Jennison Associates LLC Trims Stock Position in Republic Services, Inc. (NYSE:RSG)

Jennison Associates LLC reduced its stake in shares of Republic Services, Inc. (NYSE:RSG) by 2.4% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 198,832 shares of the business services provider’s stock after selling 4,969 shares during the period. Jennison Associates LLC owned approximately 0.06% of Republic Services worth $39,933,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of RSG. Allspring Global Investments Holdings LLC increased its position in shares of Republic Services by 2.3% in the third 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 in the last quarter. Legal & General Group Plc raised its position in Republic Services by 5.4% during the second quarter. Legal & General Group Plc now owns 1,808,580 shares of the business services provider’s stock worth $351,480,000 after acquiring an additional 92,013 shares during the period. TD Asset Management Inc lifted its holdings in Republic Services by 2.1% during the second quarter. TD Asset Management Inc now owns 1,757,757 shares of the business services provider’s stock valued at $341,602,000 after purchasing an additional 35,650 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Republic Services by 0.3% during the second 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 in the last quarter. Finally, Earnest Partners LLC raised its position in shares of Republic Services by 1.9% during the 2nd quarter. Earnest Partners LLC now owns 1,286,053 shares of the business services provider’s stock worth $249,932,000 after purchasing an additional 23,534 shares during the last quarter. Institutional investors and hedge funds own 57.73% of the company’s stock.

Insider Buying and Selling

In other news, CFO Brian M. Delghiaccio sold 5,071 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $210.02, for a total transaction of $1,065,011.42. Following the completion of the sale, the chief financial officer now owns 6,318 shares in the company, valued at approximately $1,326,906.36. The trade was a 44.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.09% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on RSG shares. William Blair initiated coverage on Republic Services in a report on Thursday, October 3rd. They issued an “outperform” rating on the stock. Raymond James lowered their price target on shares of Republic Services from $219.00 to $214.00 and set an “outperform” rating on the stock in a research report on Thursday, July 25th. TD Cowen increased their price objective on shares of Republic Services from $195.00 to $200.00 and gave the company a “hold” rating in a report on Monday, August 5th. StockNews.com cut Republic Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Finally, BMO Capital Markets raised their price objective on shares of Republic Services from $209.00 to $211.00 and gave the stock a “market perform” rating in a research report on Thursday, July 25th. Nine investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $215.71.

Republic Services Stock Performance

NYSE:RSG opened at $214.06 on Friday. The company has a market cap of $67.03 billion, a price-to-earnings ratio of 34.25, a price-to-earnings-growth ratio of 3.22 and a beta of 0.70. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 1.07. Republic Services, Inc. has a 52 week low of $159.10 and a 52 week high of $216.18. The company has a fifty day simple moving average of $204.34 and a two-hundred day simple moving average of $198.65.

Republic Services (NYSE:RSG) last posted its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.20. Republic Services had a return on equity of 18.18% and a net margin of 12.46%. The company had revenue of $4.08 billion for the quarter, compared to analyst estimates of $4.12 billion. During the same quarter last year, the company earned $1.54 EPS. Republic Services’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities analysts anticipate that Republic Services, Inc. will post 6.24 earnings per share for the current fiscal year.

Republic Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be issued a $0.58 dividend. The ex-dividend date is Thursday, January 2nd. This represents a $2.32 dividend on an annualized basis and a dividend yield of 1.08%. Republic Services’s payout ratio is 37.12%.

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.