Magnetar Financial LLC Sells 17,307 Shares of Republic Services, Inc. (RSG)
Magnetar Financial LLC decreased its stake in shares of Republic Services, Inc. (NYSE:RSG) by 40.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,462 shares of the business services provider’s stock after selling 17,307 shares during the period. Magnetar Financial LLC’s holdings in Republic Services were worth $1,682,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in RSG. Candriam Luxembourg S.C.A. increased its position in Republic Services by 56.7% during the second quarter. Candriam Luxembourg S.C.A. now owns 36,354 shares of the business services provider’s stock worth $2,317,000 after buying an additional 13,159 shares in the last quarter. Korea Investment CORP increased its position in Republic Services by 25.2% during the second quarter. Korea Investment CORP now owns 89,010 shares of the business services provider’s stock worth $5,673,000 after buying an additional 17,890 shares in the last quarter. IFP Advisors Inc increased its position in Republic Services by 2.3% during the second quarter. IFP Advisors Inc now owns 4,498 shares of the business services provider’s stock worth $287,000 after buying an additional 103 shares in the last quarter. Global X Management Co. LLC increased its position in Republic Services by 1.8% during the second quarter. Global X Management Co. LLC now owns 10,455 shares of the business services provider’s stock worth $666,000 after buying an additional 181 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in Republic Services during the second quarter worth $669,000. 60.01% of the stock is owned by institutional investors.
In other Republic Services news, CEO Donald W. Slager sold 98,132 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $64.19, for a total transaction of $6,299,093.08. Following the completion of the sale, the chief executive officer now owns 322,541 shares of the company’s stock, valued at $20,703,906.79. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jeffrey A. Hughes sold 6,329 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $66.50, for a total value of $420,878.50. Following the sale, the executive vice president now directly owns 428 shares of the company’s stock, valued at approximately $28,462. The disclosure for this sale can be found here. In the last three months, insiders have sold 173,740 shares of company stock valued at $11,228,959. 0.40% of the stock is owned by company insiders.
Republic Services (NYSE:RSG) last announced its quarterly earnings data on Thursday, November 2nd. The business services provider reported $0.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.04. The business had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.54 billion. Republic Services had a return on equity of 10.58% and a net margin of 8.15%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 earnings per share. research analysts forecast that Republic Services, Inc. will post 2.4 earnings per share for the current year.
Republic Services announced that its board has initiated a share buyback plan on Thursday, November 2nd that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd will be given a dividend of $0.345 per share. This represents a $1.38 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Friday, December 29th. Republic Services’s dividend payout ratio (DPR) is presently 58.47%.
Several equities analysts have weighed in on the company. Stifel Nicolaus downgraded Republic Services from a “buy” rating to a “hold” rating and dropped their price target for the stock from $76.00 to $70.00 in a research report on Wednesday, October 4th. Zacks Investment Research raised Republic Services from a “sell” rating to a “hold” rating in a research report on Friday, November 3rd. BidaskClub downgraded Republic Services from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Republic Services in a research report on Thursday, September 7th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Republic Services in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $67.71.
Republic Services Company Profile
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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