23,039 Shares in Republic Services, Inc. $RSG Acquired by OP Asset Management Ltd

Key Points

• OP Asset Management Ltd opened a new position in Republic Services during the first quarter, buying 23,039 shares valued at about $5.05 million.
• Republic Services reported better-than-expected quarterly results, with EPS of $1.70 versus $1.64 expected and revenue of $4.11 billion slightly ahead of estimates. Revenue rose 2.6% year over year.
• The company announced a quarterly dividend of $0.625 per share, payable July 15, which equals an annualized dividend of $2.50 and a yield of about 1.2%.

OP Asset Management Ltd acquired a new stake in shares of Republic Services, Inc. (NYSE:RSG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 23,039 shares of the business services provider's stock, valued at approximately $5,046,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp grew its position in Republic Services by 1.7% during the fourth quarter. State Street Corp now owns 9,695,747 shares of the business services provider's stock valued at $2,054,820,000 after acquiring an additional 166,474 shares during the period. Capital World Investors raised its holdings in shares of Republic Services by 27.7% in the 4th quarter. Capital World Investors now owns 8,765,623 shares of the business services provider's stock worth $1,857,698,000 after purchasing an additional 1,899,183 shares during the period. Morgan Stanley raised its holdings in shares of Republic Services by 38.6% in the 4th quarter. Morgan Stanley now owns 5,348,501 shares of the business services provider's stock worth $1,133,509,000 after purchasing an additional 1,490,719 shares during the period. Wellington Management Group LLP lifted its stake in shares of Republic Services by 18.9% in the 4th quarter. Wellington Management Group LLP now owns 5,070,130 shares of the business services provider's stock valued at $1,074,513,000 after purchasing an additional 807,525 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Republic Services during the 4th quarter worth about $617,165,000. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Republic Services Price Performance

RSG stock opened at $216.46 on Friday. The stock's 50 day moving average is $207.25 and its two-hundred day moving average is $214.06. Republic Services, Inc. has a 52-week low of $196.41 and a 52-week high of $246.82. The company has a market capitalization of $66.60 billion, a PE ratio of 31.06, a P/E/G ratio of 3.51 and a beta of 0.41. 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 - Get Free Report) 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 during the quarter, compared to the consensus estimate of $4.10 billion. Republic Services had a net margin of 13.00% and a return on equity of 18.57%. The business's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.58 earnings per share. Analysts predict that Republic Services, Inc. will post 7.28 earnings per share for the current fiscal year.

Republic Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Thursday, July 2nd will be paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, July 2nd. Republic Services's dividend payout ratio is 36.15%.

Insider Activity

In related news, Director Sandra M. Volpe sold 1,800 shares of Republic Services stock in a transaction dated 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 directly owned 58 shares in the company, valued at approximately $12,254.24. This trade represents a 96.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Cascade Investment, L.L.C. acquired 366,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased 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 owned 110,315,982 shares of the company's stock, valued at $22,310,304,199.68. The trade was a 0.33% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 987,150 shares of company stock worth $202,366,682 in the last ninety days. Corporate insiders own 0.12% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Canadian Imperial Bank of Commerce restated an "outperform" rating and issued a $249.00 price target on shares of Republic Services in a report on Friday, May 8th. Wells Fargo & Company raised their target price on shares of Republic Services from $238.00 to $252.00 and gave the company an "overweight" rating in a research note on Wednesday, March 18th. Argus lowered shares of Republic Services from a "buy" rating to a "hold" rating in a report on Monday, May 11th. Robert W. Baird lowered their price target on Republic Services from $242.00 to $240.00 and set a "neutral" rating for the company in a report on Thursday, April 16th. Finally, UBS Group cut their price objective 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. Eleven analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, Republic Services currently has an average rating of "Moderate Buy" and an average target price of $243.26.

Republic Services Company 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.

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