Franklin Resources Inc. Decreases Stock Position in Republic Services, Inc. $RSG

Key Points

• Franklin Resources cut its stake in Republic Services by 6.0% in the fourth quarter, selling 130,564 shares and ending with 2.06 million shares worth about $435.6 million.
• Republic Services shares were down 2.5% to $204.78, near the low end of their 52-week range, while the company maintains a market cap of about $63 billion.
• The company recently beat quarterly earnings expectations with $1.70 EPS on $4.11 billion in revenue and also announced a quarterly dividend of $0.625 per share, payable July 15.

Franklin Resources Inc. reduced its holdings in Republic Services, Inc. (NYSE:RSG - Free Report) by 6.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,055,366 shares of the business services provider's stock after selling 130,564 shares during the period. Franklin Resources Inc. owned approximately 0.66% of Republic Services worth $435,594,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of RSG. CBIZ Investment Advisory Services LLC increased its position in shares of 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 worth $94,000 after purchasing an additional 45 shares during the last quarter. ICONIQ Capital LLC raised its position in Republic Services by 3.3% in the second quarter. ICONIQ Capital LLC now owns 1,558 shares of the business services provider's stock valued at $384,000 after purchasing an additional 50 shares during the period. Prospera Financial Services Inc lifted its stake in Republic Services by 1.1% during the third quarter. Prospera Financial Services Inc now owns 4,766 shares of the business services provider's stock worth $1,094,000 after purchasing an additional 51 shares in the last quarter. Composition Wealth LLC raised its holdings in shares of Republic Services by 1.4% in the 4th quarter. Composition Wealth LLC now owns 3,793 shares of the business services provider's stock valued at $804,000 after buying an additional 52 shares during the period. Finally, Garner Asset Management Corp boosted its holdings in Republic Services by 1.2% during the 4th quarter. Garner Asset Management Corp now owns 4,782 shares of the business services provider's stock valued at $1,013,000 after acquiring an additional 55 shares during the period. Institutional investors and hedge funds own 57.73% of the company's stock.

Republic Services Trading Down 2.5%

Shares of Republic Services stock opened at $204.78 on Tuesday. Republic Services, Inc. has a 1 year low of $196.41 and a 1 year high of $253.38. The company has a market capitalization of $63.00 billion, a P/E ratio of 29.38, a PEG ratio of 3.46 and a beta of 0.41. The company's fifty day moving average is $209.57 and its two-hundred day moving average is $214.72. 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 (NYSE:RSG - Get Free Report) last issued its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share 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 the consensus estimate 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 for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the company earned $1.58 earnings per share. Analysts forecast that Republic Services, Inc. will post 7.28 earnings per share for the current year.

Republic Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Thursday, July 2nd will be paid a $0.625 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.2%. Republic Services's payout ratio is 35.87%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RSG shares. Citigroup lowered their target price 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. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and issued a $249.00 price target on shares of Republic Services in a research note on Friday, May 8th. Weiss Ratings cut shares of Republic Services from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, April 29th. Morgan Stanley lowered their target price on shares of Republic Services from $230.00 to $225.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 18th. Finally, Royal Bank Of Canada lifted their price target on shares of Republic Services from $265.00 to $267.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. Eleven analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $243.26.

Insider Activity

In related news, major shareholder Cascade Investment, L.L.C. bought 366,000 shares of the company's stock in a transaction on Wednesday, May 13th. The stock was bought at an average cost of $202.24 per share, with a total value of $74,019,840.00. Following the completion of the acquisition, the insider owned 110,315,982 shares in the company, valued at approximately $22,310,304,199.68. This represents a 0.33% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders have bought 987,150 shares of company stock valued at $202,366,682. Company insiders own 0.12% of the company's stock.

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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