Tandem Investment Advisors Inc. has increased its stake in Republic Services, Inc. (NYSE:RSG) by 9.8% during the third quarter, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). After acquiring an additional 21,681 shares, the institutional investor now holds a total of 241,920 shares in the waste management company, which represents approximately 1.9% of its overall portfolio. As of the latest SEC filing, these holdings are valued at about $55.5 million.
Several other institutional investors have also adjusted their positions in Republic Services recently. Notably, Norges Bank made a significant entry into the company during the second quarter, acquiring a stake worth $690.3 million. M&G PLC increased its investment by 113%, adding 617,939 shares to its holdings, bringing its total to 1,164,656 shares valued at approximately $287.7 million. Similarly, Robeco Institutional Asset Management B.V. raised its position by 118.4%, now owning 806,409 shares worth $198.9 million. Qube Research & Technologies Ltd. also expanded its investment significantly, with a 174.6% increase, culminating in 685,448 shares valued at about $169 million. Invesco Ltd. further lifted its stake by 21.3%, now holding 2,325,302 shares worth $573.4 million.
As it stands, institutional investors collectively own approximately 57.73% of Republic Services’ stock.
Market Performance and Analyst Insights
On the trading front, Republic Services shares opened at $215.28 on Friday, reflecting a slight decline of 1.1%. The stock has experienced fluctuations over the past year, with a low of $201.42 and a high of $258.75. The company currently boasts a market capitalization of $66.64 billion and maintains a price-to-earnings ratio of 32.04.
Analysts have provided varying outlooks on Republic Services. In a recent note, UBS Group set a target price of $220.00, while JPMorgan Chase & Co. lowered its target from $260.00 to $233.00, rating the stock as “neutral.” Bank of America adjusted its target price from $271.00 to $241.00 while maintaining a “buy” rating. Oppenheimer reduced its price target slightly from $256.00 to $255.00 and rated the stock as “outperform.” National Bankshares also decreased its target from $270.00 to $241.00.
The consensus among analysts indicates a “Moderate Buy” rating, with a consensus price target of $248.82.
Insider Activity and Company Profile
In related news, Director Katharine Weymouth purchased 478 shares of Republic Services on December 9, with an average acquisition cost of $209.46 per share. This transaction totaled approximately $100,121.88 and increased her ownership stake by 9.08%, bringing her total to 5,740 shares, valued at $1.2 million. Insider ownership remains relatively low, at 0.11% of the company.
Republic Services, Inc. is a leading provider of non-hazardous solid waste and recycling services across the United States. The firm offers a comprehensive range of waste management solutions, catering to residential, commercial, industrial, and municipal clients. Its core operations encompass curbside and commercial collection, landfill disposal, and materials recovery through recycling facilities.
For more detailed information, investors are encouraged to monitor the latest filings and reports regarding Republic Services and its market performance.
