Cibc World Market Inc. Cuts Holdings in Republic Services, Inc. $RSG

Key Points

• CIBC World Market Inc. cut its stake in Republic Services by 51.8% in the fourth quarter, leaving it with 9,060 shares valued at about $1.92 million.
• Republic Services reported strong quarterly results, with EPS of $1.70 topping estimates and revenue of $4.11 billion slightly above expectations. Revenue rose 2.6% year over year.
• The company also announced a quarterly dividend of $0.625 per share, and analysts currently rate the stock a consensus Moderate Buy with a target price of $243.26.

Cibc World Market Inc. trimmed its holdings in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 51.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,060 shares of the business services provider's stock after selling 9,733 shares during the period. Cibc World Market Inc.'s holdings in Republic Services were worth $1,920,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in RSG. Brighton Jones LLC boosted its stake in Republic Services by 75.8% during the 4th quarter. Brighton Jones LLC now owns 19,822 shares of the business services provider's stock valued at $3,988,000 after purchasing an additional 8,547 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Republic Services by 23.2% in the 2nd quarter. Federated Hermes Inc. now owns 17,553 shares of the business services provider's stock worth $4,329,000 after buying an additional 3,303 shares during the last quarter. NewEdge Advisors LLC boosted its stake in shares of Republic Services by 3.6% in the 2nd quarter. NewEdge Advisors LLC now owns 29,690 shares of the business services provider's stock worth $7,322,000 after buying an additional 1,044 shares during the last quarter. Treasurer of the State of North Carolina boosted its stake in shares of Republic Services by 0.7% in the 2nd quarter. Treasurer of the State of North Carolina now owns 94,626 shares of the business services provider's stock worth $23,336,000 after buying an additional 688 shares during the last quarter. Finally, Ieq Capital LLC boosted its stake in shares of Republic Services by 68.4% in the 2nd quarter. Ieq Capital LLC now owns 11,643 shares of the business services provider's stock worth $2,871,000 after buying an additional 4,729 shares during the last quarter. 57.73% of the stock is currently owned by hedge funds and other institutional investors.

Republic Services Stock Up 2.4%

NYSE RSG opened at $209.93 on Wednesday. The stock's 50-day moving average price is $209.45 and its 200-day moving average price is $214.67. 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, Inc. has a 52 week low of $196.41 and a 52 week high of $253.38. The company has a market capitalization of $64.59 billion, a P/E ratio of 30.12, a price-to-earnings-growth ratio of 3.37 and a beta of 0.41.

Republic Services (NYSE:RSG - Get Free Report) last posted its quarterly earnings data 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 return on equity of 18.57% and a net margin of 13.00%.The firm had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter last year, the company earned $1.58 earnings per share. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities research analysts predict that Republic Services, Inc. will post 7.28 earnings per share for the current year.

Republic Services Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $2.50 annualized dividend and a dividend yield of 1.2%. Republic Services's dividend payout ratio (DPR) is 36.15%.

Wall Street Analyst Weigh In

RSG has been the topic of a number of research reports. Canadian Imperial Bank of Commerce restated an "outperform" rating and issued a $249.00 price target on shares of Republic Services in a research note on Friday, May 8th. Argus downgraded Republic Services from a "buy" rating to a "hold" rating in a research note on Monday, May 11th. Barclays raised their price target on Republic Services from $227.00 to $233.00 and gave the stock an "equal weight" rating in a research note on Monday, May 11th. Citigroup dropped their price target on Republic Services from $253.00 to $247.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Finally, Wolfe Research initiated coverage on Republic Services in a research note on Friday, March 13th. They issued a "peer perform" rating on the stock. Eleven investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $243.26.

Insider Activity at Republic Services

In related news, major shareholder Cascade Investment, L.L.C. acquired 366,000 shares of the firm's stock in a transaction dated Wednesday, May 13th. The shares were purchased at an average price of $202.24 per share, with a total value of $74,019,840.00. Following the completion of the purchase, the insider directly owned 110,315,982 shares of the company's stock, valued at $22,310,304,199.68. This represents a 0.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders bought a total of 987,150 shares of company stock valued at $202,366,682 over the last 90 days. 0.12% of the stock is owned by company insiders.

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.

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