BNP Paribas Financial Markets Sells 236,640 Shares of Republic Services, Inc. $RSG

Key Points

• BNP Paribas Financial Markets cut its Republic Services stake by 26.1% in the fourth quarter, selling 236,640 shares and ending with 671,095 shares valued at about $142.2 million.
• Republic Services reported strong quarterly results, with EPS of $1.70 topping estimates and revenue of $4.11 billion, while management also announced a quarterly dividend of $0.625 per share.
• Analyst sentiment is mixed: the stock has a consensus Hold rating with a $245.15 price target, even as some firms recently raised targets while others downgraded the shares.

BNP Paribas Financial Markets trimmed its holdings in Republic Services, Inc. (NYSE:RSG - Free Report) by 26.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 671,095 shares of the business services provider's stock after selling 236,640 shares during the quarter. BNP Paribas Financial Markets owned about 0.22% of Republic Services worth $142,225,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RSG. Norges Bank bought a new stake in Republic Services during the 4th quarter worth about $617,165,000. Bessemer Group Inc. raised its holdings in Republic Services by 7,683.2% during 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 last quarter. SG Americas Securities LLC raised its holdings in Republic Services by 1,337.9% during 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 last quarter. Man Group plc raised its holdings in Republic Services by 380.1% during 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 last quarter. Finally, Caisse de depot et placement du Quebec raised its holdings in Republic Services by 49.1% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,326,827 shares of the business services provider's stock worth $304,480,000 after purchasing an additional 437,166 shares during the last quarter. 57.73% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Cascade Investment, L.L.C. purchased 366,000 shares of Republic Services stock in a transaction on Wednesday, May 13th. The stock was purchased at an average price of $202.24 per share, with a total value of $74,019,840.00. Following the transaction, 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 position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last three months, insiders purchased 987,150 shares of company stock worth $202,366,682. Corporate insiders own 0.12% of the company's stock.

Republic Services Price Performance

Shares of RSG opened at $200.32 on Monday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a 50 day simple moving average of $211.11 and a 200 day simple moving average of $214.88. Republic Services, Inc. has a 52-week low of $196.41 and a 52-week high of $258.75. The firm has a market capitalization of $61.63 billion, a PE ratio of 28.74, a P/E/G ratio of 3.30 and a beta of 0.41.

Republic Services (NYSE:RSG - Get Free Report) last issued its quarterly earnings data 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 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 analyst estimates of $4.10 billion. During the same period in the previous year, the firm earned $1.58 EPS. Republic Services's quarterly revenue was up 2.6% compared to the same quarter last year. Sell-side analysts predict that Republic Services, Inc. will post 7.27 EPS for the current fiscal year.

Republic Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd will be given a dividend of $0.625 per share. The ex-dividend date of this dividend is 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 36.15%.

Analyst Ratings Changes

Several analysts have weighed in on RSG shares. Wells Fargo & Company boosted their price objective on Republic Services from $238.00 to $252.00 and gave the stock an "overweight" rating in a report on Wednesday, March 18th. Argus cut Republic Services from a "buy" rating to a "hold" rating in a report on Monday, May 11th. Weiss Ratings cut Republic Services from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, April 29th. Citigroup lowered their price target on Republic Services from $253.00 to $247.00 and set a "buy" rating for the company in a research note on Tuesday, May 12th. Finally, Royal Bank Of Canada upped 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. Eleven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $245.15.

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.

Want to see what other hedge funds are holding RSG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Republic Services, Inc. (NYSE:RSG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.