Norges Bank Makes New Investment in Republic Services, Inc. $RSG

Norges Bank acquired a new position in shares of Republic Services, Inc. (NYSE:RSG) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 2,912,119 shares of the business services provider’s stock, valued at approximately $617,165,000.

Several other hedge funds have also recently bought and sold shares of RSG. Laurel Wealth Advisors LLC acquired a new stake in shares of Republic Services in the fourth quarter valued at $25,000. Wealth Watch Advisors INC acquired a new stake in shares of Republic Services in the third quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Republic Services by 121.8% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 122 shares of the business services provider’s stock valued at $28,000 after buying an additional 67 shares in the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Republic Services in the third quarter valued at $29,000. Finally, Sound Income Strategies LLC acquired a new stake in shares of Republic Services in the fourth quarter valued at $32,000. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Republic Services Price Performance

Shares of RSG opened at $200.32 on Monday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.11. Republic Services, Inc. has a 1 year low of $196.41 and a 1 year high of $258.75. The stock has a market cap of $61.63 billion, a P/E ratio of 28.74, a price-to-earnings-growth ratio of 3.30 and a beta of 0.41. The stock’s 50-day moving average price is $211.11 and its two-hundred day moving average price is $214.88.

Republic Services (NYSE:RSG) last issued its earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.06. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.The firm had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter last year, the business earned $1.58 earnings per share. The company’s revenue was up 2.6% compared to the same quarter last year. On average, equities analysts predict that Republic Services, Inc. will post 7.27 earnings per share for the current year.

Republic Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd will be issued a dividend of $0.625 per share. The ex-dividend date is Thursday, July 2nd. This represents a $2.50 dividend on an annualized basis and a yield of 1.2%. Republic Services’s dividend payout ratio (DPR) is 36.15%.

Insider Transactions at Republic Services

In related news, major shareholder Cascade Investment, L.L.C. bought 366,000 shares of Republic Services stock in a transaction on Wednesday, May 13th. The shares were purchased at an average price of $202.24 per share, for a total transaction of $74,019,840.00. Following the completion of the acquisition, the insider owned 110,315,982 shares in the company, valued at approximately $22,310,304,199.68. This represents a 0.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 987,150 shares of company stock worth $202,366,682 in the last quarter. 0.12% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RSG. Citigroup lowered their target price on Republic Services from $253.00 to $247.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. UBS Group lowered their price objective on Republic Services from $240.00 to $223.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Wells Fargo & Company lifted their price objective on Republic Services from $238.00 to $252.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 18th. Morgan Stanley lowered their price objective on Republic Services from $230.00 to $225.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 18th. Finally, Robert W. Baird lowered their price objective on Republic Services from $242.00 to $240.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Eleven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $245.15.

Republic Services Company Profile

Republic Services, Inc is a leading provider of non-hazardous solid waste and recycling services in the United States. The company offers a broad range of waste management solutions to residential, commercial, industrial and municipal customers, positioning itself as a full-service partner for everyday waste collection as well as specialized disposal needs.

Republic’s core operations include curbside and commercial collection, transfer and hauling, materials recovery and recycling facilities, and landfill disposal.