Fmr LLC Cuts Stake in Republic Services, Inc. (RSG)
Fmr LLC lessened its position in shares of Republic Services, Inc. (NYSE:RSG) by 11.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,981 shares of the business services provider’s stock after selling 7,513 shares during the quarter. Fmr LLC’s holdings in Republic Services were worth $4,100,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of RSG. Unigestion Holding SA acquired a new position in shares of Republic Services during the second quarter valued at $67,460,000. Mackay Shields LLC lifted its stake in shares of Republic Services by 507.8% during the second quarter. Mackay Shields LLC now owns 232,507 shares of the business services provider’s stock valued at $15,895,000 after acquiring an additional 194,250 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Republic Services by 65.6% during the second quarter. Teacher Retirement System of Texas now owns 489,636 shares of the business services provider’s stock valued at $33,472,000 after acquiring an additional 193,876 shares during the period. First Trust Advisors LP lifted its stake in shares of Republic Services by 31.5% during the second quarter. First Trust Advisors LP now owns 769,036 shares of the business services provider’s stock valued at $52,571,000 after acquiring an additional 184,239 shares during the period. Finally, Swarthmore Group Inc. acquired a new position in Republic Services in the second quarter valued at about $9,047,000. 60.69% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have weighed in on the company. Zacks Investment Research raised Republic Services from a “sell” rating to a “hold” rating in a research note on Wednesday, August 1st. ValuEngine raised Republic Services from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Bank of America increased their target price on Republic Services from $70.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, August 17th. BMO Capital Markets increased their target price on Republic Services from $75.00 to $79.00 and gave the company a “positive” rating in a research note on Thursday, August 16th. Finally, Stifel Nicolaus increased their target price on Republic Services from $73.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, September 10th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $75.00.
Republic Services (NYSE:RSG) last released its earnings results on Thursday, July 26th. The business services provider reported $0.73 earnings per share for the quarter, meeting the consensus estimate of $0.73. Republic Services had a return on equity of 11.65% and a net margin of 13.51%. The firm had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.53 billion. During the same quarter in the prior year, the firm posted $0.61 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. Research analysts anticipate that Republic Services, Inc. will post 3.04 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be given a dividend of $0.375 per share. The ex-dividend date is Friday, September 28th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.12%. This is a positive change from Republic Services’s previous quarterly dividend of $0.35. Republic Services’s dividend payout ratio (DPR) is currently 61.73%.
In other news, CEO Donald W. Slager sold 91,334 shares of the firm’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $73.04, for a total transaction of $6,671,035.36. Following the sale, the chief executive officer now owns 378,023 shares of the company’s stock, valued at $27,610,799.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Donald W. Slager sold 225,734 shares of the firm’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $73.02, for a total value of $16,483,096.68. Following the sale, the insider now directly owns 378,023 shares in the company, valued at approximately $27,603,239.46. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.
Republic Services Company Profile
Republic Services, Inc, together with its subsidiaries, provides non-hazardous solid waste collection, transfer, recycling, disposal, and energy services for small-container, large-container, municipal and residential, and energy services customers in the United States and Puerto Rico. The company's collection services include curbside collection of waste for transport to transfer stations; supply of waste containers; and renting of compactors.
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