Moore Capital Management LP, a prominent investment management firm, has increased its stake in Republic Services, Inc. (NYSE:RSG) by 13.5% during the first quarter of this year. The company recently filed Form 13F with the Securities and Exchange Commission (SEC), disclosing that it now owns 102,787 shares of Republic Services’ stock, after purchasing an additional 12,204 shares in the last quarter. With this increase in holdings, Moore Capital Management LP’s position in Republic Services is currently valued at $13,899,000.
Republic Services recently published its quarterly earnings results on July 31st. The business services provider reported earnings per share (EPS) of $1.41 for the quarter, surpassing the consensus estimate of $1.32 by $0.09. The company’s revenue during the same period amounted to $3.73 billion, matching analysts’ predictions precisely. This represents a 9.1% increase from the previous year’s figures.
The return on equity for Republic Services stood at 16.53%, indicating efficient utilization of shareholder investments during the quarter. Additionally, the company maintained a net margin of 10.91%, demonstrating its ability to generate profits from its operations effectively.
Following these impressive quarterly results and strong financial performance, research analysts have provided their opinions on Republic Services’ stock.
Royal Bank of Canada raised their target price on Republic Services from $156 to $163 and assigned the company a “sector perform” rating in their report on August 1st. Citigroup also raised their target price from $177 to $178 and gave a “buy” rating to Republic Services in their report on August 2nd.
Similarly, BMO Capital Markets increased their target price from $158 to $160 and provided a “market perform” rating for Republic Services on August 1st. Raymond James was even more optimistic as they raised their target price from $154 to $167, giving the company an “outperform” rating in their report on July 21st.
Lastly, StockNews.com initiated its coverage of Republic Services on August 17th with a “buy” rating for the stock.
Overall, there is a consensus among analysts that Republic Services is a solid investment, with six analysts indicating a buy rating and another six providing hold ratings for the stock. Combining opinions from various sources, the average rating assigned to Republic Services by Bloomberg.com is currently “Moderate Buy.” The consensus price target for the company’s stock stands at $159.
These assessments and positive outlook from reputable analysts reflect the market’s optimism about Republic Services’ future prospects. As we progress into Q3 and beyond, investors will be watching closely to see if Republic Services can continue its strong financial performance and maintain investor confidence in the company.
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Recent Developments and Insider Trading in Republic Services: Investor Holdings, Key Personnel Transactions, and Market Analysis
In a series of recent developments, Republic Services, a prominent business services provider, witnessed modifications in the holdings of several large investors. Oak Family Advisors LLC increased its position in Republic Services by 2.3% during the first quarter, now owning 3,187 shares valued at approximately $431,000 after acquiring an additional 72 shares in the last quarter. M&T Bank Corp also raised its position by 0.3% during the same period, now possessing 25,849 shares worth $3.5 million after acquiring an additional 79 shares.
Furthermore, ETF Managers Group LLC increased its position in Republic Services by 1.5% during the first quarter and currently holds 5,474 shares valued at around $740,000 after acquiring an additional 81 shares last quarter. Macquarie Group Ltd. experienced a growth of approximately 1.2% in its holdings during the second quarter and now owns 6,656 shares valued at $871,000 after purchasing an additional 81 shares. First Commonwealth Financial Corp PA also saw a growth of approximately 2.4% and currently possesses 3,605 shares valued at $478,000 after purchasing an additional 85 shares.
Interestingly enough, data reveals that hedge funds and other institutional investors have a significant stake in Republic Services with ownership amounting to approximately 57.23% of the company’s stock.
Shifting attention to recent news regarding key personnel within the company’s hierarchy; it has been reported that CMO Amanda Hodges sold a total of 2,712 shares on Thursday, August 10th for an average price of $148.66 per share resulting in a total transaction value of $403,165.92. Following this sale, Hodges now directly owns a total of 4,969 shares worth approximately $738,691.54.
Additionally, CFO Brian M. Delghiaccio conducted his own transaction by selling 5,500 shares of the company’s stock on Monday, August 7th. The average price per share was $149.65, resulting in a total value of $823,075.00. Delghiaccio currently possesses 5,071 shares valued at $758,875.15.
It is worth noting that as corporate insiders engage in these transactions, they collectively own approximately 0.09% of the company’s stock.
Turning to its recent trading activity, Republic Services experienced a decline of $0.54 during midday trading on Friday, reaching a value of $146.22 per share. The company witnessed a trading volume of approximately 816,849 shares compared to an average volume of 901,440 shares. With a current ratio and quick ratio standing at 0.76 each and a debt-to-equity ratio of 1.17, Republic Services holds a market cap of $46.25 billion and boasts a P/E ratio of 29.42 along with a PEG ratio of 2.85.
Investors might also find it relevant to take note that the company has been trading within the range of its 52-week low at $120.58 and its high at $156.65 for the past year.
For further insights into Republic Services’ operations and financial status, interested parties can refer to our latest research report on the subject.
