Republic Services, Inc. $RSG Shares Sold by Parnassus Investments LLC

Key Points

• Parnassus Investments LLC has reduced its stake in Republic Services, Inc. by 6.2%, now owning approximately 0.13% of the company worth about $97.7 million.
• Republic Services has announced an increase in its quarterly dividend from $0.58 to $0.625 per share, resulting in an annualized dividend of $2.50.
• Analysts have varying price targets for Republic Services, with UBS Group setting a target of $260.00 and Oppenheimer raising it to $268.00, both maintaining positive ratings.

Parnassus Investments LLC lowered its stake in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 6.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 403,561 shares of the business services provider's stock after selling 26,780 shares during the quarter. Parnassus Investments LLC owned 0.13% of Republic Services worth $97,726,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Versant Capital Management Inc boosted its holdings 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 raised its stake in Republic Services by 0.5% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 8,648 shares of the business services provider's stock worth $1,740,000 after buying an additional 46 shares in the last quarter. Elevation Point Wealth Partners LLC raised its stake in Republic Services by 4.2% in the first quarter. Elevation Point Wealth Partners LLC now owns 1,154 shares of the business services provider's stock worth $279,000 after buying an additional 46 shares in the last quarter. Hemington Wealth Management grew its holdings 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 buying an additional 47 shares during the last quarter. Finally, FORA Capital LLC grew its holdings 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 buying an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 57.73% of the company's stock.

Insider Buying and Selling at Republic Services

In other news, EVP Gregg Brummer sold 7,338 shares of Republic Services stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $233.94, for a total transaction of $1,716,651.72. Following the completion of the sale, the executive vice president directly owned 4,060 shares of the company's stock, valued at approximately $949,796.40. The trade was a 64.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Cascade Investment, L.L.C. acquired 4,258 shares of Republic Services stock in a transaction on Tuesday, August 19th. The stock was purchased at an average price of $234.91 per share, with a total value of $1,000,246.78. Following the purchase, the insider owned 109,816,832 shares of the company's stock, valued at $25,797,072,005.12. The trade was a 0.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.11% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Republic Services from $229.00 to $275.00 and gave the company a "neutral" rating in a report on Friday, May 23rd. Raymond James Financial upped their price target on shares of Republic Services from $257.00 to $260.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Oppenheimer upped their price target on shares of Republic Services from $262.00 to $268.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. National Bank Financial raised shares of Republic Services to a "hold" rating in a research note on Monday, May 26th. Finally, Seaport Res Ptn raised shares of Republic Services to a "strong-buy" rating in a research note on Tuesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $262.17.

Republic Services Price Performance

RSG stock traded up $1.13 during mid-day trading on Monday, reaching $234.23. The company's stock had a trading volume of 875,330 shares, compared to its average volume of 1,128,550. The stock has a market cap of $73.13 billion, a PE ratio of 34.65, a P/E/G ratio of 3.65 and a beta of 0.59. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.04. Republic Services, Inc. has a fifty-two week low of $197.60 and a fifty-two week high of $258.75. The company's 50 day moving average is $238.66 and its two-hundred day moving average is $241.05.

Republic Services (NYSE:RSG - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The business services provider reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.76 by $0.01. The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.26 billion. Republic Services had a net margin of 12.97% and a return on equity of 18.27%. Republic Services's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.61 EPS. Republic Services has set its FY 2025 guidance at 6.820-6.900 EPS. Equities research analysts expect that Republic Services, Inc. will post 6.86 EPS for the current year.

Republic Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Thursday, October 2nd will be given a $0.625 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $2.50 annualized dividend and a yield of 1.1%. This is a boost from Republic Services's previous quarterly dividend of $0.58. Republic Services's dividend payout ratio is 34.32%.

Republic Services Company Profile

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.