Key Points
- Cascade Investment, L.L.C., Republic Services’ major shareholder, bought 60,700 shares on May 18 for about $12.95 million at an average price of $213.31 per share. The filing showed the firm now owns more than 110.8 million shares.
- Cascade has been aggressively adding to its position, with multiple purchases in the prior week totaling hundreds of thousands of shares. Recent buys ranged from roughly $197 to $208 per share.
- Republic Services also reported solid quarterly results, with EPS of $1.70 beating estimates and revenue of $4.11 billion edging above expectations. The company 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. acquired 60,700 shares of the firm's stock in a transaction dated Monday, May 18th. The stock was bought at an average price of $213.31 per share, with a total value of $12,947,917.00. Following the acquisition, the insider directly owned 110,803,982 shares in the company, valued at $23,635,597,400.42. This represents a 0.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 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 Friday, May 15th, Cascade Investment, L.L.C. purchased 119,795 shares of Republic Services stock. The shares were bought at an average cost of $208.93 per share, with a total value of $25,028,769.35.
- On Thursday, May 14th, Cascade Investment, L.L.C. purchased 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. bought 78,150 shares of Republic Services stock. The stock was purchased at an average cost of $197.18 per share, with a total value of $15,409,617.00.
- On Wednesday, May 13th, Cascade Investment, L.L.C. purchased 366,000 shares of Republic Services stock. The shares were purchased 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 stock was purchased at an average cost of $201.78 per share, with a total value of $11,097,900.00.
Republic Services Stock Up 2.9%
Shares of RSG stock opened at $214.43 on Tuesday. Republic Services, Inc. has a 52-week low of $196.41 and a 52-week high of $258.75. 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 stock has a market cap of $65.97 billion, a price-to-earnings ratio of 30.77, a PEG ratio of 3.43 and a beta of 0.43. The firm's 50-day moving average is $214.32 and its 200-day moving average is $214.83.
Republic Services (NYSE:RSG - Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share for the quarter, topping 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 the consensus estimate of $4.10 billion. During the same quarter in the previous year, the business earned $1.58 earnings per share. The business's revenue was up 2.6% compared to the same quarter last year. Sell-side analysts predict that Republic Services, Inc. will post 7.27 EPS for the current year.
Republic Services Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd will be given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Republic Services's payout ratio is 35.87%.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on RSG. BMO Capital Markets dropped their price objective on shares of Republic Services from $251.00 to $248.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 18th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and issued a $249.00 price target on shares of Republic Services in a research note on Friday, May 8th. Oppenheimer cut their price objective on shares of Republic Services from $256.00 to $255.00 and set an "outperform" rating for the company in a research report on Friday, January 23rd. Wells Fargo & Company upped their target price on Republic Services from $238.00 to $252.00 and gave the company an "overweight" rating in a research report on Wednesday, March 18th. Finally, Weiss Ratings lowered Republic Services from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, April 29th. Eleven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $245.15.
Check Out Our Latest Stock Analysis on Republic Services
Institutional Trading of Republic Services
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank bought a new stake in Republic Services in the 4th quarter valued at about $617,165,000. Capital World Investors raised 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 buying an additional 1,899,183 shares in the last quarter. Morgan Stanley boosted its stake 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 buying an additional 1,490,719 shares during the period. Allspring Global Investments Holdings LLC grew its position in Republic Services by 68.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,256,190 shares of the business services provider's stock worth $497,828,000 after buying an additional 913,249 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Republic Services by 18.9% during 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 acquiring an additional 807,525 shares during the period. Institutional investors and hedge funds own 57.73% of the company's stock.
Republic Services Company Profile
(
Get Free Report)
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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