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

Key Points

• Allspring reduced its Republic Services stake by 5.9%, selling 149,597 shares in the third quarter; it still held about 2.39 million shares, valued at roughly $494 million.
• Republic Services reported quarterly adjusted earnings of $1.94 per share, slightly above estimates, and revenue of $4.56 billion, ahead of forecasts and up 8.2% year over year.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $249.32. The company also declared a quarterly dividend of $0.67 per share.

Allspring Global Investments Holdings LLC lessened its stake in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 5.9% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 2,386,474 shares of the business services provider's stock after selling 149,597 shares during the quarter. Republic Services comprises about 0.8% of Allspring Global Investments Holdings LLC's portfolio, making the stock its 14th largest holding. Allspring Global Investments Holdings LLC owned approximately 0.78% of Republic Services worth $493,952,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of RSG. BlackRock Inc. bought a new position in Republic Services during the 2nd quarter worth $3,798,092,000. Bank of America Corp DE acquired a new stake in Republic Services in the 2nd quarter worth about $682,573,000. Legal & General Group Plc acquired a new stake in Republic Services in the 2nd quarter worth about $245,506,000. Deutsche Bank AG acquired a new stake in Republic Services in the 2nd quarter worth about $236,628,000. Finally, Bank of New York Mellon Corp bought a new stake in Republic Services in the 2nd quarter valued at about $220,527,000. Institutional investors own 57.73% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on RSG. JPMorgan Chase & Co. increased their target price on shares of Republic Services from $245.00 to $265.00 and gave the stock a "neutral" rating in a research report on Friday, October 30th. Robert W. Baird lifted their price target on shares of Republic Services from $242.00 to $245.00 and gave the company a "neutral" rating in a research report on Thursday, October 22nd. Canadian Imperial Bank of Commerce cut their price target on Republic Services from $249.00 to $240.00 and set an "outperform" rating for the company in a research note on Thursday, October 8th. The Goldman Sachs Group reduced their price target on Republic Services from $256.00 to $246.00 and set a "buy" rating on the stock in a research report on Friday, October 2nd. Finally, UBS Group raised their price objective on Republic Services from $233.00 to $235.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 11th. Twelve analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Republic Services currently has an average rating of "Moderate Buy" and a consensus target price of $249.32.

Insider Transactions at Republic Services

In other Republic Services news, major shareholder Cascade Investment, L.L.C. purchased 409,500 shares of the company's stock in a transaction dated Tuesday, September 8th. The stock was purchased at an average price of $221.49 per share, with a total value of $90,700,155.00. Following the completion of the purchase, the insider owned 116,166,330 shares of the company's stock, valued at approximately $25,729,680,431.70. The trade was a 0.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders have purchased 5,992,798 shares of company stock valued at $1,324,092,981. Corporate insiders own 0.12% of the company's stock.

Republic Services Trading Down 0.0%

Shares of Republic Services stock opened at $246.75 on Monday. The firm's 50 day moving average is $224.95 and its 200 day moving average is $217.69. The firm has a market capitalization of $75.17 billion, a PE ratio of 34.13, a price-to-earnings-growth ratio of 4.10 and a beta of 0.32. Republic Services, Inc. has a 1 year low of $196.41 and a 1 year high of $254.39. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.14.

Republic Services (NYSE:RSG - Get Free Report) last posted its earnings results on Thursday, October 29th. The business services provider reported $1.94 EPS for the quarter, beating the consensus estimate of $1.93 by $0.01. The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.42 billion. Republic Services had a return on equity of 18.56% and a net margin of 12.93%. The business's quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the company earned $1.90 earnings per share. Equities research analysts forecast that Republic Services, Inc. will post 7.27 earnings per share for the current fiscal year.

Republic Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Monday, January 4th will be given a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 1.1%. The ex-dividend date is Monday, January 4th. Republic Services's dividend payout ratio is 37.07%.

About Republic Services

Republic Services, Inc provides waste collection, recycling and environmental services to residential, commercial, industrial and municipal customers across the United States. Its services include collecting and transporting waste, operating transfer stations and landfills, and processing recyclable materials.

The company also provides environmental solutions, including services for the management and disposal of hazardous and other specialized waste. Republic Services traces its origins to the 1990s and expanded its operations through the 2008 combination with Allied Waste Industries.

Headquartered in Phoenix, Arizona, Republic Services is led by Chief Executive Officer Jon Vander Ark.

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