Summit Global Investments Cuts Holdings in Republic Services, Inc. (NYSE:RSG)

Summit Global Investments lowered its holdings in Republic Services, Inc. (NYSE:RSG) by 5.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,884 shares of the business services provider’s stock after selling 911 shares during the quarter. Summit Global Investments’ holdings in Republic Services were worth $3,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Douglass Winthrop Advisors LLC lifted its stake in Republic Services by 3.2% during the 4th quarter. Douglass Winthrop Advisors LLC now owns 2,870 shares of the business services provider’s stock valued at $577,000 after acquiring an additional 90 shares during the period. Algebris UK Ltd bought a new position in Republic Services during the fourth quarter valued at approximately $1,514,000. Generali Investments Management Co LLC purchased a new stake in Republic Services in the fourth quarter worth approximately $134,000. Xponance Inc. grew its position in Republic Services by 8.1% in the 4th quarter. Xponance Inc. now owns 31,504 shares of the business services provider’s stock worth $6,338,000 after purchasing an additional 2,360 shares during the period. Finally, Generali Asset Management SPA SGR purchased a new stake in Republic Services during the 4th quarter valued at $45,000. 57.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group raised their price target on Republic Services from $239.00 to $265.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Truist Financial restated a “buy” rating and set a $250.00 price target (up from $244.00) on shares of Republic Services in a research note on Friday, February 14th. UBS Group increased their price objective on shares of Republic Services from $212.00 to $240.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft raised shares of Republic Services from a “hold” rating to a “buy” rating and upped their target price for the company from $219.00 to $237.00 in a report on Tuesday, December 10th. Finally, Royal Bank of Canada upgraded shares of Republic Services from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $219.00 to $237.00 in a research note on Monday, January 6th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $236.88.

Insider Activity

In related news, COO Gregg Brummer sold 6,293 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $228.20, for a total transaction of $1,436,062.60. Following the sale, the chief operating officer now owns 10,416 shares of the company’s stock, valued at $2,376,931.20. This represents a 37.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.09% of the company’s stock.

Republic Services Stock Performance

NYSE RSG opened at $232.95 on Friday. The business has a 50-day moving average price of $224.90 and a 200-day moving average price of $212.62. The firm has a market cap of $72.75 billion, a price-to-earnings ratio of 35.89, a price-to-earnings-growth ratio of 3.64 and a beta of 0.73. Republic Services, Inc. has a twelve month low of $180.92 and a twelve month high of $240.95. The company has a quick ratio of 0.64, a current ratio of 0.58 and a debt-to-equity ratio of 1.04.

Republic Services (NYSE:RSG) last announced its quarterly earnings data on Thursday, February 13th. The business services provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.21. Republic Services had a net margin of 12.74% and a return on equity of 18.28%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same period last year, the firm posted $1.41 EPS. As a group, equities research analysts predict that Republic Services, Inc. will post 6.86 EPS for the current fiscal year.

Republic Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Wednesday, April 2nd will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date is Wednesday, April 2nd. Republic Services’s payout ratio is presently 35.75%.

Republic Services Profile

Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States and Canada. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions.