Bank of New York Mellon Corp Has $231.68 Million Stake in Republic Services, Inc. $RSG

Key Points

• Bank of New York Mellon cut its Republic Services stake by 15.6% in the fourth quarter, selling 202,057 shares and ending with 1,093,172 shares valued at about $231.7 million.
• Republic Services reported better-than-expected quarterly results, with EPS of $1.70 versus the $1.64 consensus and revenue of $4.11 billion, up 2.6% year over year.
• The company also announced a quarterly dividend of $0.625 per share, implying an annual payout of $2.50 and a yield of about 1.2%; analysts currently rate the stock a consensus Hold with an average price target of $245.15.

Bank of New York Mellon Corp decreased its stake in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 15.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,093,172 shares of the business services provider's stock after selling 202,057 shares during the period. Bank of New York Mellon Corp owned 0.35% of Republic Services worth $231,676,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CBIZ Investment Advisory Services LLC raised its stake in Republic Services by 11.3% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 445 shares of the business services provider's stock valued at $94,000 after buying an additional 45 shares during the period. ICONIQ Capital LLC boosted its holdings in shares of Republic Services by 3.3% in the 2nd quarter. ICONIQ Capital LLC now owns 1,558 shares of the business services provider's stock valued at $384,000 after purchasing an additional 50 shares in the last quarter. Prospera Financial Services Inc boosted its holdings in shares of Republic Services by 1.1% in the 3rd quarter. Prospera Financial Services Inc now owns 4,766 shares of the business services provider's stock valued at $1,094,000 after purchasing an additional 51 shares in the last quarter. Composition Wealth LLC boosted its holdings in shares of Republic Services by 1.4% in the 4th quarter. Composition Wealth LLC now owns 3,793 shares of the business services provider's stock valued at $804,000 after purchasing an additional 52 shares in the last quarter. Finally, Garner Asset Management Corp boosted its holdings in shares of Republic Services by 1.2% during the 4th quarter. Garner Asset Management Corp now owns 4,782 shares of the business services provider's stock valued at $1,013,000 after acquiring an additional 55 shares in the last quarter. 57.73% of the stock is owned by institutional investors and hedge funds.

Republic Services Stock Performance

Republic Services stock opened at $210.59 on Friday. The stock's 50 day simple moving average is $209.81 and its two-hundred day simple moving average is $214.75. The stock has a market cap of $64.79 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 3.42 and a beta of 0.41. Republic Services, Inc. has a fifty-two week low of $196.41 and a fifty-two week high of $255.47. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.67 and a current ratio of 0.67.

Republic Services (NYSE:RSG - Get Free Report) last announced its quarterly earnings data on Friday, May 8th. The business services provider reported $1.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.64 by $0.06. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.The business had revenue of $4.11 billion during the quarter, compared to analysts' expectations of $4.10 billion. During the same quarter in the previous year, the business earned $1.58 earnings per share. The firm's quarterly revenue was up 2.6% compared to the same quarter last year. As a group, analysts expect 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. Shareholders 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 yield of 1.2%. Republic Services's payout ratio is currently 35.87%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RSG. BMO Capital Markets lowered their target price on Republic Services from $251.00 to $248.00 and set an "outperform" rating for the company in a research report on Wednesday, February 18th. Royal Bank Of Canada upped their target price on Republic Services from $265.00 to $267.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Weiss Ratings downgraded Republic Services from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, April 29th. Wells Fargo & Company increased their target price on Republic Services from $238.00 to $252.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 18th. Finally, Citigroup lowered their price objective on Republic Services from $253.00 to $247.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Eleven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, Republic Services currently has an average rating of "Hold" and an average price target of $245.15.

Insiders Place Their Bets

In related news, major shareholder Cascade Investment, L.L.C. bought 60,700 shares of the firm's stock in a transaction on Monday, May 18th. The stock was acquired at an average cost of $213.31 per share, for a total transaction of $12,947,917.00. Following the purchase, the insider owned 110,803,982 shares in the company, valued at approximately $23,635,597,400.42. This represents a 0.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have acquired 987,150 shares of company stock worth $202,366,682. 0.12% of the stock is currently owned by insiders.

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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