MAI Capital Management Cuts Stock Holdings in Republic Services, Inc. (NYSE:RSG)

MAI Capital Management trimmed its holdings in shares of Republic Services, Inc. (NYSE:RSG) by 9.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 26,098 shares of the business services provider’s stock after selling 2,574 shares during the period. MAI Capital Management’s holdings in Republic Services were worth $5,241,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of RSG. Capital World Investors lifted its position in shares of Republic Services by 20.5% in the first quarter. Capital World Investors now owns 7,909,008 shares of the business services provider’s stock valued at $1,514,100,000 after acquiring an additional 1,346,588 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Republic Services by 2.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,520,738 shares of the business services provider’s stock valued at $506,265,000 after buying an additional 57,040 shares during the period. Legal & General Group Plc boosted its holdings in Republic Services by 5.4% in the second quarter. Legal & General Group Plc now owns 1,808,580 shares of the business services provider’s stock valued at $351,480,000 after acquiring an additional 92,013 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Republic Services by 2.1% in the 2nd quarter. TD Asset Management Inc now owns 1,757,757 shares of the business services provider’s stock worth $341,602,000 after purchasing an additional 35,650 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Republic Services by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,476,116 shares of the business services provider’s stock worth $286,868,000 after purchasing an additional 3,809 shares during the period. 57.73% of the stock is owned by institutional investors and hedge funds.

Republic Services Stock Up 0.9 %

RSG opened at $210.91 on Wednesday. Republic Services, Inc. has a twelve month low of $157.91 and a twelve month high of $216.18. The business has a 50 day moving average price of $204.01 and a 200 day moving average price of $198.44. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.64 and a current ratio of 0.64. The firm has a market cap of $66.05 billion, a P/E ratio of 33.75, a price-to-earnings-growth ratio of 3.18 and a beta of 0.70.

Republic Services (NYSE:RSG) last posted its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.20. Republic Services had a net margin of 12.46% and a return on equity of 18.18%. The company had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $4.12 billion. During the same quarter in the previous year, the firm posted $1.54 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. Research analysts forecast that Republic Services, Inc. will post 6.24 EPS for the current year.

Republic Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.32 dividend on an annualized basis and a dividend yield of 1.10%. Republic Services’s payout ratio is presently 37.12%.

Insider Buying and Selling at Republic Services

In related news, CFO Brian M. Delghiaccio sold 5,071 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $210.02, for a total value of $1,065,011.42. Following the transaction, the chief financial officer now owns 6,318 shares in the company, valued at $1,326,906.36. This trade represents a 44.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RSG. Truist Financial increased their price objective on shares of Republic Services from $220.00 to $244.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley upped their target price on shares of Republic Services from $208.00 to $217.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Stifel Nicolaus lifted their target price on Republic Services from $215.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. StockNews.com downgraded Republic Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Finally, Robert W. Baird upped their target price on Republic Services from $208.00 to $210.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Republic Services presently has an average rating of “Moderate Buy” and a consensus price target of $215.71.

About Republic Services

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.