Resona Asset Management Co. Ltd. has reduced its stake in Republic Services, Inc. (NYSE:RSG) by 4.1% during the third quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 107,682 shares of the business services company after divesting 4,608 shares during the period. As per the latest SEC filing, Resona’s holdings in Republic Services are valued at approximately $24.7 million.
Several other institutional investors have also adjusted their positions in Republic Services. Notably, Norges Bank has entered a significant position in the company, purchasing approximately $690.3 million worth of shares during the second quarter. M&G PLC has expanded its stake by 113%, now owning over 1.1 million shares valued at nearly $287.7 million after acquiring an additional 617,939 shares. Similarly, Robeco Institutional Asset Management B.V. increased its holdings by 118.4%, now commanding 806,409 shares valued around $198.9 million. Qube Research & Technologies Ltd. is another notable investor, having grown its stake by 174.6% during the same period, holding 685,448 shares worth approximately $169 million. Invesco Ltd. also raised its holdings by 21.3%, amounting to 2.3 million shares valued at around $573.4 million. Overall, institutional investors currently own about 57.73% of Republic Services’ stock.
On the trading front, shares of Republic Services opened at $217.75 last Friday. The company has seen a twelve-month low of $201.42 and a high of $258.75, showcasing a healthy market presence with a market capitalization of $67.41 billion. The company reported a P/E ratio of 32.40 and a price-to-earnings-growth ratio of 3.56, reflecting a robust financial health profile alongside a beta of 0.55. Alongside these metrics, the company’s revenue for the latest quarter was $4.21 billion, a 3.3% increase year-over-year, slightly below analysts’ expectations of $4.25 billion.
In a notable earnings announcement, Republic Services exceeded projections with an EPS of $1.90 for the latest quarter, surpassing the consensus estimate of $1.78. The company has demonstrated a solid return on equity at 18.24% and a net margin of 12.77%. Analysts are optimistic about the company’s future prospects, with expectations of 6.86 earnings per share for the current fiscal year.
In addition to institutional trading activities, insights into insider transactions reveal that Director Katharine Weymouth purchased 478 shares at an average price of $209.46 recently, increasing her ownership stake in the company.
Republic Services continues to draw attention from various analysts. While JPMorgan Chase & Co. adjusted their target price from $260 to $233 and rated the stock as “neutral”, other analysts have maintained optimistic views. Sanford C. Bernstein raised their price target from $205 to $220 with a “market perform” rating, and Raymond James Financial restated an “outperform” rating with a price target of $240. Notably, one analyst rates the stock as a “Strong Buy”, while the consensus gives it a “Moderate Buy” rating with an average price target of $248.82.
Republic Services remains a key player in the non-hazardous solid waste and recycling services sector in the United States. The company’s multifaceted operations range from curbside collection to specialized disposal services, establishing itself as a comprehensive waste management solution for a variety of clientele, including residential, commercial, and municipal sectors.
This information underscores Republic Services’ stable market position and growth potential despite fluctuating stock performance and varying analyst recommendations.