Insider Buying: Republic Services (NYSE:RSG) Major Shareholder Acquires 60,700 Shares of Stock

Key Points

• Cascade Investment, Republic Services’ major shareholder, bought 60,700 shares on May 18 at an average price of $213.31, adding about $12.95 million to its stake.
• The purchase follows a series of recent insider buys by Cascade Investment, including several much larger transactions earlier in May, signaling continued accumulation of Republic Services shares.
• Republic Services recently beat earnings expectations with quarterly EPS of $1.70 versus $1.64 expected, and it also announced a quarterly dividend of $0.625 per share to be paid July 15.

Republic Services, Inc. (NYSE:RSG - Get Free Report) major shareholder Cascade Investment, L.L.C. purchased 60,700 shares of the business's stock in a transaction dated Monday, May 18th. The shares were purchased at an average price of $213.31 per share, with a total value of $12,947,917.00. Following the purchase, the insider directly owned 110,803,982 shares in the company, valued at $23,635,597,400.42. This trade represents a 0.05% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Cascade Investment, L.L.C. also recently made the following trade(s):

• On Friday, May 15th, Cascade Investment, L.L.C. acquired 119,795 shares of Republic Services stock. The shares were bought at an average cost of $208.93 per share, for a total transaction of $25,028,769.35.
• On Thursday, May 14th, Cascade Investment, L.L.C. acquired 307,505 shares of Republic Services stock. The shares were bought at an average cost of $207.68 per share, for a total transaction of $63,862,638.40.
• On Monday, May 11th, Cascade Investment, L.L.C. acquired 78,150 shares of Republic Services stock. The shares were bought at an average cost of $197.18 per share, for a total transaction of $15,409,617.00.
• On Wednesday, May 13th, Cascade Investment, L.L.C. acquired 366,000 shares of Republic Services stock. The shares were bought at an average cost of $202.24 per share, for a total transaction of $74,019,840.00.
• On Tuesday, May 12th, Cascade Investment, L.L.C. acquired 55,000 shares of Republic Services stock. The shares were bought at an average cost of $201.78 per share, for a total transaction of $11,097,900.00.

Republic Services Price Performance

RSG traded up $6.11 during trading on Monday, reaching $214.43. 1,953,359 shares of the company were exchanged, compared to its average volume of 1,832,723. The company's 50-day moving average is $214.67 and its two-hundred day moving average is $214.85. The company has a market cap of $65.97 billion, a price-to-earnings ratio of 30.77, a P/E/G ratio of 3.43 and a beta of 0.43. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.11. Republic Services, Inc. has a 12-month low of $196.41 and a 12-month high of $258.75.

Republic Services (NYSE:RSG - Get Free Report) last released its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share 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 firm had revenue of $4.11 billion for the quarter, compared to analysts' expectations of $4.10 billion. During the same quarter last year, the firm posted $1.58 EPS. The company's revenue was up 2.6% compared to the same quarter last year. Research analysts forecast that Republic Services, Inc. will post 7.27 earnings per share for the current fiscal year.

Republic Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd will be issued a $0.625 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $2.50 annualized dividend and a dividend yield of 1.2%. Republic Services's dividend payout ratio (DPR) is presently 35.87%.

Wall Street Analyst Weigh In

RSG has been the topic of several recent analyst reports. Robert W. Baird lowered their price target on Republic Services from $242.00 to $240.00 and set a "neutral" rating on the stock in a report on Thursday, April 16th. Oppenheimer reduced their price objective on Republic Services from $256.00 to $255.00 and set an "outperform" rating on the stock in a research report on Friday, January 23rd. Scotiabank reduced their price objective on Republic Services from $246.00 to $242.00 and set a "sector perform" rating on the stock in a research report on Wednesday, January 21st. Citigroup reduced their price objective on Republic Services from $253.00 to $247.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Finally, Argus lowered Republic Services from a "buy" rating to a "hold" rating in a research report on Monday, May 11th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $245.15.

Hedge Funds Weigh In On Republic Services

Several institutional investors and hedge funds have recently bought and sold shares of RSG. Norges Bank bought a new position in Republic Services during the 4th quarter worth approximately $617,165,000. 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 acquiring an additional 1,899,183 shares during the last quarter. Morgan Stanley grew its position in Republic Services by 38.6% during the 4th quarter. Morgan Stanley now owns 5,348,501 shares of the business services provider's stock worth $1,133,509,000 after acquiring an additional 1,490,719 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Republic Services by 68.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,256,190 shares of the business services provider's stock worth $497,828,000 after acquiring an additional 913,249 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Republic Services by 18.9% in the 4th quarter. Wellington Management Group LLP now owns 5,070,130 shares of the business services provider's stock worth $1,074,513,000 after buying an additional 807,525 shares during the last quarter. 57.73% of the stock is currently owned by institutional investors.

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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