California Public Employees Retirement System Increases Stake in Republic Services, Inc. (RSG)

California Public Employees Retirement System lifted its stake in shares of Republic Services, Inc. (NYSE:RSG) by 2.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 920,619 shares of the business services provider’s stock after purchasing an additional 19,306 shares during the period. California Public Employees Retirement System owned approximately 0.28% of Republic Services worth $60,816,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Janus Henderson Group PLC raised its stake in shares of Republic Services by 13,584.4% during the second quarter. Janus Henderson Group PLC now owns 3,744,875 shares of the business services provider’s stock worth $238,663,000 after buying an additional 3,717,509 shares during the last quarter. BlackRock Inc. raised its stake in shares of Republic Services by 6.4% during the second quarter. BlackRock Inc. now owns 20,282,248 shares of the business services provider’s stock worth $1,292,589,000 after buying an additional 1,223,613 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Republic Services by 89.0% during the second quarter. Renaissance Technologies LLC now owns 1,653,800 shares of the business services provider’s stock worth $105,397,000 after buying an additional 778,800 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Republic Services by 39.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,592,679 shares of the business services provider’s stock worth $101,501,000 after buying an additional 452,390 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Republic Services by 2.2% during the second quarter. Vanguard Group Inc. now owns 19,214,975 shares of the business services provider’s stock worth $1,224,571,000 after buying an additional 418,797 shares during the last quarter. Institutional investors own 60.01% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Republic Services from a “sell” rating to a “hold” rating in a research note on Friday, October 20th. Royal Bank of Canada reissued an “outperform” rating on shares of Republic Services in a research note on Thursday, September 7th. BMO Capital Markets reissued a “buy” rating and set a $72.00 price target on shares of Republic Services in a research note on Friday, October 13th. BidaskClub downgraded shares of Republic Services from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. Finally, Stifel Nicolaus downgraded shares of Republic Services from a “buy” rating to a “hold” rating and lowered their target price for the company from $76.00 to $70.00 in a research note on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $67.71.

In other news, EVP Catharine D. Ellingsen sold 14,250 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $66.02, for a total value of $940,785.00. Following the completion of the transaction, the executive vice president now owns 8,007 shares in the company, valued at $528,622.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Donald W. Slager sold 32,421 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $64.00, for a total transaction of $2,074,944.00. The disclosure for this sale can be found here. Insiders sold 167,411 shares of company stock valued at $10,808,080 in the last ninety days. Insiders own 0.40% of the company’s stock.

Shares of Republic Services, Inc. (NYSE RSG) traded up $0.34 during trading hours on Thursday, reaching $65.14. 1,475,700 shares of the company’s stock traded hands, compared to its average volume of 1,142,642. Republic Services, Inc. has a 1 year low of $56.17 and a 1 year high of $67.18. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.54 and a quick ratio of 0.51. The company has a market capitalization of $21,656.08, a P/E ratio of 27.00, a PEG ratio of 3.19 and a beta of 0.60.

Republic Services (NYSE:RSG) last issued its earnings results on Thursday, November 2nd. The business services provider reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.04. Republic Services had a net margin of 8.15% and a return on equity of 10.58%. The firm had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the firm earned $0.62 earnings per share. The business’s quarterly revenue was up 6.5% on a year-over-year basis. equities analysts forecast that Republic Services, Inc. will post 2.4 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd will be paid a $0.345 dividend. This represents a $1.38 annualized dividend and a yield of 2.12%. The ex-dividend date is Friday, December 29th. Republic Services’s payout ratio is presently 58.47%.

Republic Services declared that its board has authorized a stock buyback plan on Thursday, November 2nd that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

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About Republic Services

Republic Services, Inc is a provider of non-hazardous solid waste collection, transfer, disposal, recycling and energy services. The Company’s segments include Group 1, Group 2 and Corporate entities. Its Group 1 and Group 2 segments provide integrated waste management services. Group 1 consists of geographic areas located in the western and portions of the mid-western United States.

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Institutional Ownership by Quarter for Republic Services (NYSE:RSG)

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