Bank of Nova Scotia Boosts Stake in Republic Services, Inc. (NYSE:RSG)

Bank of Nova Scotia raised its stake in Republic Services, Inc. (NYSE:RSG - Free Report) by 53.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 368,989 shares of the business services provider's stock after buying an additional 129,117 shares during the quarter. Bank of Nova Scotia owned approximately 0.12% of Republic Services worth $74,277,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Republic Services by 37.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,682 shares of the business services provider's stock valued at $3,586,000 after purchasing an additional 4,827 shares during the period. TCW Group Inc. grew its stake in shares of Republic Services by 13.0% in the 3rd quarter. TCW Group Inc. now owns 114,582 shares of the business services provider's stock valued at $23,013,000 after buying an additional 13,138 shares during the period. DnB Asset Management AS increased its holdings in shares of Republic Services by 65.1% during the 4th quarter. DnB Asset Management AS now owns 72,931 shares of the business services provider's stock worth $14,672,000 after buying an additional 28,764 shares during the last quarter. Avanza Fonder AB purchased a new stake in shares of Republic Services during the 4th quarter valued at approximately $4,430,000. Finally, Czech National Bank lifted its holdings in Republic Services by 6.1% in the fourth quarter. Czech National Bank now owns 44,134 shares of the business services provider's stock valued at $8,879,000 after acquiring an additional 2,548 shares during the last quarter. 57.73% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Republic Services Stock Performance

Shares of NYSE:RSG traded up $1.39 during midday trading on Monday, hitting $245.31. The stock had a trading volume of 177,816 shares, compared to its average volume of 1,214,397. The company has a market capitalization of $76.61 billion, a PE ratio of 37.80, a P/E/G ratio of 3.64 and a beta of 0.62. Republic Services, Inc. has a 1 year low of $180.91 and a 1 year high of $249.73. The stock has a 50 day moving average price of $233.24 and a two-hundred day moving average price of $216.78. The company has a current ratio of 0.58, a quick ratio of 0.64 and a debt-to-equity ratio of 1.04.

Republic Services (NYSE:RSG - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The business services provider reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.37 by $0.21. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.08 billion. Republic Services had a return on equity of 18.28% and a net margin of 12.74%. During the same quarter in the prior year, the company posted $1.41 earnings per share. As a group, equities analysts predict that Republic Services, Inc. will post 6.86 earnings per share for the current fiscal year.

Republic Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Wednesday, April 2nd will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Wednesday, April 2nd. This represents a $2.32 dividend on an annualized basis and a dividend yield of 0.95%. Republic Services's payout ratio is 35.75%.

Analysts Set New Price Targets

A number of research firms have commented on RSG. The Goldman Sachs Group lifted their target price on Republic Services from $239.00 to $265.00 and gave the company a "buy" rating in a research report on Tuesday, February 18th. Royal Bank of Canada raised shares of Republic Services from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $219.00 to $237.00 in a research report on Monday, January 6th. CIBC raised shares of Republic Services from a "neutral" rating to a "sector outperform" rating and set a $264.00 target price for the company in a research note on Tuesday, March 4th. Jefferies Financial Group upped their price objective on shares of Republic Services from $235.00 to $244.00 and gave the stock a "buy" rating in a report on Thursday, January 23rd. Finally, Cibc World Mkts upgraded shares of Republic Services from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 4th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $239.13.

Insider Activity

In related news, COO Gregg Brummer sold 6,293 shares of Republic Services stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $228.20, for a total transaction of $1,436,062.60. Following the completion of the transaction, the chief operating officer now directly owns 10,416 shares of the company's stock, valued at approximately $2,376,931.20. The trade was a 37.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.09% of the company's stock.

Republic Services Profile

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.