Hsbc Holdings PLC Reduces Stake in Republic Services, Inc. $RSG

Key Points

• Hsbc Holdings PLC cut its stake in Republic Services by 11.9% in the first quarter, selling 54,051 shares and ending with 400,573 shares valued at about $87.8 million.
• Republic Services reported solid quarterly results, posting $1.70 EPS versus the $1.64 estimate and revenue of $4.11 billion, with revenue up 2.6% year over year.
• Insider and analyst activity remained active: Cascade Investment bought 366,000 shares while a director sold 1,800 shares, and analysts currently rate the stock a consensus “Moderate Buy” with a $243.89 target price.

Hsbc Holdings PLC lessened its holdings in Republic Services, Inc. (NYSE:RSG - Free Report) by 11.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 400,573 shares of the business services provider's stock after selling 54,051 shares during the quarter. Hsbc Holdings PLC owned about 0.13% of Republic Services worth $87,778,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. CBIZ Investment Advisory Services LLC raised its holdings in shares of Republic Services by 11.3% during the fourth 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. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in 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 valued at $2,216,000 after purchasing an additional 48 shares during the last quarter. Williams Jones Wealth Management LLC. grew its position in Republic Services by 2.6% during the 4th quarter. Williams Jones Wealth Management LLC. now owns 1,925 shares of the business services provider's stock worth $408,000 after purchasing an additional 49 shares during the period. ICONIQ Capital LLC raised its stake in shares of Republic Services by 3.3% during the 2nd quarter. ICONIQ Capital LLC now owns 1,558 shares of the business services provider's stock valued at $384,000 after buying an additional 50 shares during the last quarter. Finally, Composition Wealth LLC raised its stake in shares of Republic Services by 1.4% during 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 last quarter. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Republic Services news, major shareholder Cascade Investment, L.L.C. purchased 366,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were purchased at an average cost of $202.24 per share, for a total transaction of $74,019,840.00. Following the completion of the transaction, the insider owned 110,315,982 shares of the company's stock, valued at $22,310,304,199.68. The trade was a 0.33% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Sandra M. Volpe sold 1,800 shares of the 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 directly owned 58 shares of the company's stock, valued at approximately $12,254.24. This represents a 96.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have acquired 987,150 shares of company stock valued at $202,366,682 over the last 90 days. 0.12% of the stock is currently owned by company insiders.

Republic Services Stock Performance

NYSE RSG opened at $222.43 on Monday. The stock has a market capitalization of $68.43 billion, a price-to-earnings ratio of 31.91, a PEG ratio of 3.72 and a beta of 0.40. The stock has a 50-day moving average of $210.93 and a 200 day moving average of $214.69. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.11. Republic Services, Inc. has a twelve month low of $196.41 and a twelve month high of $246.25.

Republic Services (NYSE:RSG - Get Free Report) last issued 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 company 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%.Republic Services's quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company earned $1.58 earnings per share. Sell-side analysts anticipate that Republic Services, Inc. will post 7.28 EPS for the current fiscal year.

Republic Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd were given a dividend of $0.625 per share. The ex-dividend date was Thursday, July 2nd. This represents a $2.50 dividend on an annualized basis and a yield of 1.1%. Republic Services's dividend payout ratio is currently 35.87%.

Analyst Upgrades and Downgrades

RSG has been the topic of a number of recent research reports. Royal Bank Of Canada upped their target price on Republic Services from $265.00 to $267.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. Citigroup boosted their price target on 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 dropped their price objective on shares of Republic Services from $242.00 to $240.00 and set a "neutral" rating on the stock in a research note on Thursday, April 16th. Barclays lifted their target price on shares of Republic Services from $227.00 to $233.00 and gave the company an "equal weight" rating in a report on Monday, May 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Republic Services from $233.00 to $245.00 and gave the company a "neutral" rating in a research note on Friday, April 10th. Eleven investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $243.89.

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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