Renaissance Technologies LLC Sells 126,300 Shares of Republic Services, Inc. $RSG

Key Points

• Renaissance Technologies cut its Republic Services stake by 29.3%, selling 126,300 shares and retaining 305,161 shares worth approximately $66.8 million. Institutional investors collectively own 57.73% of RSG.
• Republic Services exceeded quarterly expectations, reporting $1.70 in adjusted EPS on $4.11 billion in revenue, while revenue increased 2.6% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $243.89, compared with the stock’s reported price of $216.79. The company also pays a quarterly dividend of $0.625 per share, yielding about 1.2% annually.

Renaissance Technologies LLC reduced its holdings in Republic Services, Inc. (NYSE:RSG - Free Report) by 29.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 305,161 shares of the business services provider's stock after selling 126,300 shares during the quarter. Renaissance Technologies LLC owned approximately 0.10% of Republic Services worth $66,836,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RSG. CBIZ Investment Advisory Services LLC boosted its stake in Republic Services by 11.3% in 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 in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in shares of 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 buying an additional 48 shares in the last quarter. Williams Jones Wealth Management LLC. raised its holdings in shares of Republic Services by 2.6% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 1,925 shares of the business services provider's stock valued at $408,000 after buying an additional 49 shares during the last quarter. AlphaCentric Advisors LLC lifted its position in Republic Services by 5.9% during the 1st quarter. AlphaCentric Advisors LLC now owns 903 shares of the business services provider's stock worth $198,000 after buying an additional 50 shares in the last quarter. Finally, ICONIQ Capital LLC grew its holdings in Republic Services by 3.3% during the 2nd quarter. ICONIQ Capital LLC now owns 1,558 shares of the business services provider's stock worth $384,000 after acquiring an additional 50 shares during the last quarter. 57.73% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Sandra M. Volpe sold 1,800 shares of the firm's stock in a transaction 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 sale, the director directly owned 58 shares in the company, valued at $12,254.24. This trade represents a 96.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Cascade Investment, L.L.C. purchased 60,700 shares of the company's stock in a transaction on Monday, May 18th. The stock was purchased at an average cost of $213.31 per share, for a total transaction of $12,947,917.00. Following the purchase, the insider directly owned 110,803,982 shares in the company, valued at approximately $23,635,597,400.42. This trade represents 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 have purchased 987,150 shares of company stock worth $202,366,682. 0.12% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RSG has been the subject of a number of research analyst reports. UBS Group dropped 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. Canadian Imperial Bank of Commerce reissued an "outperform" rating and issued a $249.00 price target on shares of Republic Services in a report on Friday, May 8th. Robert W. Baird dropped their price objective on shares of Republic Services from $242.00 to $240.00 and set a "neutral" rating for the company in a research report on Thursday, April 16th. JPMorgan Chase & Co. increased their price objective on Republic Services from $233.00 to $245.00 and gave the company a "neutral" rating in a research report on Friday, April 10th. Finally, Weiss Ratings cut Republic Services from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, April 29th. Eleven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $243.89.

Republic Services Price Performance

Republic Services stock opened at $216.79 on Monday. Republic Services, Inc. has a 1 year low of $196.41 and a 1 year high of $246.25. 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 $66.70 billion, a P/E ratio of 31.10, a PEG ratio of 3.63 and a beta of 0.40. The business has a 50-day moving average of $212.24 and a 200-day moving average of $214.86.

Republic Services (NYSE:RSG - Get Free Report) last posted its 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 company had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.10 billion. Republic Services had a net margin of 13.00% and a return on equity of 18.57%. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the business posted $1.58 earnings per share. On average, equities analysts anticipate that Republic Services, Inc. will post 7.29 EPS for the current year.

Republic Services Announces Dividend

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

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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