TD Asset Management Inc Sells 1,042,340 Shares of Republic Services, Inc. $RSG

Key Points

• TD Asset Management reduced its stake in Republic Services by 62.5% in the fourth quarter, selling 1,042,340 shares and leaving it with 624,937 shares worth about $132.4 million.
• Republic Services reported better-than-expected quarterly earnings, posting $1.70 EPS versus the $1.64 consensus, while revenue rose 2.6% year over year to $4.11 billion.
• The company announced a quarterly dividend of $0.625 per share, payable July 15, which works out to an annualized dividend of $2.50 and a yield of about 1.2%.

TD Asset Management Inc cut its position in Republic Services, Inc. (NYSE:RSG - Free Report) by 62.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 624,937 shares of the business services provider's stock after selling 1,042,340 shares during the quarter. TD Asset Management Inc owned about 0.20% of Republic Services worth $132,443,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Laurel Wealth Advisors LLC bought a new stake in shares of Republic Services in the fourth quarter valued at $25,000. Wealth Watch Advisors INC bought a new stake in shares of Republic Services during the 3rd quarter valued at $26,000. Ameriflex Group Inc. bought a new stake in shares of Republic Services during the 3rd quarter valued at $29,000. Sound Income Strategies LLC bought a new stake in shares of Republic Services during the 4th quarter valued at $32,000. Finally, Westside Investment Management Inc. raised its stake in shares of Republic Services by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 172 shares of the business services provider's stock valued at $39,000 after purchasing an additional 86 shares during the period. 57.73% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Republic Services news, major shareholder Cascade Investment, L.L.C. bought 366,000 shares of Republic Services stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 110,315,982 shares in the company, valued at $22,310,304,199.68. This represents a 0.33% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders bought 987,150 shares of company stock worth $202,366,682 in the last three months. 0.12% of the stock is owned by insiders.

Republic Services Price Performance

Republic Services stock opened at $208.15 on Friday. Republic Services, Inc. has a 52 week low of $196.41 and a 52 week high of $255.47. The business has a 50-day simple moving average of $209.91 and a 200 day simple moving average of $214.78. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.11. The stock has a market cap of $64.04 billion, a price-to-earnings ratio of 29.86, a PEG ratio of 3.36 and a beta of 0.41.

Republic Services (NYSE:RSG - Get Free Report) last posted its earnings results on Friday, May 8th. The business services provider reported $1.70 EPS for the quarter, topping 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 business had revenue of $4.11 billion during the quarter, compared to analysts' expectations of $4.10 billion. During the same period in the previous year, the business earned $1.58 earnings per share. The firm's revenue was up 2.6% on a year-over-year basis. On average, research analysts forecast that Republic Services, Inc. will post 7.28 earnings per share for the current fiscal year.

Republic Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Thursday, July 2nd will be given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, July 2nd. Republic Services's payout ratio is presently 36.15%.

Analysts Set New Price Targets

A number of research firms recently issued reports on RSG. JPMorgan Chase & Co. boosted their price objective on Republic Services from $233.00 to $245.00 and gave the company a "neutral" rating in a research note on Friday, April 10th. Robert W. Baird decreased 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. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and set a $249.00 price objective on shares of Republic Services in a research note on Friday, May 8th. UBS Group decreased 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. Finally, Morgan Stanley decreased their price objective on Republic Services from $230.00 to $225.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 18th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $245.15.

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.

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