Stock Buyback Program Approved by Republic Services (RSG)
Republic Services (NYSE:RSG) announced that its Board of Directors has initiated a share repurchase plan, which allows the company to buyback $2.00 billion in shares on Thursday, November 2nd, EventVestor reports. This buyback authorization allows the business services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
RSG has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Republic Services from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research report on Friday, July 14th. Stifel Nicolaus reissued a “buy” rating and set a $73.00 price objective on shares of Republic Services in a research report on Wednesday, July 19th. BMO Capital Markets boosted their price objective on shares of Republic Services from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. Barclays PLC reissued a “neutral” rating on shares of Republic Services in a research report on Friday, July 28th. Finally, Credit Suisse Group set a $69.00 price objective on shares of Republic Services and gave the company a “hold” rating in a research report on Saturday, July 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. Republic Services has an average rating of “Hold” and an average price target of $68.29.
Republic Services (RSG) traded down $0.65 on Friday, hitting $63.90. 2,583,218 shares of the company were exchanged, compared to its average volume of 1,236,209. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.92. The company has a market cap of $21.82 billion, a PE ratio of 27.00, a PEG ratio of 2.92 and a beta of 0.61.
Republic Services (NYSE:RSG) last released its earnings results on Thursday, November 2nd. The business services provider reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. Republic Services had a net margin of 8.15% and a return on equity of 10.57%. The company had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the company earned $0.62 EPS. Republic Services’s revenue for the quarter was up 6.5% on a year-over-year basis. equities research analysts predict that Republic Services will post 2.37 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be paid a dividend of $0.345 per share. This represents a $1.38 dividend on an annualized basis and a dividend yield of 2.16%. Republic Services’s dividend payout ratio (DPR) is 58.47%.
In related news, EVP Jeffrey A. Hughes sold 6,329 shares of Republic Services stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $66.50, for a total transaction of $420,878.50. Following the transaction, the executive vice president now owns 428 shares in the company, valued at approximately $28,462. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Donald W. Slager sold 22,608 shares of Republic Services stock in a transaction on Friday, September 29th. The shares were sold at an average price of $66.05, for a total transaction of $1,493,258.40. Following the transaction, the insider now owns 246,617 shares in the company, valued at approximately $16,289,052.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,187 shares of company stock worth $2,854,922. 0.40% of the stock is owned by corporate insiders.
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About Republic Services
Republic Services, Inc is a provider of non-hazardous solid waste collection, transfer, disposal, recycling and energy services. The Company’s segments include Group 1, Group 2 and Corporate entities. Its Group 1 and Group 2 segments provide integrated waste management services. Group 1 consists of geographic areas located in the western and portions of the mid-western United States.
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