Republic Services, Inc. (NYSE:RSG) Stock Position Lifted by Investment Management Corp of Ontario

Investment Management Corp of Ontario increased its position in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 48.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,307 shares of the business services provider's stock after acquiring an additional 2,400 shares during the quarter. Investment Management Corp of Ontario's holdings in Republic Services were worth $1,468,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Republic Services in the 3rd quarter valued at $6,102,000. Lifeworks Advisors LLC raised its stake in shares of Republic Services by 1,112.3% in the 3rd quarter. Lifeworks Advisors LLC now owns 21,469 shares of the business services provider's stock valued at $4,312,000 after acquiring an additional 19,698 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Republic Services by 15.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 5,663 shares of the business services provider's stock valued at $1,137,000 after acquiring an additional 746 shares during the period. Quantbot Technologies LP purchased a new position in shares of Republic Services in the 3rd quarter valued at $6,579,000. Finally, PGGM Investments raised its stake in shares of Republic Services by 264.3% in the 2nd quarter. PGGM Investments now owns 8,842 shares of the business services provider's stock valued at $1,718,000 after acquiring an additional 6,415 shares during the period. Institutional investors and hedge funds own 57.73% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RSG shares. BMO Capital Markets raised shares of Republic Services from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $211.00 to $238.00 in a research note on Friday. Scotiabank assumed coverage on shares of Republic Services in a research note on Friday, October 4th. They set a "sector perform" rating and a $224.00 price target on the stock. Truist Financial raised their price objective on shares of Republic Services from $220.00 to $244.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. CIBC raised their price objective on shares of Republic Services from $217.00 to $227.00 and gave the stock a "neutral" rating in a report on Wednesday. Finally, Morgan Stanley raised their price objective on shares of Republic Services from $208.00 to $217.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 30th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $217.88.

Republic Services Stock Performance

Republic Services stock traded up $1.22 during midday trading on Friday, reaching $216.70. 1,052,887 shares of the stock traded hands, compared to its average volume of 1,115,917. Republic Services, Inc. has a fifty-two week low of $160.41 and a fifty-two week high of $220.58. The firm has a market cap of $67.86 billion, a price-to-earnings ratio of 34.67, a PEG ratio of 3.28 and a beta of 0.71. The firm has a fifty day moving average price of $207.21 and a two-hundred day moving average price of $200.67. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 1.07.

Republic Services (NYSE:RSG - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.81 EPS for the quarter, topping analysts' consensus estimates of $1.61 by $0.20. Republic Services had a net margin of 12.46% and a return on equity of 18.18%. The company had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $4.12 billion. During the same period in the previous year, the firm earned $1.54 EPS. Republic Services's revenue was up 6.5% on a year-over-year basis. On average, equities research analysts forecast that Republic Services, Inc. will post 6.24 earnings per share for the current year.

Republic Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be given a dividend of $0.58 per share. The ex-dividend date is Thursday, January 2nd. This represents a $2.32 dividend on an annualized basis and a dividend yield of 1.07%. Republic Services's dividend payout ratio (DPR) is 37.12%.

Insider Buying and Selling

In other news, CFO Brian M. Delghiaccio sold 5,071 shares of Republic Services stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $210.02, for a total value of $1,065,011.42. Following the transaction, the chief financial officer now directly owns 6,318 shares of the company's stock, valued at $1,326,906.36. This trade represents a 44.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.09% of the company's stock.

About Republic Services

Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States and Canada. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions.