Edgestream Partners L.P. Reduces Stock Position in Republic Services, Inc. $RSG

Key Points

• Edgestream Partners L.P. reduced its Republic Services stake by 82.1% in the first quarter, selling 50,144 shares and retaining 10,944 shares valued at approximately $2.4 million. Institutional investors collectively own 57.73% of RSG.
• Republic Services reported quarterly EPS of $1.70, exceeding estimates of $1.64, while revenue rose 2.6% year over year to $4.11 billion. The company also increased its quarterly dividend from $0.62 to $0.67 per share.
• Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $243.89, compared with a recent share price of $210.75.

Edgestream Partners L.P. cut its stake in Republic Services, Inc. (NYSE:RSG - Free Report) by 82.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,944 shares of the business services provider's stock after selling 50,144 shares during the quarter. Edgestream Partners L.P.'s holdings in Republic Services were worth $2,397,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RSG. CBIZ Investment Advisory Services LLC grew its holdings in Republic Services by 11.3% during the 4th 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 in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Republic Services by 0.5% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 10,454 shares of the business services provider's stock worth $2,216,000 after buying an additional 48 shares in the last quarter. Williams Jones Wealth Management LLC. boosted its position in shares of Republic Services by 2.6% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 1,925 shares of the business services provider's stock valued at $408,000 after acquiring an additional 49 shares during the period. AlphaCentric Advisors LLC grew its stake in Republic Services by 5.9% during the first quarter. AlphaCentric Advisors LLC now owns 903 shares of the business services provider's stock valued at $198,000 after acquiring an additional 50 shares in the last quarter. Finally, ICONIQ Capital LLC increased its holdings in Republic Services by 3.3% during the 2nd quarter. ICONIQ Capital LLC now owns 1,558 shares of the business services provider's stock worth $384,000 after acquiring an additional 50 shares during the period. 57.73% of the stock is currently owned by institutional investors.

Republic Services Trading Up 0.1%

Shares of RSG stock opened at $210.75 on Monday. The business has a 50-day moving average price of $212.57 and a two-hundred day moving average price of $215.01. Republic Services, Inc. has a 12-month low of $196.41 and a 12-month high of $238.62. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.11. The firm has a market cap of $64.84 billion, a P/E ratio of 30.24, a price-to-earnings-growth ratio of 3.52 and a beta of 0.40.

Republic Services (NYSE:RSG - Get Free Report) last announced its quarterly earnings data on Friday, May 8th. The business services provider reported $1.70 EPS for the quarter, beating the consensus estimate of $1.64 by $0.06. The firm had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.10 billion. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.The company's revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.58 EPS. Equities analysts anticipate that Republic Services, Inc. will post 7.29 EPS for the current fiscal year.

Republic Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Friday, October 2nd will be given a dividend of $0.67 per share. The ex-dividend date is Friday, October 2nd. This is an increase from Republic Services's previous quarterly dividend of $0.62. This represents a $2.68 dividend on an annualized basis and a yield of 1.3%. Republic Services's dividend payout ratio (DPR) is 35.87%.

Insider Activity at Republic Services

In other Republic Services news, major shareholder Cascade Investment, L.L.C. acquired 366,000 shares of the stock in a transaction dated Wednesday, May 13th. The stock was purchased at an average cost of $202.24 per share, for a total transaction of $74,019,840.00. Following the acquisition, the insider 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 legal filing with the SEC, which is available at this link. Also, Director Sandra M. Volpe sold 1,800 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $211.28, for a total transaction of $380,304.00. Following the transaction, the director directly owned 58 shares in the company, valued at approximately $12,254.24. This represents a 96.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have acquired 987,150 shares of company stock worth $202,366,682 over the last three months. Insiders own 0.12% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Citigroup raised their price target on shares of Republic Services from $247.00 to $259.00 and gave the company a "buy" rating in a report on Friday, July 10th. 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. Weiss Ratings restated a "hold (c+)" rating on shares of Republic Services in a research report on Friday, July 24th. Royal Bank Of Canada raised their price target on Republic Services from $265.00 to $267.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Finally, Canadian Imperial Bank of Commerce restated an "outperform" rating and issued a $249.00 price objective on shares of Republic Services in a research report on Friday, May 8th. Eleven analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $243.89.

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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