Republic Services (RSG) Price Target Cut to $70.00 by Analysts at BMO Capital Markets
Republic Services (NYSE:RSG) had its price target lowered by BMO Capital Markets from $74.00 to $70.00 in a report published on Friday. The firm currently has an outperform rating on the business services provider’s stock.
RSG has been the subject of several other reports. Credit Suisse Group decreased their price objective on Republic Services from $69.00 to $67.00 and set a neutral rating for the company in a report on Monday, November 6th. Zacks Investment Research raised Republic Services from a hold rating to a buy rating and set a $76.00 price objective for the company in a report on Monday, January 22nd. Stifel Nicolaus raised Republic Services from a hold rating to a buy rating and increased their price objective for the company from $70.00 to $73.00 in a report on Thursday, January 4th. Finally, Bank of America increased their price objective on Republic Services from $70.00 to $73.00 and gave the company a buy rating in a report on Monday, February 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Republic Services presently has a consensus rating of Hold and an average target price of $69.00.
Republic Services (NYSE RSG) opened at $61.96 on Friday. The company has a market cap of $20,521.99, a P/E ratio of 25.39, a price-to-earnings-growth ratio of 1.94 and a beta of 0.53. Republic Services has a one year low of $57.74 and a one year high of $69.40. The company has a quick ratio of 0.51, a current ratio of 0.55 and a debt-to-equity ratio of 0.94.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Monday, April 2nd will be issued a $0.345 dividend. This represents a $1.38 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Thursday, March 29th. Republic Services’s payout ratio is currently 36.41%.
Republic Services announced that its board has authorized a stock buyback plan on Thursday, November 2nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In related news, CEO Donald W. Slager sold 98,132 shares of the stock in a transaction on 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 directly owns 322,541 shares of the company’s stock, valued at $20,703,906.79. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Brian A. Goebel sold 1,220 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $68.06, for a total value of $83,033.20. Following the sale, the chief accounting officer now directly owns 7,406 shares of the company’s stock, valued at $504,052.36. The disclosure for this sale can be found here. Insiders sold 137,063 shares of company stock valued at $8,816,258 over the last three months. Corporate insiders own 0.40% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Patten Group Inc. lifted its holdings in shares of Republic Services by 279.6% during the third quarter. Patten Group Inc. now owns 18,789 shares of the business services provider’s stock worth $327,000 after purchasing an additional 13,839 shares during the period. Advisory Services Network LLC lifted its holdings in shares of Republic Services by 6.3% during the second quarter. Advisory Services Network LLC now owns 3,782 shares of the business services provider’s stock worth $241,000 after purchasing an additional 223 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Republic Services by 9.0% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,624 shares of the business services provider’s stock worth $1,230,000 after purchasing an additional 1,544 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Republic Services during the third quarter worth $1,897,000. Finally, Macquarie Group Ltd. lifted its holdings in shares of Republic Services by 1,040.0% during the second quarter. Macquarie Group Ltd. now owns 5,700 shares of the business services provider’s stock worth $364,000 after purchasing an additional 5,200 shares during the period. 59.31% of the stock is owned by hedge funds and other institutional investors.
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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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