Gabelli Funds LLC Cuts Stock Position in Rentokil Initial PLC $RTO

Key Points

• Gabelli Funds LLC cut its position in Rentokil Initial by 56.1% in Q3, selling 44,000 shares and retaining 34,500 shares valued at about $871,000.
• Other institutions were active: Envestnet Asset Management more than doubled its stake to 1,553,740 shares (~$39.2M), while Liberty One, Nichols & Pratt and others also added positions, leaving institutional ownership at about 9.91%.
• Rentokil announced a dividend of $0.412 per share payable May 19 with a record/ex-dividend date of April 10 (the article reports an implied yield of 266.0%).

Gabelli Funds LLC trimmed its position in shares of Rentokil Initial PLC (NYSE:RTO - Free Report) by 56.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,500 shares of the company's stock after selling 44,000 shares during the period. Gabelli Funds LLC's holdings in Rentokil Initial were worth $871,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Envestnet Asset Management Inc. grew its position in Rentokil Initial by 105.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,553,740 shares of the company's stock worth $39,232,000 after acquiring an additional 798,660 shares during the last quarter. Liberty One Investment Management LLC bought a new position in shares of Rentokil Initial in the third quarter worth approximately $39,946,000. Clark Estates Inc. NY purchased a new position in shares of Rentokil Initial in the third quarter worth $8,332,000. Nichols & Pratt Advisers LLP MA increased its stake in shares of Rentokil Initial by 5.9% in the third quarter. Nichols & Pratt Advisers LLP MA now owns 871,415 shares of the company's stock worth $22,003,000 after buying an additional 48,184 shares during the period. Finally, Advisor OS LLC bought a new stake in Rentokil Initial during the 3rd quarter valued at $1,014,000. Institutional investors own 9.91% of the company's stock.

Rentokil Initial Price Performance

Rentokil Initial stock opened at $31.75 on Thursday. Rentokil Initial PLC has a fifty-two week low of $19.60 and a fifty-two week high of $33.46. The stock's 50 day simple moving average is $31.45 and its two-hundred day simple moving average is $28.51. The company has a quick ratio of 1.03, a current ratio of 1.12 and a debt-to-equity ratio of 0.79.

Rentokil Initial Announces Dividend

The company also recently disclosed a dividend, which will be paid on Tuesday, May 19th. Shareholders of record on Friday, April 10th will be issued a $0.412 dividend. The ex-dividend date is Friday, April 10th. This represents a yield of 266.0%.

Analyst Ratings Changes

A number of equities analysts have issued reports on RTO shares. Weiss Ratings restated a "hold (c-)" rating on shares of Rentokil Initial in a research report on Thursday, January 22nd. JPMorgan Chase & Co. restated an "overweight" rating on shares of Rentokil Initial in a report on Friday, November 21st. Zacks Research lowered Rentokil Initial from a "hold" rating to a "strong sell" rating in a research report on Wednesday, March 4th. Deutsche Bank Aktiengesellschaft lowered Rentokil Initial from a "buy" rating to a "hold" rating in a research report on Tuesday, February 24th. Finally, Rothschild & Co Redburn upgraded Rentokil Initial from a "sell" rating to a "neutral" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $34.50.

Rentokil Initial Profile

Rentokil Initial PLC is a global business services company specializing in pest control, hygiene and workwear services. Headquartered in Crawley, West Sussex, United Kingdom, the company delivers outsourced solutions designed to protect people, preserve assets and enhance workplaces for both commercial and residential customers.

Under the Rentokil Pest Control brand, the company offers services ranging from routine inspections and treatment of insects, rodents and birds to specialised programmes for food manufacturing and healthcare environments.

Want to see what other hedge funds are holding RTO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rentokil Initial PLC (NYSE:RTO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.