Panagora Asset Management Inc. Sells 71,041 Shares of Republic Services, Inc. $RSG

Key Points

• Panagora Asset Management cut its stake in Republic Services by 32% in the fourth quarter, selling 71,041 shares and leaving it with 150,883 shares worth about $31.98 million.
• Republic Services reported better-than-expected Q1 earnings, posting $1.70 per share versus the $1.64 consensus estimate, while revenue rose 2.6% year over year to $4.11 billion.
• The company declared a quarterly dividend of $0.625 per share, payable July 15, which works out to a $2.50 annualized dividend and a 1.2% yield.

Panagora Asset Management Inc. reduced its position in Republic Services, Inc. (NYSE:RSG - Free Report) by 32.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 150,883 shares of the business services provider's stock after selling 71,041 shares during the period. Panagora Asset Management Inc.'s holdings in Republic Services were worth $31,977,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Laurel Wealth Advisors LLC bought a new stake in shares of Republic Services in the 4th quarter valued at about $25,000. Wealth Watch Advisors INC bought a new stake in shares of Republic Services in the 3rd quarter valued at about $26,000. Ameriflex Group Inc. bought a new stake in shares of Republic Services in the 3rd quarter valued at about $29,000. Sound Income Strategies LLC bought a new stake in shares of Republic Services in the 4th quarter valued at about $32,000. Finally, Hilton Head Capital Partners LLC bought a new stake in shares of Republic Services in the 4th quarter valued at about $32,000. 57.73% of the stock is currently owned by institutional investors.

Republic Services Stock Performance

RSG opened at $207.96 on Tuesday. Republic Services, Inc. has a 12-month low of $196.41 and a 12-month high of $252.45. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $63.98 billion, a PE ratio of 29.84, a P/E/G ratio of 3.45 and a beta of 0.41. The firm has a 50 day moving average of $208.53 and a two-hundred day moving average of $214.45.

Republic Services (NYSE:RSG - Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.64 by $0.06. Republic Services had a net margin of 13.00% and a return on equity of 18.57%. The company had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.10 billion. During the same period last year, the firm posted $1.58 EPS. Republic Services's revenue for the quarter was up 2.6% compared to the same quarter last year. On average, analysts anticipate that Republic Services, Inc. will post 7.28 EPS for the current year.

Republic Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Republic Services's payout ratio is 36.15%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Republic Services from $233.00 to $245.00 and gave the stock a "neutral" rating in a research note on Friday, April 10th. Weiss Ratings cut shares of Republic Services from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, April 29th. Wolfe Research assumed coverage on shares of Republic Services in a research note on Friday, March 13th. They issued a "peer perform" rating for the company. UBS Group lowered their target price on shares of Republic Services from $240.00 to $223.00 and set a "neutral" rating for the company in a research note on Tuesday, May 12th. Finally, BMO Capital Markets lowered their target price on shares of Republic Services from $251.00 to $248.00 and set an "outperform" rating for the company in a research note on Wednesday, February 18th. Eleven research 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, Republic Services has a consensus rating of "Moderate Buy" and a consensus price target of $243.26.

Insider Activity at Republic Services

In other news, major shareholder Cascade Investment, L.L.C. bought 366,000 shares of the business's stock in a transaction dated Wednesday, May 13th. The stock was purchased at an average cost of $202.24 per share, with a total value of $74,019,840.00. Following the acquisition, the insider directly owned 110,315,982 shares in the company, valued at $22,310,304,199.68. This trade represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Sandra M. Volpe sold 1,800 shares of Republic Services stock in a transaction that occurred 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 of the company's stock, valued at approximately $12,254.24. This trade represents a 96.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have bought 987,150 shares of company stock valued at $202,366,682. Insiders own 0.12% of the company's stock.

About Republic Services

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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