Republic Services, Inc. $RSG Stock Holdings Trimmed by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon trimmed its Republic Services stake by 2.6% in the first quarter, selling 28,103 shares and leaving it with about 1.07 million shares valued at roughly $233.3 million.
• Republic Services reported better-than-expected quarterly results, posting EPS of $1.70 versus the $1.64 estimate and revenue of $4.11 billion, up 2.6% year over year.
• The company also maintained shareholder returns with a quarterly dividend of $0.625 per share, equal to $2.50 annually and a 1.1% yield, while analysts currently rate the stock a consensus Moderate Buy.

Bank of New York Mellon Corp lessened its holdings in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 2.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,065,069 shares of the business services provider's stock after selling 28,103 shares during the quarter. Bank of New York Mellon Corp owned about 0.34% of Republic Services worth $233,271,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC raised its stake in shares of Republic Services by 11.3% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 445 shares of the business services provider's stock valued at $94,000 after purchasing an additional 45 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. grew its position in Republic Services by 0.5% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 10,454 shares of the business services provider's stock valued at $2,216,000 after buying an additional 48 shares in the last quarter. Williams Jones Wealth Management LLC. increased its stake in Republic Services by 2.6% during the 4th quarter. Williams Jones Wealth Management LLC. now owns 1,925 shares of the business services provider's stock valued at $408,000 after buying an additional 49 shares during the period. ICONIQ Capital LLC raised 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 buying an additional 50 shares in the last quarter. Finally, Composition Wealth LLC lifted its stake in shares of Republic Services by 1.4% in the 4th quarter. Composition Wealth LLC now owns 3,793 shares of the business services provider's stock worth $804,000 after acquiring an additional 52 shares during the period. 57.73% of the stock is owned by institutional investors and hedge funds.

Republic Services Trading Down 0.9%

Shares of NYSE:RSG opened at $222.43 on Friday. The stock has a market capitalization of $68.43 billion, a price-to-earnings ratio of 31.91, a PEG ratio of 3.72 and a beta of 0.40. Republic Services, Inc. has a 1-year low of $196.41 and a 1-year high of $246.25. 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 company has a 50 day moving average price of $210.93 and a 200 day moving average price of $214.69.

Republic Services (NYSE:RSG - Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.06. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.The company had revenue of $4.11 billion for the quarter, compared to analysts' expectations of $4.10 billion. During the same quarter in the prior year, the company earned $1.58 earnings per share. The firm's revenue was up 2.6% on a year-over-year basis. On average, research analysts anticipate that Republic Services, Inc. will post 7.28 EPS for the current fiscal year.

Republic Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Thursday, July 2nd were given a dividend of $0.625 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.1%. Republic Services's payout ratio is 35.87%.

Wall Street Analyst Weigh In

RSG has been the subject of several recent analyst reports. Citigroup increased their price objective on shares of Republic Services from $247.00 to $259.00 and gave the company a "buy" rating in a report on Friday, July 10th. Argus downgraded Republic Services from a "buy" rating to a "hold" rating in a research report on Monday, May 11th. JPMorgan Chase & Co. increased their price target on Republic Services from $233.00 to $245.00 and gave the company a "neutral" rating in a research note on Friday, April 10th. UBS Group lowered their price target on 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, Robert W. Baird dropped their price objective on Republic Services from $242.00 to $240.00 and set a "neutral" rating on the stock in a research note on Thursday, April 16th. Eleven research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Republic Services has an average rating of "Moderate Buy" and a consensus price target of $243.89.

Insider Buying and Selling at Republic Services

In related news, major shareholder Cascade Investment, L.L.C. acquired 60,700 shares of the business's stock in a transaction on Monday, May 18th. The shares were purchased at an average price of $213.31 per share, for a total transaction of $12,947,917.00. Following the acquisition, the insider owned 110,803,982 shares in the company, valued at approximately $23,635,597,400.42. This represents a 0.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sandra M. Volpe sold 1,800 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $211.28, for a total transaction of $380,304.00. Following the sale, the director directly owned 58 shares of the company's stock, valued at $12,254.24. This represents a 96.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have bought 987,150 shares of company stock valued at $202,366,682. 0.12% of the stock is currently owned by company insiders.

About Republic Services

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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