CI Investments Inc. Acquires 20,635 Shares of Republic Services, Inc. $RSG

CI Investments Inc. grew its stake in Republic Services, Inc. (NYSE:RSG) by 40.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,455 shares of the business services provider’s stock after purchasing an additional 20,635 shares during the period. CI Investments Inc.’s holdings in Republic Services were worth $15,650,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Republic Services during the 4th quarter worth $617,165,000. Capital World Investors boosted its stake in shares of Republic Services by 27.7% during the fourth quarter. Capital World Investors now owns 8,765,623 shares of the business services provider’s stock valued at $1,857,698,000 after purchasing an additional 1,899,183 shares in the last quarter. Morgan Stanley grew its holdings in shares of Republic Services by 38.6% during the fourth quarter. Morgan Stanley now owns 5,348,501 shares of the business services provider’s stock worth $1,133,509,000 after purchasing an additional 1,490,719 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Republic Services by 68.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,256,190 shares of the business services provider’s stock valued at $497,828,000 after buying an additional 913,249 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Republic Services by 18.9% in the 4th quarter. Wellington Management Group LLP now owns 5,070,130 shares of the business services provider’s stock valued at $1,074,513,000 after buying an additional 807,525 shares during the last quarter. Institutional investors and hedge funds own 57.73% of the company’s stock.

Insider Buying and Selling at Republic Services

In other Republic Services news, major shareholder Cascade Investment, L.L.C. purchased 60,700 shares of the stock in a transaction dated Monday, May 18th. The shares were bought at an average price of $213.31 per share, with a total value of $12,947,917.00. Following the completion of the transaction, the insider directly owned 110,803,982 shares in the company, valued at approximately $23,635,597,400.42. This trade represents a 0.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sandra M. Volpe sold 1,800 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $211.28, for a total value of $380,304.00. Following the sale, the director directly owned 58 shares in the company, valued at $12,254.24. This trade represents a 96.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders acquired 987,150 shares of company stock worth $202,366,682. Corporate insiders own 0.12% of the company’s stock.

Republic Services Stock Up 0.9%

Shares of Republic Services stock opened at $216.46 on Thursday. The stock’s 50-day moving average is $211.89 and its 200 day moving average is $214.79. Republic Services, Inc. has a one year low of $196.41 and a one year high of $246.25. The firm has a market cap of $66.60 billion, a price-to-earnings ratio of 31.06, a PEG ratio of 3.59 and a beta of 0.40. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.67.

Republic Services (NYSE:RSG) last announced its quarterly earnings data on Friday, May 8th. The business services provider reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.06. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.The firm had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter last year, the firm posted $1.58 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that Republic Services, Inc. will post 7.28 EPS for the current year.

Republic Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd were given a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Republic Services’s dividend payout ratio (DPR) is currently 35.87%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Argus cut shares of Republic Services from a “buy” rating to a “hold” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. boosted their price objective on shares of Republic Services from $233.00 to $245.00 and gave the stock a “neutral” rating in a research note on Friday, April 10th. Robert W. Baird lowered their target price on Republic Services from $242.00 to $240.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Royal Bank Of Canada upped their price target on Republic Services from $265.00 to $267.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Finally, Weiss Ratings cut Republic Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, April 29th. Eleven investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $243.89.

About Republic Services

Republic Services, Inc is a leading provider of non-hazardous solid waste and recycling services in the United States. The company offers a broad range of waste management solutions to residential, commercial, industrial and municipal customers, positioning itself as a full-service partner for everyday waste collection as well as specialized disposal needs.

Republic’s core operations include curbside and commercial collection, transfer and hauling, materials recovery and recycling facilities, and landfill disposal.