Highstreet Asset Management Inc. Has $2.07 Million Stake in Republic Services, Inc. (RSG)
Highstreet Asset Management Inc. boosted its stake in Republic Services, Inc. (NYSE:RSG) by 259.4% during the second quarter, Holdings Channel reports. The firm owned 32,441 shares of the business services provider’s stock after buying an additional 23,415 shares during the period. Highstreet Asset Management Inc.’s holdings in Republic Services were worth $2,068,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. increased its position in Republic Services by 59.1% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,903 shares of the business services provider’s stock valued at $185,000 after buying an additional 1,078 shares during the period. Pinnacle Financial Partners Inc. purchased a new position in Republic Services during the first quarter valued at $203,000. Fox Run Management L.L.C. purchased a new position in Republic Services during the first quarter valued at $204,000. Pillar Pacific Capital Management LLC purchased a new position in Republic Services during the first quarter valued at $205,000. Finally, Tiedemann Wealth Management LLC purchased a new position in Republic Services during the first quarter valued at $205,000. 61.33% of the stock is currently owned by institutional investors and hedge funds.
Shares of Republic Services, Inc. (RSG) opened at 64.65 on Thursday. The company’s 50 day moving average is $64.42 and its 200 day moving average is $62.82. The firm has a market capitalization of $21.77 billion, a PE ratio of 33.19 and a beta of 0.58. Republic Services, Inc. has a 12-month low of $49.18 and a 12-month high of $65.54.
Republic Services (NYSE:RSG) last posted its earnings results on Thursday, July 27th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.02. Republic Services had a return on equity of 10.42% and a net margin of 6.86%. The business had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the prior year, the business earned $0.55 EPS. Republic Services’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, analysts forecast that Republic Services, Inc. will post $2.39 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be paid a dividend of $0.345 per share. This represents a $1.38 dividend on an annualized basis and a yield of 2.13%. This is a boost from Republic Services’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, September 29th. Republic Services’s dividend payout ratio is presently 65.64%.
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Several research firms have recently weighed in on RSG. Credit Suisse Group set a $63.00 target price on shares of Republic Services and gave the stock a “hold” rating in a research report on Sunday, April 30th. BidaskClub downgraded shares of Republic Services from a “hold” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research raised shares of Republic Services from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research report on Thursday, May 25th. BMO Capital Markets lifted their target price on shares of Republic Services from $71.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 28th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $73.00 target price on shares of Republic Services in a research report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $69.78.
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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