Norges Bank Purchases Shares of 2,748,975 Republic Services, Inc. (NYSE:RSG)

Norges Bank acquired a new position in Republic Services, Inc. (NYSE:RSG) in the 4th quarter, HoldingsChannel reports. The firm acquired 2,748,975 shares of the business services provider’s stock, valued at approximately $553,039,000.

Other large investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in Republic Services by 37.5% during the 4th 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 acquiring an additional 4,827 shares in the last quarter. TCW Group Inc. lifted its position in shares of Republic Services by 13.0% during the third quarter. TCW Group Inc. now owns 114,582 shares of the business services provider’s stock valued at $23,013,000 after purchasing an additional 13,138 shares in the last quarter. Avanza Fonder AB purchased a new position in Republic Services during the fourth quarter worth about $4,430,000. Czech National Bank grew its position in Republic Services by 6.1% in the 4th quarter. Czech National Bank now owns 44,134 shares of the business services provider’s stock worth $8,879,000 after purchasing an additional 2,548 shares in the last quarter. Finally, Hickory Point Bank & Trust bought a new position in shares of Republic Services during the 4th quarter worth approximately $790,000. Institutional investors own 57.73% of the company’s stock.

Republic Services Stock Down 0.6 %

Shares of NYSE RSG opened at $238.37 on Friday. The company has a quick ratio of 0.64, a current ratio of 0.58 and a debt-to-equity ratio of 1.04. The company has a market cap of $74.44 billion, a P/E ratio of 36.73, a P/E/G ratio of 3.64 and a beta of 0.73. Republic Services, Inc. has a 52 week low of $180.92 and a 52 week high of $241.09. The business has a 50-day simple moving average of $227.72 and a two-hundred day simple moving average of $213.75.

Republic Services (NYSE:RSG) last issued its quarterly earnings data on Thursday, February 13th. The business services provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.37 by $0.21. Republic Services had a net margin of 12.74% and a return on equity of 18.28%. The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the previous year, the company earned $1.41 earnings per share. Research analysts anticipate that Republic Services, Inc. will post 6.86 earnings per share for the current fiscal year.

Republic Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Wednesday, April 2nd will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 0.97%. The ex-dividend date is Wednesday, April 2nd. Republic Services’s dividend payout ratio is 35.75%.

Insiders Place Their Bets

In other news, COO Gregg Brummer sold 6,293 shares of the business’s stock in a transaction dated 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 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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RSG shares. CIBC raised Republic Services from a “neutral” rating to a “sector outperform” rating and set a $264.00 price target for the company in a research report on Tuesday, March 4th. Morgan Stanley lifted their target price on Republic Services from $220.00 to $230.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Royal Bank of Canada upgraded shares of Republic Services from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $219.00 to $237.00 in a research report on Monday, January 6th. Cibc World Mkts raised shares of Republic Services from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 4th. Finally, BMO Capital Markets raised shares of Republic Services from a “market perform” rating to an “outperform” rating and increased their target price for the company from $211.00 to $238.00 in a research report on Friday, December 6th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $236.88.

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.