Connor Clark & Lunn Investment Management Ltd. Acquires New Position in Republic Services, Inc. (NYSE:RSG)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired 38,950 shares of Republic Services, valued at approximately $9.4 million, indicating strong institutional interest in the company.
• Republic Services is increasing its quarterly dividend from $0.58 to $0.625, representing a 1.1% yield and reflecting confidence in its financial health.
• Recent analyst upgrades have boosted price targets for Republic Services, with Citigroup increasing its target to $278 and a broader average target of $262.17 among analysts.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Republic Services, Inc. (NYSE:RSG - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 38,950 shares of the business services provider's stock, valued at approximately $9,432,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc increased its stake in shares of Republic Services by 0.4% in the first quarter. Versant Capital Management Inc now owns 9,973 shares of the business services provider's stock valued at $2,415,000 after purchasing an additional 44 shares during the period. Silvercrest Asset Management Group LLC increased its stake in shares of Republic Services by 0.5% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 8,648 shares of the business services provider's stock valued at $1,740,000 after acquiring an additional 46 shares during the period. Elevation Point Wealth Partners LLC increased its stake in shares of Republic Services by 4.2% during the first quarter. Elevation Point Wealth Partners LLC now owns 1,154 shares of the business services provider's stock valued at $279,000 after acquiring an additional 46 shares during the period. Hemington Wealth Management increased its stake in shares of Republic Services by 6.2% during the first quarter. Hemington Wealth Management now owns 806 shares of the business services provider's stock valued at $195,000 after acquiring an additional 47 shares during the period. Finally, FORA Capital LLC increased its stake in shares of Republic Services by 0.7% during the fourth quarter. FORA Capital LLC now owns 7,659 shares of the business services provider's stock valued at $1,541,000 after acquiring an additional 50 shares during the period. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Raymond James Financial raised their price objective on shares of Republic Services from $257.00 to $260.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. Melius started coverage on shares of Republic Services in a report on Monday, June 9th. They set a "hold" rating for the company. Seaport Res Ptn upgraded shares of Republic Services to a "strong-buy" rating in a report on Tuesday, May 6th. Truist Financial raised their target price on shares of Republic Services from $250.00 to $270.00 and gave the stock a "buy" rating in a report on Tuesday, April 22nd. Finally, Oppenheimer raised their target price on shares of Republic Services from $262.00 to $268.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $262.17.

Republic Services Price Performance

Republic Services stock traded down $0.10 during trading hours on Thursday, hitting $232.64. 1,097,831 shares of the stock were exchanged, compared to its average volume of 1,304,928. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market capitalization of $72.64 billion, a P/E ratio of 34.41, a P/E/G ratio of 3.64 and a beta of 0.60. Republic Services, Inc. has a 12 month low of $197.60 and a 12 month high of $258.75. The business's 50-day moving average is $242.43 and its two-hundred day moving average is $239.58.

Republic Services (NYSE:RSG - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The business services provider reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.01. The firm had revenue of $4.24 billion for the quarter, compared to analysts' expectations of $4.26 billion. Republic Services had a net margin of 12.97% and a return on equity of 18.27%. The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.61 earnings per share. Equities research analysts expect that Republic Services, Inc. will post 6.86 EPS for the current fiscal year.

Republic Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Thursday, October 2nd will be given a dividend of $0.625 per share. The ex-dividend date is Thursday, October 2nd. This is a positive change from Republic Services's previous quarterly dividend of $0.58. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.1%. Republic Services's dividend payout ratio (DPR) is currently 36.98%.

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.