Envestnet Asset Management Inc. Raises Stock Position in Rentokil Initial PLC $RTO

Envestnet Asset Management Inc. raised its holdings in shares of Rentokil Initial PLC (NYSE:RTO) by 105.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,553,740 shares of the company’s stock after acquiring an additional 798,660 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.31% of Rentokil Initial worth $39,232,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. IFP Advisors Inc boosted its stake in Rentokil Initial by 115.5% in the 2nd quarter. IFP Advisors Inc now owns 1,282 shares of the company’s stock worth $31,000 after purchasing an additional 687 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Rentokil Initial by 40.0% in the second quarter. Russell Investments Group Ltd. now owns 4,582 shares of the company’s stock worth $110,000 after buying an additional 1,309 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Rentokil Initial by 88.2% during the second quarter. PNC Financial Services Group Inc. now owns 4,723 shares of the company’s stock worth $113,000 after acquiring an additional 2,213 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Rentokil Initial by 24.3% during the third quarter. Versant Capital Management Inc now owns 6,914 shares of the company’s stock worth $175,000 after acquiring an additional 1,352 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Rentokil Initial by 122.9% during the second quarter. Advisors Asset Management Inc. now owns 7,610 shares of the company’s stock valued at $183,000 after acquiring an additional 4,196 shares in the last quarter. 9.91% of the stock is currently owned by hedge funds and other institutional investors.

Rentokil Initial Trading Up 0.1%

Rentokil Initial stock opened at $32.39 on Wednesday. Rentokil Initial PLC has a 12-month low of $19.60 and a 12-month high of $33.46. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.03 and a current ratio of 1.12. The firm has a 50-day moving average price of $30.67 and a 200-day moving average price of $27.55.

Wall Street Analyst Weigh In

Several research firms have commented on RTO. Morgan Stanley raised shares of Rentokil Initial from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Rentokil Initial in a research note on Thursday, January 22nd. Rothschild & Co Redburn cut Rentokil Initial from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of Rentokil Initial in a report on Friday, November 21st. Finally, Bank of America upgraded Rentokil Initial from a “neutral” rating to a “buy” rating and set a $34.00 target price for the company in a research report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.00.

About Rentokil Initial

Rentokil Initial PLC is a global business services company specializing in pest control, hygiene and workwear services. Headquartered in Crawley, West Sussex, United Kingdom, the company delivers outsourced solutions designed to protect people, preserve assets and enhance workplaces for both commercial and residential customers.

Under the Rentokil Pest Control brand, the company offers services ranging from routine inspections and treatment of insects, rodents and birds to specialised programmes for food manufacturing and healthcare environments.