Gabelli Funds LLC Lowers Stake in Republic Services, Inc. $RSG

Gabelli Funds LLC cut its position in Republic Services, Inc. (NYSE:RSG) by 3.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 548,285 shares of the business services provider’s stock after selling 18,884 shares during the period. Republic Services comprises 0.8% of Gabelli Funds LLC’s portfolio, making the stock its 16th largest holding. Gabelli Funds LLC owned approximately 0.18% of Republic Services worth $120,085,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Wealth Watch Advisors INC bought a new stake in Republic Services during the third quarter valued at about $26,000. Laurel Wealth Advisors LLC purchased a new stake in Republic Services during the 4th quarter valued at approximately $25,000. Prosperity Bancshares Inc purchased a new position in shares of Republic Services in the fourth quarter worth $30,000. Sound Income Strategies LLC bought a new position in shares of Republic Services during the fourth quarter worth $32,000. Finally, Hilton Head Capital Partners LLC purchased a new position in Republic Services during the fourth quarter valued at $32,000. Hedge funds and other institutional investors own 57.73% of the company’s stock.

Wall Street Analyst Weigh In

RSG has been the topic of several research analyst reports. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and issued a $249.00 price target on shares of Republic Services in a research note on Friday, May 8th. JPMorgan Chase & Co. raised their price objective on Republic Services from $233.00 to $245.00 and gave the company a “neutral” rating in a research report on Friday, April 10th. UBS Group decreased their target price on Republic Services from $240.00 to $223.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Royal Bank Of Canada increased their price target on Republic Services from $265.00 to $267.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Finally, Weiss Ratings cut Republic Services from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. Eleven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, Republic Services has an average rating of “Moderate Buy” and a consensus price target of $243.89.

Republic Services Price Performance

RSG stock opened at $216.79 on Friday. Republic Services, Inc. has a 52 week low of $196.41 and a 52 week high of $246.25. The firm has a market capitalization of $66.70 billion, a P/E ratio of 31.10, a price-to-earnings-growth ratio of 3.64 and a beta of 0.40. The company has a fifty day simple moving average of $212.24 and a two-hundred day simple moving average of $214.85. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.11.

Republic Services (NYSE:RSG) last announced its earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.06. Republic Services had a net margin of 13.00% and a return on equity of 18.57%. The firm had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.10 billion. During the same period in the prior year, the company earned $1.58 EPS. The business’s revenue was up 2.6% compared to the same quarter last year. Analysts anticipate that Republic Services, Inc. will post 7.28 earnings per share for the current fiscal year.

Republic Services Announces Dividend

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

Insider Activity at Republic Services

In other news, Director Sandra M. Volpe sold 1,800 shares of Republic Services stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $211.28, for a total value of $380,304.00. Following the completion of the transaction, the director owned 58 shares in the company, valued at approximately $12,254.24. The trade was a 96.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Cascade Investment, L.L.C. bought 60,700 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were bought at an average cost of $213.31 per share, for a total transaction of $12,947,917.00. Following the transaction, the insider owned 110,803,982 shares in the company, valued at approximately $23,635,597,400.42. The trade was a 0.05% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 987,150 shares of company stock valued at $202,366,682 over the last ninety days. Corporate insiders own 0.12% of the company’s stock.

Republic Services Profile

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.