Republic Services, Inc. $RSG Shares Newly Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments initiated a position in Republic Services during the third quarter, buying 49,390 shares worth about $10.4 million. Institutional investors own 57.73% of the company’s stock.
• Republic Services beat quarterly estimates, reporting EPS of $1.94 versus $1.93 expected and revenue of $4.56 billion versus $4.42 billion expected; revenue increased 8.2% year over year.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $249.32. The company also announced a quarterly dividend of $0.67 per share, equivalent to a 1.1% yield.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Republic Services, Inc. (NYSE:RSG - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 49,390 shares of the business services provider's stock, valued at approximately $10,365,000.

A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Republic Services during the 2nd quarter worth approximately $3,798,092,000. State Street Corp lifted its stake in shares of Republic Services by 1.6% in the 2nd quarter. State Street Corp now owns 9,953,507 shares of the business services provider's stock valued at $2,120,893,000 after purchasing an additional 160,051 shares during the period. Bank of America Corp DE purchased a new position in shares of Republic Services in the 2nd quarter valued at approximately $682,573,000. Allspring Global Investments Holdings LLC boosted its position in shares of Republic Services by 68.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,256,190 shares of the business services provider's stock valued at $497,828,000 after purchasing an additional 913,249 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Republic Services by 1.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,132,434 shares of the business services provider's stock valued at $454,379,000 after purchasing an additional 28,996 shares in the last quarter. 57.73% of the stock is owned by institutional investors.

Republic Services Stock Performance

Shares of RSG opened at $245.35 on Thursday. The company has a quick ratio of 0.64, a current ratio of 0.75 and a debt-to-equity ratio of 1.14. The business's 50 day moving average price is $223.85 and its 200-day moving average price is $217.32. Republic Services, Inc. has a 52 week low of $196.41 and a 52 week high of $249.37. The stock has a market cap of $74.74 billion, a P/E ratio of 33.94, a P/E/G ratio of 4.04 and a beta of 0.32.

Republic Services (NYSE:RSG - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The business services provider reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.93 by $0.01. Republic Services had a return on equity of 18.56% and a net margin of 12.93%. The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same quarter last year, the company earned $1.90 EPS. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. Equities research analysts anticipate that Republic Services, Inc. will post 7.26 earnings per share for the current fiscal year.

Republic Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Monday, January 4th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, January 4th. Republic Services's dividend payout ratio is currently 37.07%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RSG shares. BMO Capital Markets set a $244.00 price target on Republic Services in a research note on Thursday, October 15th. JPMorgan Chase & Co. raised their price objective on Republic Services from $245.00 to $265.00 and gave the company a "neutral" rating in a research report on Friday, October 30th. Raymond James Financial set a $235.00 target price on shares of Republic Services in a report on Friday, October 9th. Robert W. Baird upped their target price on shares of Republic Services from $242.00 to $245.00 and gave the stock a "neutral" rating in a research report on Thursday, October 22nd. Finally, Sanford C. Bernstein increased their price target on shares of Republic Services from $220.00 to $227.00 and gave the stock a "market perform" rating in a research note on Monday, August 10th. Twelve equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $249.32.

Insiders Place Their Bets

In related news, major shareholder Cascade Investment, L.L.C. purchased 324,810 shares of the stock in a transaction dated Friday, September 11th. The stock was purchased at an average price of $222.89 per share, with a total value of $72,396,900.90. Following the transaction, the insider directly owned 117,058,444 shares in the company, valued at $26,091,156,583.16. This trade represents a 0.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian A. Bales sold 3,400 shares of the company's stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $244.00, for a total transaction of $829,600.00. Following the completion of the transaction, the executive vice president owned 17,616 shares in the company, valued at approximately $4,298,304. The trade was a 16.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders bought 6,254,462 shares of company stock worth $1,380,321,958. Insiders own 0.12% of the company's stock.

Republic Services Company Profile

Republic Services, Inc is an environmental services company that provides waste collection, recycling and disposal solutions for residential, commercial, industrial and municipal customers. Its services include curbside collection, dumpster and roll-off container services, transfer station operations, landfill management and recycling processing.

The company also provides specialized environmental services, including hazardous waste management, emergency response, remediation and other sustainability-related solutions for businesses and government organizations.

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