Municipal Employees Retirement System of Michigan reduced its position in Republic Services, Inc. (NYSE:RSG) by 4.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 43,690 shares of the business services provider’s stock after selling 1,930 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Republic Services were worth $2,784,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Republic Services by 2,800.0% in the first quarter. BlackRock Inc. now owns 19,058,635 shares of the business services provider’s stock worth $1,197,070,000 after buying an additional 18,401,448 shares in the last quarter. Vanguard Group Inc. raised its position in Republic Services by 6.1% in the first quarter. Vanguard Group Inc. now owns 18,796,178 shares of the business services provider’s stock worth $1,180,588,000 after buying an additional 1,086,931 shares in the last quarter. Renaissance Technologies LLC raised its position in Republic Services by 329.6% in the first quarter. Renaissance Technologies LLC now owns 875,000 shares of the business services provider’s stock worth $54,959,000 after buying an additional 671,300 shares in the last quarter. Wellington Management Group LLP acquired a new position in Republic Services during the first quarter worth about $39,751,000. Finally, State Street Corp raised its position in Republic Services by 4.5% in the first quarter. State Street Corp now owns 11,649,668 shares of the business services provider’s stock worth $731,866,000 after buying an additional 501,491 shares in the last quarter. Institutional investors own 61.33% of the company’s stock.
Shares of Republic Services, Inc. (NYSE:RSG) opened at 63.89 on Friday. The firm has a market cap of $21.52 billion, a PE ratio of 32.80 and a beta of 0.58. The firm’s 50-day moving average is $64.43 and its 200 day moving average is $62.88. Republic Services, Inc. has a 52 week low of $49.18 and a 52 week high of $65.54.
Republic Services (NYSE:RSG) last issued its earnings results on Thursday, July 27th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.02. Republic Services had a return on equity of 10.42% and a net margin of 6.86%. The business had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the prior year, the firm posted $0.55 EPS. Republic Services’s quarterly revenue was up 7.5% compared to the same quarter last year. Equities research analysts forecast that Republic Services, Inc. will post $2.39 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a $0.345 dividend. The ex-dividend date of this dividend is Friday, September 29th. This is a boost from Republic Services’s previous quarterly dividend of $0.32. This represents a $1.38 dividend on an annualized basis and a dividend yield of 2.16%. Republic Services’s dividend payout ratio is presently 65.64%.
RSG has been the subject of several recent research reports. Zacks Investment Research raised shares of Republic Services from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a report on Tuesday, May 2nd. Credit Suisse Group set a $69.00 target price on shares of Republic Services and gave the company a “hold” rating in a report on Saturday, July 29th. BMO Capital Markets initiated coverage on shares of Republic Services in a report on Thursday, June 29th. They set an “outperform” rating and a $71.00 target price for the company. Barclays PLC reaffirmed a “neutral” rating on shares of Republic Services in a report on Friday, July 28th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $73.00 price target on shares of Republic Services in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $69.78.
Republic Services Company Profile
Republic Services, Inc is a provider of non-hazardous solid waste collection, transfer, disposal, recycling and energy services. The Company’s segments include Group 1, Group 2 and Corporate entities. Its Group 1 and Group 2 segments provide integrated waste management services. Group 1 consists of geographic areas located in the western and portions of the mid-western United States.
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