Parnassus Investments LLC cut its position in Republic Services, Inc. (NYSE:RSG – Free Report) by 38.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 851,365 shares of the business services provider’s stock after selling 527,898 shares during the quarter. Parnassus Investments LLC owned about 0.27% of Republic Services worth $121,328,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in RSG. Coldstream Capital Management Inc. grew its position in Republic Services by 2.7% during the second quarter. Coldstream Capital Management Inc. now owns 2,680 shares of the business services provider’s stock worth $411,000 after buying an additional 71 shares in the last quarter. FinTrust Capital Advisors LLC boosted its holdings in shares of Republic Services by 56.3% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 197 shares of the business services provider’s stock worth $28,000 after purchasing an additional 71 shares in the last quarter. Spire Wealth Management boosted its holdings in shares of Republic Services by 2.1% in the 2nd quarter. Spire Wealth Management now owns 3,621 shares of the business services provider’s stock worth $555,000 after purchasing an additional 74 shares in the last quarter. Sound View Wealth Advisors Group LLC boosted its holdings in shares of Republic Services by 4.0% in the 3rd quarter. Sound View Wealth Advisors Group LLC now owns 1,968 shares of the business services provider’s stock worth $280,000 after purchasing an additional 75 shares in the last quarter. Finally, Cassia Capital Partners LLC boosted its holdings in shares of Republic Services by 2.7% in the 3rd quarter. Cassia Capital Partners LLC now owns 2,870 shares of the business services provider’s stock worth $409,000 after purchasing an additional 76 shares in the last quarter. 57.23% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
RSG has been the subject of a number of research reports. Citigroup upped their price objective on Republic Services from $178.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, January 18th. UBS Group raised Republic Services from a “neutral” rating to a “buy” rating and upped their price target for the company from $155.00 to $175.00 in a research report on Monday, October 23rd. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Republic Services in a research report on Thursday. Wells Fargo & Company assumed coverage on Republic Services in a research report on Monday, November 27th. They set an “overweight” rating and a $180.00 price target for the company. Finally, Oppenheimer increased their target price on Republic Services from $172.00 to $182.00 and gave the stock an “outperform” rating in a research report on Friday, January 12th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Republic Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $168.67.
Republic Services Stock Performance
NYSE:RSG traded down $0.59 during mid-day trading on Monday, hitting $173.07. 141,195 shares of the company traded hands, compared to its average volume of 1,063,123. The stock’s fifty day moving average price is $165.14 and its 200-day moving average price is $154.82. Republic Services, Inc. has a one year low of $122.44 and a one year high of $174.46. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 1.06. The firm has a market cap of $54.45 billion, a price-to-earnings ratio of 33.59, a price-to-earnings-growth ratio of 2.89 and a beta of 0.67.
Republic Services announced that its Board of Directors has authorized a stock buyback program on Thursday, October 26th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
Republic Services Company Profile
Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States. 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.
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