Republic Services, Inc. $RSG Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Republic Services stake by 19.4% in Q1, selling 747,817 shares and leaving it with about 3.1 million shares worth roughly $678.6 million.
• Republic Services reported better-than-expected quarterly results, with EPS of $1.70 versus $1.64 expected and revenue of $4.11 billion, while revenue rose 2.6% year over year.
• The company announced a quarterly dividend of $0.625 per share, payable July 15, representing an annualized dividend of $2.50 and a yield of about 1.2%.

Pictet Asset Management Holding SA cut its position in Republic Services, Inc. (NYSE:RSG - Free Report) by 19.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,098,403 shares of the business services provider's stock after selling 747,817 shares during the quarter. Republic Services makes up 0.7% of Pictet Asset Management Holding SA's investment portfolio, making the stock its 23rd biggest holding. Pictet Asset Management Holding SA owned about 1.00% of Republic Services worth $678,644,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in RSG. State Street Corp increased its holdings in shares of Republic Services by 1.7% in the 4th quarter. State Street Corp now owns 9,695,747 shares of the business services provider's stock valued at $2,054,820,000 after acquiring an additional 166,474 shares during the period. Capital World Investors grew its position in Republic Services by 27.7% during the 4th quarter. Capital World Investors now owns 8,765,623 shares of the business services provider's stock worth $1,857,698,000 after purchasing an additional 1,899,183 shares during the last quarter. Morgan Stanley increased its stake in Republic Services by 38.6% in the fourth quarter. Morgan Stanley now owns 5,348,501 shares of the business services provider's stock valued at $1,133,509,000 after purchasing an additional 1,490,719 shares during the period. Wellington Management Group LLP raised its holdings in shares of Republic Services by 18.9% in the fourth quarter. Wellington Management Group LLP now owns 5,070,130 shares of the business services provider's stock valued at $1,074,513,000 after buying an additional 807,525 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Republic Services during the fourth quarter worth about $617,165,000. Institutional investors and hedge funds own 57.73% of the company's stock.

Republic Services Trading Up 1.4%

NYSE:RSG opened at $216.46 on Friday. Republic Services, Inc. has a 1 year low of $196.41 and a 1 year high of $246.82. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a fifty day moving average price of $207.25 and a two-hundred day moving average price of $214.06. The stock has a market capitalization of $66.60 billion, a price-to-earnings ratio of 31.06, a PEG ratio of 3.56 and a beta of 0.41.

Republic Services (NYSE:RSG - Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.11 billion during the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter last year, the firm posted $1.58 EPS. The business's revenue was up 2.6% compared to the same quarter last year. As a group, 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Thursday, July 2nd will be paid a $0.625 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $2.50 dividend on an annualized basis and a yield of 1.2%. Republic Services's dividend payout ratio is presently 36.15%.

Insider Activity at Republic Services

In other news, major shareholder Cascade Investment, L.L.C. acquired 366,000 shares of the company's stock in a transaction dated Wednesday, May 13th. The stock was acquired at an average cost of $202.24 per share, for a total transaction of $74,019,840.00. Following the acquisition, the insider directly owned 110,315,982 shares in the company, valued at approximately $22,310,304,199.68. This represents a 0.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sandra M. Volpe sold 1,800 shares of the firm's 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 completion of the transaction, the director owned 58 shares in the company, valued at $12,254.24. The trade was a 96.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have purchased 987,150 shares of company stock worth $202,366,682 in the last three months. Insiders own 0.12% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RSG. Canadian Imperial Bank of Commerce restated an "outperform" rating and issued a $249.00 price target on shares of Republic Services in a research report on Friday, May 8th. Barclays boosted their target price on Republic Services from $227.00 to $233.00 and gave the company an "equal weight" rating in a report on Monday, May 11th. Wolfe Research started coverage on Republic Services in a report on Friday, March 13th. They set a "peer perform" rating for the company. UBS Group lowered their price objective on shares of Republic Services from $240.00 to $223.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Finally, Wells Fargo & Company raised their target price on shares of Republic Services from $238.00 to $252.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 18th. Eleven equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $243.26.

Republic Services Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.