Alberta Investment Management Corp Raises Position in Rentokil Initial PLC (NYSE:RTO)

Key Points

• Alberta Investment Management Corp increased its stake in Rentokil Initial PLC by 36.8%, acquiring an additional 482,429 shares to reach a total of approximately 1.79 million shares worth $41.1 million.
• Institutional investors collectively own 9.91% of Rentokil Initial, with notable changes, including a 260.4% increase in position by Assetmark Inc.
• Shares of Rentokil Initial opened at $24.78, with a 12-month range between $19.60 and $34.07, and a market cap of $12.52 billion.

Alberta Investment Management Corp raised its stake in Rentokil Initial PLC (NYSE:RTO - Free Report) by 36.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,794,900 shares of the company's stock after buying an additional 482,429 shares during the quarter. Alberta Investment Management Corp owned 0.36% of Rentokil Initial worth $41,103,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Gates Capital Management Inc. boosted its position in shares of Rentokil Initial by 21.0% during the fourth quarter. Gates Capital Management Inc. now owns 6,258,013 shares of the company's stock worth $158,453,000 after buying an additional 1,084,845 shares during the period. Snyder Capital Management L P bought a new position in shares of Rentokil Initial during the fourth quarter worth approximately $24,297,000. Rockefeller Capital Management L.P. increased its stake in Rentokil Initial by 109.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,091,475 shares of the company's stock worth $27,636,000 after acquiring an additional 570,330 shares during the period. Voss Capital LP increased its stake in shares of Rentokil Initial by 21.2% in the 4th quarter. Voss Capital LP now owns 3,090,287 shares of the company's stock valued at $78,246,000 after purchasing an additional 540,287 shares during the last quarter. Finally, MIG Capital LLC boosted its holdings in shares of Rentokil Initial by 29.1% during the 4th quarter. MIG Capital LLC now owns 1,543,879 shares of the company's stock valued at $39,091,000 after acquiring an additional 347,882 shares in the last quarter. Institutional investors and hedge funds own 9.91% of the company's stock.

Rentokil Initial Stock Performance

Shares of RTO stock traded up $0.32 during trading on Tuesday, hitting $23.66. The company's stock had a trading volume of 387,240 shares, compared to its average volume of 798,121. The company has a market cap of $11.95 billion, a PE ratio of 15.67 and a beta of 0.92. The company has a current ratio of 0.81, a quick ratio of 0.72 and a debt-to-equity ratio of 0.59. The business has a fifty day moving average of $23.78 and a 200-day moving average of $23.62. Rentokil Initial PLC has a 52 week low of $19.60 and a 52 week high of $34.07.

Rentokil Initial Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, August 15th will be given a dividend of $0.2738 per share. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 240.0%. Rentokil Initial's dividend payout ratio is currently 29.14%.

Analyst Ratings Changes

Several brokerages have commented on RTO. Sanford C. Bernstein downgraded Rentokil Initial from a "market perform" rating to an "underperform" rating in a report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Rentokil Initial in a research note on Monday, July 21st.

Rentokil Initial Profile

Rentokil Initial plc, together with its subsidiaries, provides route-based services in North America, the United Kingdom, rest of Europe, Asia, the Pacific, and internationally. It offers a range of pest control services for rodents, and flying and crawling insects, as well as other forms of wildlife management for commercial customers.