Point72 Asset Management L.P. Invests $65.20 Million in Republic Services, Inc. (NYSE:RSG)

Point72 Asset Management L.P. bought a new position in Republic Services, Inc. (NYSE:RSG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 324,094 shares of the business services provider's stock, valued at approximately $65,201,000. Point72 Asset Management L.P. owned about 0.10% of Republic Services as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Republic Services by 37.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,682 shares of the business services provider's stock worth $3,586,000 after purchasing an additional 4,827 shares in the last quarter. DnB Asset Management AS boosted its position in Republic Services by 65.1% during the fourth quarter. DnB Asset Management AS now owns 72,931 shares of the business services provider's stock worth $14,672,000 after purchasing an additional 28,764 shares in the last quarter. Avanza Fonder AB purchased a new position in Republic Services during the fourth quarter worth approximately $4,430,000. Hickory Point Bank & Trust purchased a new position in Republic Services during the fourth quarter worth approximately $790,000. Finally, Pallas Capital Advisors LLC purchased a new position in Republic Services during the fourth quarter worth approximately $204,000. Hedge funds and other institutional investors own 57.73% of the company's stock.

Republic Services Price Performance

NYSE:RSG opened at $244.95 on Friday. Republic Services, Inc. has a one year low of $180.92 and a one year high of $253.54. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.64 and a current ratio of 0.58. The stock has a market cap of $76.55 billion, a PE ratio of 37.74, a P/E/G ratio of 3.64 and a beta of 0.66. The stock has a 50 day moving average price of $240.68 and a 200 day moving average price of $223.63.

Republic Services (NYSE:RSG - Get Free Report) last posted its earnings results on Thursday, April 24th. The business services provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.05. The company had revenue of $4.01 billion during the quarter, compared to analysts' expectations of $4.08 billion. Republic Services had a return on equity of 18.28% and a net margin of 12.74%. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.45 earnings per share. Equities research analysts expect that Republic Services, Inc. will post 6.86 EPS for the current fiscal year.

Republic Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Wednesday, July 2nd will be paid a dividend of $0.58 per share. The ex-dividend date is Wednesday, July 2nd. This represents a $2.32 annualized dividend and a yield of 0.95%. Republic Services's dividend payout ratio (DPR) is 34.99%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Jefferies Financial Group increased their price target on Republic Services from $235.00 to $244.00 and gave the stock a "buy" rating in a research report on Thursday, January 23rd. Morgan Stanley increased their target price on Republic Services from $230.00 to $245.00 and gave the company an "equal weight" rating in a report on Friday, April 25th. BMO Capital Markets increased their target price on Republic Services from $260.00 to $268.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Truist Financial increased their target price on Republic Services from $250.00 to $270.00 and gave the company a "buy" rating in a report on Tuesday, April 22nd. Finally, The Goldman Sachs Group increased their target price on Republic Services from $239.00 to $265.00 and gave the company a "buy" rating in a report on Tuesday, February 18th. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $249.00.

Insiders Place Their Bets

In other Republic Services news, COO Gregg Brummer sold 6,293 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $228.20, for a total transaction of $1,436,062.60. Following the completion of the sale, the chief operating officer now owns 10,416 shares of the company's stock, valued at $2,376,931.20. This trade represents a 37.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.11% of the stock is owned by insiders.

Republic Services 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.

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