Magellan Asset Management Ltd Trims Holdings in Republic Services, Inc. (NYSE:RSG)

Key Points

• Magellan Asset Management Ltd has reduced its stake in Republic Services, Inc. by 12.1%, now holding 705,288 shares valued at approximately $170.8 million.
• Republic Services recently declared a quarterly dividend of $0.625 per share, an increase from its previous dividend of $0.58, reflecting a commitment to returning value to shareholders.
• Brokerages have expressed positive sentiment towards Republic Services, with a consensus price target of $262.17 and numerous analysts rating the stock as a "Moderate Buy."

Magellan Asset Management Ltd reduced its stake in Republic Services, Inc. (NYSE:RSG - Free Report) by 12.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 705,288 shares of the business services provider's stock after selling 96,913 shares during the period. Republic Services makes up 2.1% of Magellan Asset Management Ltd's portfolio, making the stock its 23rd largest holding. Magellan Asset Management Ltd owned approximately 0.23% of Republic Services worth $170,793,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Golden State Wealth Management LLC grew its stake in Republic Services by 3,533.3% in the first quarter. Golden State Wealth Management LLC now owns 109 shares of the business services provider's stock valued at $26,000 after purchasing an additional 106 shares during the last quarter. Key Financial Inc grew its stake in shares of Republic Services by 380.8% during the first quarter. Key Financial Inc now owns 125 shares of the business services provider's stock worth $30,000 after acquiring an additional 99 shares during the last quarter. TCTC Holdings LLC grew its stake in shares of Republic Services by 113.8% during the first quarter. TCTC Holdings LLC now owns 124 shares of the business services provider's stock worth $30,000 after acquiring an additional 66 shares during the last quarter. Park Square Financial Group LLC purchased a new stake in shares of Republic Services during the fourth quarter worth about $44,000. Finally, Cheviot Value Management LLC purchased a new stake in shares of Republic Services during the first quarter worth about $49,000. 57.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RSG. BMO Capital Markets boosted their price target on Republic Services from $280.00 to $284.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. William Blair restated an "outperform" rating on shares of Republic Services in a research note on Friday, April 25th. Oppenheimer upped their target price on Republic Services from $262.00 to $268.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Melius started coverage on Republic Services in a research report on Monday, June 9th. They issued a "hold" rating on the stock. Finally, Robert W. Baird upped their target price on Republic Services from $232.00 to $245.00 and gave the company a "neutral" rating in a research report on Friday, April 25th. Nine analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $262.17.

Republic Services Price Performance

Republic Services stock opened at $235.36 on Friday. Republic Services, Inc. has a 52-week low of $197.60 and a 52-week high of $258.75. The firm has a market capitalization of $73.48 billion, a price-to-earnings ratio of 34.82, a PEG ratio of 3.67 and a beta of 0.60. The company has a fifty day simple moving average of $243.75 and a 200-day simple moving average of $239.30. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.04.

Republic Services (NYSE:RSG - Get Free Report) last issued its earnings results on Tuesday, July 29th. The business services provider reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.76 by $0.01. Republic Services had a return on equity of 18.27% and a net margin of 12.97%. The business had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.26 billion. During the same period last year, the company earned $1.61 EPS. The company's revenue for the quarter was up 4.6% on a year-over-year basis. On average, equities analysts anticipate that Republic Services, Inc. will post 6.86 EPS for the current fiscal year.

Republic Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Thursday, October 2nd will be issued a dividend of $0.625 per share. The ex-dividend date is Thursday, October 2nd. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.1%. This is a boost from Republic Services's previous quarterly dividend of $0.58. Republic Services's dividend payout ratio (DPR) is currently 34.32%.

About Republic Services

Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States and Canada. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions.

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