ExodusPoint Capital Management LP Makes New $22.13 Million Investment in Republic Services, Inc. $RSG

Key Points

• ExodusPoint Capital Management opened a new position in Republic Services in the fourth quarter, buying 104,412 shares valued at about $22.13 million.
• Republic Services reported quarterly earnings of $1.70 per share, topping estimates, with revenue of $4.11 billion; the company also raised its quarterly dividend to $0.625 per share.
• Analyst sentiment is mixed but still constructive, with the stock carrying a consensus rating of Moderate Buy and an average price target of $243.26.

ExodusPoint Capital Management LP bought a new position in Republic Services, Inc. (NYSE:RSG - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 104,412 shares of the business services provider's stock, valued at approximately $22,128,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of RSG. Blair William & Co. IL grew its stake in Republic Services by 50.9% in the fourth quarter. Blair William & Co. IL now owns 46,471 shares of the business services provider's stock valued at $9,849,000 after purchasing an additional 15,680 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Republic Services by 16.9% during the fourth quarter. Royal Bank of Canada now owns 639,320 shares of the business services provider's stock worth $135,493,000 after acquiring an additional 92,550 shares during the last quarter. Graham Capital Management L.P. purchased a new stake in shares of Republic Services during the fourth quarter worth about $4,896,000. Oddo BHF Asset Management Sas grew its stake in shares of Republic Services by 22.3% during the fourth quarter. Oddo BHF Asset Management Sas now owns 54,702 shares of the business services provider's stock worth $11,593,000 after acquiring an additional 9,964 shares during the last quarter. Finally, Rakuten Investment Management Inc. grew its stake in shares of Republic Services by 134.6% during the fourth quarter. Rakuten Investment Management Inc. now owns 27,204 shares of the business services provider's stock worth $5,836,000 after acquiring an additional 15,607 shares during the last quarter. Hedge funds and other institutional investors own 57.73% of the company's stock.

Insider Buying and Selling at Republic Services

In other news, Director Sandra M. Volpe sold 1,800 shares of the company's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $211.28, for a total value of $380,304.00. Following the transaction, the director owned 58 shares of the company's stock, valued at $12,254.24. This represents a 96.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Cascade Investment, L.L.C. purchased 60,700 shares of the firm's stock in a transaction dated 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. The trade was a 0.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 987,150 shares of company stock valued at $202,366,682. 0.12% of the stock is owned by company insiders.

Republic Services Stock Up 0.6%

Shares of RSG opened at $209.30 on Wednesday. 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, Inc. has a one year low of $196.41 and a one year high of $251.17. The stock has a market capitalization of $64.39 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 3.42 and a beta of 0.41. The stock has a 50 day moving average price of $208.25 and a 200 day moving average price of $214.39.

Republic Services (NYSE:RSG - Get Free Report) last issued 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. The firm had revenue of $4.11 billion during the quarter, compared to analysts' expectations of $4.10 billion. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.The firm's revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.58 earnings per share. Equities research analysts forecast 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 issued a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, July 2nd. Republic Services's dividend payout ratio is presently 36.15%.

Analyst Ratings Changes

RSG has been the topic of a number of research analyst reports. Argus lowered Republic Services from a "buy" rating to a "hold" rating in a research note on Monday, May 11th. UBS Group dropped their target price on Republic Services from $240.00 to $223.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and issued a $249.00 target price on shares of Republic Services in a research report on Friday, May 8th. Robert W. Baird dropped their target price 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. Finally, Barclays boosted their price target on Republic Services from $227.00 to $233.00 and gave the company an "equal weight" rating in a report on Monday, May 11th. Eleven equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $243.26.

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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