Rentokil Initial (NYSE:RTO) Hits New 52-Week High on Analyst Upgrade

Rentokil Initial PLC (NYSE:RTO) reached a new 52-week high during mid-day trading on Thursday after Bank of America upgraded the stock from a neutral rating to a buy rating. Bank of America now has a $34.00 price target on the stock. Rentokil Initial traded as high as $30.16 and last traded at $30.0760, with a volume of 492448 shares traded. The stock had previously closed at $28.86.

Several other research firms have also recently issued reports on RTO. Berenberg Bank upgraded Rentokil Initial to a “strong sell” rating in a research report on Monday, September 29th. Jefferies Financial Group upgraded shares of Rentokil Initial to a “strong-buy” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. restated an “overweight” rating on shares of Rentokil Initial in a research report on Friday, November 21st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Rentokil Initial in a research report on Wednesday, October 8th. Finally, Sanford C. Bernstein upgraded Rentokil Initial from an “underperform” rating to an “outperform” rating in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.00.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Brooklyn Investment Group grew its holdings in Rentokil Initial by 668.3% during the 1st quarter. Brooklyn Investment Group now owns 1,598 shares of the company’s stock valued at $37,000 after buying an additional 1,390 shares during the last quarter. Elwood Capital Partners LP boosted its stake in shares of Rentokil Initial by 11.4% during the first quarter. Elwood Capital Partners LP now owns 141,324 shares of the company’s stock valued at $3,236,000 after acquiring an additional 14,449 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Rentokil Initial by 49.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 68,076 shares of the company’s stock worth $1,559,000 after purchasing an additional 22,520 shares in the last quarter. Synovus Financial Corp raised its stake in Rentokil Initial by 42.4% in the 1st quarter. Synovus Financial Corp now owns 143,644 shares of the company’s stock valued at $3,290,000 after purchasing an additional 42,786 shares during the last quarter. Finally, Sunriver Management LLC purchased a new position in Rentokil Initial in the 1st quarter valued at about $21,864,000. 9.91% of the stock is currently owned by institutional investors and hedge funds.

Rentokil Initial Trading Up 4.3%

The company’s 50 day simple moving average is $27.53 and its 200-day simple moving average is $25.48.

About Rentokil Initial

Rentokil Initial plc, together with its subsidiaries, provides route-based services in North America, the United Kingdom, rest of Europe, Asia, the Pacific, and internationally. It offers a range of pest control services for rodents, and flying and crawling insects, as well as other forms of wildlife management for commercial customers.