Republic Services, Inc. $RSG Stock Acquired by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its Republic Services stake by 14% in the third quarter, adding 345,719 shares to hold about 2.81 million shares valued at $590.8 million.
• Republic Services beat quarterly earnings and revenue expectations, reporting $1.94 per share and $4.56 billion in revenue; revenue rose 8.2% year over year.
• The company announced a quarterly dividend of $0.67 per share, equivalent to an annualized yield of about 1.1%. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $249.32.

Pictet Asset Management Holding SA boosted its holdings in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 14.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,814,825 shares of the business services provider's stock after acquiring an additional 345,719 shares during the quarter. Pictet Asset Management Holding SA owned about 0.92% of Republic Services worth $590,761,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Formidable Asset Management LLC purchased a new stake in Republic Services in the third quarter valued at approximately $258,000. Parallel Advisors LLC boosted its holdings in Republic Services by 29.3% in the third quarter. Parallel Advisors LLC now owns 4,208 shares of the business services provider's stock valued at $883,000 after purchasing an additional 953 shares during the period. Ashton Thomas Private Wealth LLC grew its stake in Republic Services by 2.9% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 10,354 shares of the business services provider's stock worth $2,173,000 after purchasing an additional 291 shares in the last quarter. Heritage Family Offices LLP acquired a new position in Republic Services during the 3rd quarter worth $56,000. Finally, Alta Advisers Ltd purchased a new stake in Republic Services during the 3rd quarter worth about $286,000. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Republic Services Stock Down 1.1%

RSG stock opened at $246.75 on Friday. The company's 50 day simple moving average is $224.95 and its 200-day simple moving average is $217.69. The firm has a market capitalization of $75.17 billion, a PE ratio of 34.13, a P/E/G ratio of 4.10 and a beta of 0.32. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.75 and a quick ratio of 0.64. Republic Services, Inc. has a 12 month low of $196.41 and a 12 month high of $254.39.

Republic Services (NYSE:RSG - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The business services provider reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.01. The company 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%. Republic Services's revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.90 earnings per share. Equities analysts expect that Republic Services, Inc. will post 7.27 earnings per share for the current fiscal year.

Republic Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Monday, January 4th will be given a dividend of $0.67 per share. The ex-dividend date is Monday, January 4th. This represents a $2.68 dividend on an annualized basis and a yield of 1.1%. Republic Services's dividend payout ratio (DPR) is 37.07%.

Insider Activity at Republic Services

In other Republic Services news, major shareholder Cascade Investment, L.L.C. purchased 324,810 shares of the business's stock in a transaction on Friday, September 11th. The stock was bought at an average cost of $222.89 per share, for a total transaction of $72,396,900.90. Following the acquisition, the insider owned 117,058,444 shares of the company's stock, valued at approximately $26,091,156,583.16. The trade was a 0.28% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Brian Bales sold 3,400 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $244.00, for a total value of $829,600.00. Following the transaction, the executive vice president directly owned 17,616 shares in the company, valued at approximately $4,298,304. This represents a 16.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders acquired a total of 6,254,462 shares of company stock valued at $1,380,321,958 over the last ninety days. 0.12% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on RSG shares. Oppenheimer reaffirmed an "outperform" rating on shares of Republic Services in a report on Friday, October 30th. Sanford C. Bernstein raised their price target on Republic Services from $220.00 to $227.00 and gave the stock a "market perform" rating in a research note on Monday, August 10th. Weiss Ratings upgraded shares of Republic Services from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, August 21st. BMO Capital Markets set a $244.00 price target on Republic Services in a research note on Thursday, October 15th. Finally, Morgan Stanley cut their price objective on shares of Republic Services from $232.00 to $219.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 13th. Twelve research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $249.32.

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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