Insider Buying: Republic Services (NYSE:RSG) Major Shareholder Buys 366,000 Shares of Stock

Key Points

• Cascade Investment, L.L.C. bought 366,000 shares of Republic Services on May 13 at an average price of $202.24, a transaction worth about $74.0 million. The purchase lifted its ownership to 110.3 million shares, a 0.33% increase.
• Republic Services shares rose 0.6% to $203.66, even as the stock remained below its 50-day and 200-day moving averages. The company’s market cap was about $62.66 billion.
• The company recently beat quarterly earnings expectations, reporting $1.70 EPS versus $1.64 expected, while revenue came in at $4.11 billion. Republic Services also announced a quarterly dividend of $0.625 per share, payable July 15.

Republic Services, Inc. (NYSE:RSG - Get Free Report) major shareholder Cascade Investment, L.L.C. bought 366,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was purchased at an average cost of $202.24 per share, with a total value of $74,019,840.00. Following the acquisition, the insider owned 110,315,982 shares in the company, valued at approximately $22,310,304,199.68. This represents a 0.33% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, May 12th, Cascade Investment, L.L.C. bought 55,000 shares of Republic Services stock. The stock was purchased at an average cost of $201.78 per share, with a total value of $11,097,900.00.

Republic Services Trading Up 0.6%

Shares of NYSE RSG traded up $1.28 during trading on Wednesday, reaching $203.66. The company had a trading volume of 1,912,140 shares, compared to its average volume of 1,749,744. The company's fifty day moving average price is $215.61 and its 200-day moving average price is $215.04. Republic Services, Inc. has a 12 month low of $196.41 and a 12 month high of $258.75. The stock has a market cap of $62.66 billion, a P/E ratio of 29.22, a PEG ratio of 3.33 and a beta of 0.43. The company has a quick ratio of 0.64, a current ratio of 0.67 and a debt-to-equity ratio of 1.11.

Republic Services (NYSE:RSG - Get Free Report) last released its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $4.10 billion. During the same quarter in the previous year, the company posted $1.58 EPS. The business's revenue was up 2.6% on a year-over-year basis. As a group, research analysts expect that Republic Services, Inc. will post 7.28 earnings per share for the current year.

Republic Services Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RSG. Brighton Jones LLC raised its stake in Republic Services by 75.8% during the 4th quarter. Brighton Jones LLC now owns 19,822 shares of the business services provider's stock worth $3,988,000 after buying an additional 8,547 shares during the period. Federated Hermes Inc. raised its stake in Republic Services by 23.2% during the 2nd quarter. Federated Hermes Inc. now owns 17,553 shares of the business services provider's stock worth $4,329,000 after buying an additional 3,303 shares during the period. NewEdge Advisors LLC raised its stake in Republic Services by 3.6% during the 2nd quarter. NewEdge Advisors LLC now owns 29,690 shares of the business services provider's stock worth $7,322,000 after buying an additional 1,044 shares during the period. Treasurer of the State of North Carolina raised its stake in Republic Services by 0.7% during the 2nd quarter. Treasurer of the State of North Carolina now owns 94,626 shares of the business services provider's stock worth $23,336,000 after buying an additional 688 shares during the period. Finally, Ieq Capital LLC raised its stake in Republic Services by 68.4% during the 2nd quarter. Ieq Capital LLC now owns 11,643 shares of the business services provider's stock worth $2,871,000 after buying an additional 4,729 shares during the period. 57.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RSG. UBS Group dropped 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. 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. 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. Wolfe Research began coverage on Republic Services in a research note on Friday, March 13th. They issued a "peer perform" rating on the stock. Finally, BMO Capital Markets dropped their price objective on Republic Services from $251.00 to $248.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 18th. Eleven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus 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.

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.