Insider Buying: Republic Services (NYSE:RSG) Major Shareholder Purchases $74,019,840.00 in Stock

Republic Services, Inc. (NYSE:RSG) major shareholder Cascade Investment, L.L.C. purchased 366,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were acquired at an average cost of $202.24 per share, with a total value of $74,019,840.00. Following the completion of the acquisition, the insider directly owned 110,315,982 shares in the company, valued at $22,310,304,199.68. The trade was a 0.33% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Cascade Investment, L.L.C. also recently made the following trade(s):

• On Monday, May 11th, Cascade Investment, L.L.C. purchased 78,150 shares of Republic Services stock. The shares were acquired at an average cost of $197.18 per share, with a total value of $15,409,617.00.
• On Tuesday, May 12th, Cascade Investment, L.L.C. purchased 55,000 shares of Republic Services stock. The shares were acquired at an average price of $201.78 per share, with a total value of $11,097,900.00.

Republic Services Stock Performance

NYSE RSG opened at $208.12 on Friday. The stock has a market capitalization of $64.03 billion, a price-to-earnings ratio of 29.86, a PEG ratio of 3.43 and a beta of 0.43. The company has a current ratio of 0.67, a quick ratio of 0.64 and a debt-to-equity ratio of 1.11. The business’s 50 day moving average is $214.67 and its two-hundred day moving average is $214.89. Republic Services, Inc. has a 12-month low of $196.41 and a 12-month high of $258.75.

Republic Services (NYSE:RSG) last released its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.06. The business had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.10 billion. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.The company’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.58 EPS. Research analysts expect that Republic Services, Inc. will post 7.27 EPS for the current year.

Republic Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd will be issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, July 2nd. Republic Services’s dividend payout ratio is 35.87%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Watch Advisors INC purchased a new stake in shares of Republic Services during the third quarter worth about $26,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Republic Services during the fourth quarter worth about $25,000. Annis Gardner Whiting Capital Advisors LLC increased its position in shares of Republic Services by 121.8% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 122 shares of the business services provider’s stock worth $28,000 after acquiring an additional 67 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Republic Services during the third quarter worth about $29,000. Finally, Prosperity Bancshares Inc purchased a new stake in shares of Republic Services during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 57.73% of the company’s stock.

Wall Street Analyst Weigh In

RSG has been the topic of a number of analyst reports. Robert W. Baird lowered their target price on Republic Services from $242.00 to $240.00 and set a “neutral” rating on the stock in a report on Thursday, April 16th. Oppenheimer lowered their target price on Republic Services from $256.00 to $255.00 and set an “outperform” rating on the stock in a report on Friday, January 23rd. BMO Capital Markets decreased their price objective on Republic Services from $251.00 to $248.00 and set an “outperform” rating on the stock in a report on Wednesday, February 18th. Wolfe Research initiated coverage on Republic Services in a report on Friday, March 13th. They set a “peer perform” rating on the stock. Finally, Morgan Stanley decreased their price objective on Republic Services from $230.00 to $225.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 18th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $245.15.

About Republic Services

Republic Services, Inc is a leading provider of non-hazardous solid waste and recycling services in the United States. The company offers a broad range of waste management solutions to residential, commercial, industrial and municipal customers, positioning itself as a full-service partner for everyday waste collection as well as specialized disposal needs.

Republic’s core operations include curbside and commercial collection, transfer and hauling, materials recovery and recycling facilities, and landfill disposal.