Virtus Fund Advisers LLC increased its holdings in shares of Republic Services, Inc. (NYSE:RSG) by 1,419.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,538,730 shares of the business services provider’s stock after acquiring an additional 1,437,464 shares during the period. Republic Services comprises about 1.0% of Virtus Fund Advisers LLC’s investment portfolio, making the stock its 14th biggest position. Virtus Fund Advisers LLC’s holdings in Republic Services were worth $104,561,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of RSG. SeaCrest Wealth Management LLC bought a new position in Republic Services during the 4th quarter valued at about $121,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Republic Services by 507.7% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,823 shares of the business services provider’s stock valued at $123,000 after purchasing an additional 1,523 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Republic Services by 1,070.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,937 shares of the business services provider’s stock valued at $199,000 after purchasing an additional 2,686 shares during the last quarter. Welch & Forbes LLC bought a new position in Republic Services during the 4th quarter valued at about $201,000. Finally, Schroder Investment Management Group lifted its holdings in Republic Services by 41.4% during the 4th quarter. Schroder Investment Management Group now owns 3,104 shares of the business services provider’s stock valued at $210,000 after purchasing an additional 909 shares during the last quarter. Institutional investors and hedge funds own 59.31% of the company’s stock.
In other Republic Services news, CAO Brian A. Goebel sold 2,000 shares of the business’s stock in a transaction dated Thursday, January 11th. The shares were sold at an average price of $67.57, for a total value of $135,140.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,696 shares of the company’s stock, valued at $452,448.72. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Donald W. Slager sold 98,132 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $64.19, for a total transaction of $6,299,093.08. Following the completion of the transaction, the chief executive officer now directly owns 322,541 shares of the company’s stock, valued at $20,703,906.79. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,642 shares of company stock valued at $6,741,314. Insiders own 0.40% of the company’s stock.
Republic Services (NYSE:RSG) last announced its earnings results on Thursday, February 8th. The business services provider reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. Republic Services had a net margin of 12.73% and a return on equity of 10.61%. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The company’s revenue was up 7.6% on a year-over-year basis. sell-side analysts anticipate that Republic Services, Inc. will post 3.08 EPS for the current year.
Republic Services announced that its Board of Directors has approved a stock repurchase program on Thursday, November 2nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the business services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Monday, April 2nd will be paid a $0.345 dividend. This represents a $1.38 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Thursday, March 29th. Republic Services’s dividend payout ratio is presently 36.41%.
Several brokerages recently issued reports on RSG. Zacks Investment Research downgraded shares of Republic Services from a “buy” rating to a “hold” rating in a report on Thursday, February 1st. Bank of America lifted their price target on shares of Republic Services from $70.00 to $73.00 and gave the company a “buy” rating in a report on Monday, February 5th. Stifel Nicolaus raised shares of Republic Services from a “hold” rating to a “buy” rating and lifted their price target for the company from $70.00 to $73.00 in a report on Thursday, January 4th. BMO Capital Markets cut their price target on shares of Republic Services from $72.00 to $70.00 and set an “outperform” rating for the company in a report on Monday, November 6th. Finally, Credit Suisse Group cut their price target on shares of Republic Services from $69.00 to $67.00 and set a “neutral” rating for the company in a report on Monday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $68.57.
About Republic Services
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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