Republic Services, Inc. $RSG Shares Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its stake in Republic Services by 68% in the first quarter, buying 913,249 additional shares and bringing its holdings to about 2.26 million shares worth roughly $497.8 million.
• Republic Services posted better-than-expected quarterly results, with earnings of $1.70 per share versus $1.64 expected and revenue of $4.11 billion, up 2.6% year over year.
• The company also paid a quarterly dividend of $0.625 per share, while analysts currently have a mixed but slightly positive view overall, with a consensus rating of “Moderate Buy” and an average price target of $243.89.

Allspring Global Investments Holdings LLC boosted its holdings in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 68.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 2,256,190 shares of the business services provider's stock after purchasing an additional 913,249 shares during the period. Republic Services makes up 0.8% of Allspring Global Investments Holdings LLC's investment portfolio, making the stock its 14th largest holding. Allspring Global Investments Holdings LLC owned about 0.73% of Republic Services worth $497,828,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. CBIZ Investment Advisory Services LLC increased its position in 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 period. Banco Bilbao Vizcaya Argentaria S.A. raised its position 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 worth $2,216,000 after acquiring an additional 48 shares in the last quarter. Williams Jones Wealth Management LLC. lifted its holdings in 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 acquiring an additional 49 shares during the period. ICONIQ Capital LLC boosted its position 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 worth $384,000 after purchasing an additional 50 shares in the last quarter. Finally, Composition Wealth LLC grew 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 worth $804,000 after purchasing an additional 52 shares during the period. 57.73% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Cascade Investment, L.L.C. purchased 366,000 shares of Republic Services stock in a transaction that occurred on Wednesday, May 13th. The shares were purchased at an average cost of $202.24 per share, with a total value of $74,019,840.00. Following the transaction, the insider owned 110,315,982 shares of the company's stock, valued at approximately $22,310,304,199.68. The trade was a 0.33% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Sandra M. Volpe sold 1,800 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $211.28, for a total value of $380,304.00. Following the completion of the transaction, the director 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 acquired 987,150 shares of company stock worth $202,366,682 over the last three months. 0.12% of the stock is currently owned by corporate insiders.

Republic Services Price Performance

RSG stock opened at $224.26 on Friday. The stock has a market capitalization of $69.00 billion, a price-to-earnings ratio of 32.18, a price-to-earnings-growth ratio of 3.64 and a beta of 0.40. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.11. Republic Services, Inc. has a 52-week low of $196.41 and a 52-week high of $246.25. The stock's fifty day simple moving average is $210.48 and its 200-day simple moving average is $214.64.

Republic Services (NYSE:RSG - Get Free Report) last announced its quarterly earnings data 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 business 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 company's revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.58 EPS. Equities research analysts expect that Republic Services, Inc. will post 7.29 EPS for the current year.

Republic Services Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have issued reports on RSG shares. 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 report on Tuesday, May 12th. Weiss Ratings cut Republic Services from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, April 29th. Barclays raised their price objective on Republic Services from $227.00 to $233.00 and gave the company an "equal weight" rating in a research note on Monday, May 11th. Citigroup boosted their target price on Republic Services from $247.00 to $259.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Finally, JPMorgan Chase & Co. upped their target price on Republic Services from $233.00 to $245.00 and gave the company a "neutral" rating in a report on Friday, April 10th. Eleven analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average 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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