to $117.00 and gave the stock an “outperform” rating in a research report on Thursday, May 6th. Finally, Robert W. Baird lowered shares of Republic Services from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $103.00 to $96.00 in a research report on Tuesday, February 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. Republic Services currently has an average rating of “Buy” and an average price target of $107.00.
About Republic Services
Republic Services, Inc, together with its subsidiaries, provides non-hazardous solid waste collection, transfer, disposal, recycling, and environmental services in the United States. The company serves small-container, large-container, and municipal and residential customers. The company's collection services include curbside collection of material for transport to transfer stations, landfills, or recycling processing centers; supply of recycling and waste containers; and renting of compactors.
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