C WorldWide Group Holding A S Grows Stock Position in Republic Services, Inc. $RSG

Key Points

• C WorldWide Group Holding A S boosted its stake in Republic Services by 62.5% in the first quarter, adding 351,378 shares to bring its total to 913,159 shares worth about $200 million.
• Republic Services reported better-than-expected quarterly results, posting EPS of $1.70 versus estimates of $1.64 and revenue of $4.11 billion, with revenue up 2.6% year over year.
• The company also paid a quarterly dividend of $0.625 per share, equal to an annualized yield of about 1.1%, while analysts currently view the stock as a Moderate Buy with an average price target of $243.89.

C WorldWide Group Holding A S increased its stake in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 62.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 913,159 shares of the business services provider's stock after purchasing an additional 351,378 shares during the period. Republic Services accounts for 4.3% of C WorldWide Group Holding A S's investment portfolio, making the stock its 10th largest position. C WorldWide Group Holding A S owned about 0.30% of Republic Services worth $200,000,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in RSG. State Street Corp increased its position in shares of 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 buying an additional 166,474 shares during the period. Capital World Investors boosted its position in shares of Republic Services by 27.7% in the fourth quarter. Capital World Investors now owns 8,765,623 shares of the business services provider's stock valued at $1,857,698,000 after acquiring an additional 1,899,183 shares during the period. Morgan Stanley grew its stake in Republic Services by 38.6% during the fourth quarter. Morgan Stanley now owns 5,348,501 shares of the business services provider's stock valued at $1,133,509,000 after acquiring an additional 1,490,719 shares in the last quarter. Wellington Management Group LLP increased its holdings in Republic Services by 18.9% during the 4th quarter. Wellington Management Group LLP now owns 5,070,130 shares of the business services provider's stock worth $1,074,513,000 after acquiring an additional 807,525 shares during the period. Finally, Norges Bank purchased a new stake in Republic Services in the 4th quarter worth approximately $617,165,000. Hedge funds and other institutional investors own 57.73% of the company's stock.

Republic Services Stock Up 3.2%

Shares of RSG opened at $224.26 on Friday. Republic Services, Inc. has a 1 year low of $196.41 and a 1 year high of $246.25. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a 50 day simple moving average of $210.48 and a two-hundred day simple moving average of $214.64. The firm has a market cap of $69.00 billion, a P/E ratio of 32.18, a P/E/G ratio of 3.64 and a beta of 0.40.

Republic Services (NYSE:RSG - Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 EPS for the quarter, topping 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 the consensus estimate of $4.10 billion. During the same period last year, the firm posted $1.58 earnings per share. The business's revenue was up 2.6% compared to the same quarter last year. On average, analysts forecast that Republic Services, Inc. will post 7.29 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. Stockholders of record on Thursday, July 2nd were paid a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, July 2nd. Republic Services's dividend payout ratio (DPR) is 35.87%.

Insider Activity

In related news, major shareholder Cascade Investment, L.L.C. purchased 366,000 shares of the firm's stock in a transaction on Wednesday, May 13th. The shares were acquired at an average cost of $202.24 per share, with a total value of $74,019,840.00. Following the purchase, the insider directly owned 110,315,982 shares of the company's stock, valued at approximately $22,310,304,199.68. This trade represents a 0.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sandra M. Volpe sold 1,800 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $211.28, for a total value of $380,304.00. Following the completion of the sale, the director owned 58 shares of the company's stock, valued at $12,254.24. The trade was a 96.88% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders bought 987,150 shares of company stock worth $202,366,682. Company insiders own 0.12% of the company's stock.

Analysts Set New Price Targets

RSG has been the subject of several analyst reports. Canadian Imperial Bank of Commerce reissued an "outperform" rating and issued a $249.00 price target on shares of Republic Services in a report on Friday, May 8th. Robert W. Baird lowered their price objective on Republic Services from $242.00 to $240.00 and set a "neutral" rating on the stock in a research report on Thursday, April 16th. Citigroup lifted their price objective on Republic Services from $247.00 to $259.00 and gave the company a "buy" rating in a research note on Friday, July 10th. JPMorgan Chase & Co. boosted their target price on Republic Services from $233.00 to $245.00 and gave the stock a "neutral" rating in a research report on Friday, April 10th. Finally, Argus cut Republic Services from a "buy" rating to a "hold" rating in a report on Monday, May 11th. Eleven equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $243.89.

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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