Republic Services, Inc. $RSG Shares Acquired by CIBC Asset Management Inc

Key Points

• CIBC Asset Management increased its stake in Republic Services by 8.3% in the fourth quarter, bringing its holdings to 216,131 shares valued at about $45.7 million.
• Institutional ownership remains high, with several large investors like Vanguard, JPMorgan, and Norges Bank also boosting or initiating positions; institutions and hedge funds now own 57.73% of the stock.
• Republic Services reported better-than-expected quarterly results, posting EPS of $1.70 versus estimates of $1.64, while revenue of $4.11 billion slightly beat forecasts and rose 2.6% year over year.

CIBC Asset Management Inc increased its stake in Republic Services, Inc. (NYSE:RSG - Free Report) by 8.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 216,131 shares of the business services provider's stock after acquiring an additional 16,578 shares during the period. CIBC Asset Management Inc owned approximately 0.07% of Republic Services worth $45,746,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Republic Services by 0.3% in the third quarter. Vanguard Group Inc. now owns 19,107,360 shares of the business services provider's stock valued at $4,384,757,000 after acquiring an additional 49,365 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Republic Services by 15.2% in the third quarter. JPMorgan Chase & Co. now owns 3,098,273 shares of the business services provider's stock valued at $711,003,000 after acquiring an additional 409,142 shares in the last quarter. Norges Bank acquired a new stake in shares of Republic Services in the fourth quarter valued at $617,165,000. Bank of America Corp DE raised its stake in shares of Republic Services by 6.0% in the third quarter. Bank of America Corp DE now owns 2,031,005 shares of the business services provider's stock valued at $466,075,000 after acquiring an additional 114,291 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Republic Services by 5.5% in the second quarter. Ameriprise Financial Inc. now owns 1,458,550 shares of the business services provider's stock valued at $359,695,000 after acquiring an additional 76,593 shares in the last quarter. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RSG has been the topic of several analyst reports. UBS Group reduced their price objective on Republic Services from $240.00 to $223.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 12th. Wolfe Research started coverage on Republic Services in a report on Friday, March 13th. They issued a "peer perform" rating on the stock. Robert W. Baird dropped their target price on Republic Services from $242.00 to $240.00 and set a "neutral" rating on the stock in a report on Thursday, April 16th. BMO Capital Markets dropped their target price on Republic Services from $251.00 to $248.00 and set an "outperform" rating on the stock in a report on Wednesday, February 18th. Finally, Royal Bank Of Canada increased their target price on Republic Services from $265.00 to $267.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Eleven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat.com, Republic Services presently has an average rating of "Hold" and an average target price of $245.15.

Insider Activity

In other news, major shareholder Cascade Investment, L.L.C. acquired 366,000 shares of the company's stock in a transaction on Wednesday, May 13th. The shares were bought at an average price of $202.24 per share, with a total value of $74,019,840.00. Following the completion of the acquisition, the insider owned 110,315,982 shares in the company, valued at $22,310,304,199.68. This trade represents a 0.33% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders bought a total of 987,150 shares of company stock worth $202,366,682 over the last 90 days. Company insiders own 0.12% of the company's stock.

Republic Services Stock Performance

NYSE:RSG opened at $204.21 on Thursday. The firm has a market capitalization of $62.83 billion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 3.32 and a beta of 0.41. The business's fifty day moving average price is $210.05 and its 200 day moving average price is $214.80. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.67. Republic Services, Inc. has a 12 month low of $196.41 and a 12 month high of $256.85.

Republic Services (NYSE:RSG - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The business services provider reported $1.70 earnings per share (EPS) 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 return on equity of 18.57% and a net margin of 13.00%.The business's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.58 earnings per share. On average, sell-side analysts anticipate that Republic Services, Inc. will post 7.28 earnings per share for the current fiscal year.

Republic Services Dividend Announcement

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

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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