Bancreek Capital Management LP Purchases New Position in Republic Services, Inc. $RSG

Key Points

• Bancreek Capital Management opened a new position in Republic Services, buying 5,013 shares worth about $1.06 million; the stock now represents roughly 4.4% of its portfolio.
• Republic Services reported better-than-expected quarterly earnings, with EPS of $1.70 versus $1.64 expected and revenue of $4.11 billion, up 2.6% year over year.
• The company announced a quarterly dividend of $0.625 per share payable July 15, while analysts currently rate the stock a consensus Hold with an average price target of $245.15.

Bancreek Capital Management LP purchased a new stake in shares of Republic Services, Inc. (NYSE:RSG - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,013 shares of the business services provider's stock, valued at approximately $1,062,000. Republic Services makes up about 4.4% of Bancreek Capital Management LP's portfolio, making the stock its 9th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in RSG. Norges Bank bought a new stake in shares of Republic Services during the fourth quarter valued at approximately $617,165,000. Bessemer Group Inc. grew its position in Republic Services by 7,683.2% in the 3rd quarter. Bessemer Group Inc. now owns 739,792 shares of the business services provider's stock worth $169,768,000 after purchasing an additional 730,287 shares during the period. SG Americas Securities LLC grew its position in Republic Services by 1,337.9% in the 4th quarter. SG Americas Securities LLC now owns 575,637 shares of the business services provider's stock worth $121,995,000 after purchasing an additional 535,603 shares during the period. Man Group plc grew its position in Republic Services by 380.1% in the 3rd quarter. Man Group plc now owns 667,603 shares of the business services provider's stock worth $153,202,000 after purchasing an additional 528,540 shares during the period. Finally, BNP Paribas Financial Markets grew its position in Republic Services by 93.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 907,735 shares of the business services provider's stock worth $208,307,000 after purchasing an additional 438,219 shares during the period. Institutional investors own 57.73% of the company's stock.

Republic Services Trading Up 1.3%

Shares of Republic Services stock opened at $204.21 on Thursday. The company's fifty day simple moving average is $210.05 and its 200-day simple moving average is $214.80. The stock has a market capitalization of $62.83 billion, a PE ratio of 29.30, a P/E/G ratio of 3.32 and a beta of 0.41. Republic Services, Inc. has a 1-year low of $196.41 and a 1-year high of $256.85. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.67.

Republic Services (NYSE:RSG - Get Free Report) last issued its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share for the quarter, topping the consensus estimate 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 net margin of 13.00% and a return on equity of 18.57%. The company's revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.58 EPS. As a group, equities analysts anticipate that Republic Services, Inc. will post 7.28 earnings per share for the current year.

Republic Services Dividend Announcement

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

Insider Buying and Selling at Republic Services

In other news, major shareholder Cascade Investment, L.L.C. bought 366,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were bought at an average price of $202.24 per share, for a total transaction of $74,019,840.00. Following the purchase, the insider owned 110,315,982 shares in the company, valued at $22,310,304,199.68. This represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have acquired 987,150 shares of company stock worth $202,366,682. 0.12% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RSG shares. Wells Fargo & Company lifted their target price on shares of Republic Services from $238.00 to $252.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 18th. Robert W. Baird cut their target price on shares of Republic Services from $242.00 to $240.00 and set a "neutral" rating for the company in a research report on Thursday, April 16th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating and issued a $249.00 target price on shares of Republic Services in a research report on Friday, May 8th. Morgan Stanley cut their target price on shares of Republic Services from $230.00 to $225.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 18th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Republic Services from $233.00 to $245.00 and gave the stock a "neutral" rating in a research note on Friday, April 10th. Eleven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target 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.

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