Republic Services (NYSE:RSG) Major Shareholder Cascade Investment, L.L.C. Buys 55,000 Shares

Key Points

• Cascade Investment, a major shareholder in Republic Services, bought 55,000 shares at $201.78 each on May 12, following up with another purchase of 366,000 shares on May 13.
• Republic Services beat quarterly earnings expectations, reporting EPS of $1.70 versus the $1.64 consensus and revenue of $4.11 billion, slightly ahead of estimates.
• The company also declared a quarterly dividend of $0.625 per share, and analysts currently have a consensus rating of Hold with a target price of $245.15.

Republic Services, Inc. (NYSE:RSG - Get Free Report) major shareholder Cascade Investment, L.L.C. acquired 55,000 shares of Republic Services stock in a transaction on Tuesday, May 12th. The stock was purchased at an average cost of $201.78 per share, with a total value of $11,097,900.00. Following the purchase, the insider directly owned 109,949,982 shares of the company's stock, valued at approximately $22,185,707,367.96. This trade represents a 0.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, May 13th, Cascade Investment, L.L.C. acquired 366,000 shares of Republic Services stock. The stock was purchased at an average cost of $202.24 per share, with a total value of $74,019,840.00.

Republic Services Stock Up 0.6%

Shares of RSG stock traded up $1.28 during trading hours 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. Republic Services, Inc. has a 12 month low of $196.41 and a 12 month high of $258.75. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.64. The business has a fifty day simple moving average of $215.61 and a 200-day simple moving average of $215.04. The company has a market cap of $62.66 billion, a price-to-earnings ratio of 29.22, a price-to-earnings-growth ratio of 3.33 and a beta of 0.43.

Republic Services (NYSE:RSG - Get Free Report) last issued its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 EPS for the quarter, topping analysts' consensus estimates of $1.64 by $0.06. The business had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.10 billion. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.Republic Services's quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $1.58 earnings per share. On average, research analysts expect that Republic Services, Inc. will post 7.28 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 Wednesday, July 15th. Shareholders of record on Thursday, July 2nd will be paid a $0.625 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $2.50 annualized dividend and a dividend yield of 1.2%. Republic Services's payout ratio is presently 36.15%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RSG shares. BMO Capital Markets lowered their target price 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. Argus lowered Republic Services from a "buy" rating to a "hold" rating in a research note on Monday. UBS Group lowered their target price on Republic Services from $240.00 to $223.00 and set a "neutral" rating on the stock in a research note on Tuesday. Royal Bank Of Canada boosted their target price on Republic Services from $265.00 to $267.00 and gave the company an "outperform" rating in a research note on Friday, May 8th. Finally, Wells Fargo & Company boosted their target price on Republic Services from $238.00 to $252.00 and gave the company an "overweight" rating in a research note on Wednesday, March 18th. Eleven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $245.15.

Hedge Funds Weigh In On Republic Services

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Republic Services by 0.3% in the third quarter. Vanguard Group Inc. now owns 19,107,360 shares of the business services provider's stock valued at $4,384,757,000 after purchasing an additional 49,365 shares in the last quarter. State Street Corp grew its position in shares of Republic Services by 1.7% in the fourth quarter. State Street Corp now owns 9,695,747 shares of the business services provider's stock valued at $2,054,820,000 after purchasing an additional 166,474 shares in the last quarter. Capital World Investors grew its position in shares of Republic Services by 27.7% in the fourth quarter. Capital World Investors now owns 8,765,623 shares of the business services provider's stock valued at $1,857,698,000 after purchasing an additional 1,899,183 shares in the last quarter. Morgan Stanley grew its position in shares of Republic Services by 38.6% in the fourth quarter. Morgan Stanley now owns 5,348,501 shares of the business services provider's stock valued at $1,133,509,000 after purchasing an additional 1,490,719 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Republic Services by 18.9% in the fourth quarter. Wellington Management Group LLP now owns 5,070,130 shares of the business services provider's stock valued at $1,074,513,000 after purchasing an additional 807,525 shares in the last quarter. 57.73% of the stock is currently owned by hedge funds and other institutional investors.

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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