Clearbridge Investments LLC Lowers Stock Holdings in Republic Services, Inc. (NYSE:RSG)

Clearbridge Investments LLC cut its position in shares of Republic Services, Inc. (NYSE:RSG) by 9.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 241,797 shares of the business services provider’s stock after selling 25,659 shares during the quarter. Clearbridge Investments LLC owned approximately 0.08% of Republic Services worth $48,645,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new position in Republic Services during the 4th quarter worth approximately $553,039,000. Stifel Financial Corp raised its holdings in Republic Services by 437.9% during the 3rd quarter. Stifel Financial Corp now owns 1,814,613 shares of the business services provider’s stock valued at $364,449,000 after buying an additional 1,477,255 shares during the last quarter. Wellington Management Group LLP grew its holdings in Republic Services by 23.2% in the 3rd quarter. Wellington Management Group LLP now owns 6,004,199 shares of the business services provider’s stock worth $1,205,883,000 after acquiring an additional 1,131,850 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Republic Services during the fourth quarter valued at about $184,827,000. Finally, Nordea Investment Management AB grew its stake in shares of Republic Services by 19.4% in the fourth quarter. Nordea Investment Management AB now owns 3,129,322 shares of the business services provider’s stock worth $626,553,000 after purchasing an additional 509,116 shares during the last quarter. 57.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on RSG shares. Royal Bank of Canada raised Republic Services from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $219.00 to $237.00 in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft raised shares of Republic Services from a “hold” rating to a “buy” rating and raised their target price for the stock from $219.00 to $237.00 in a research report on Tuesday, December 10th. Argus set a $260.00 price target on shares of Republic Services in a research note on Tuesday, February 18th. Truist Financial reaffirmed a “buy” rating and set a $250.00 price objective (up from $244.00) on shares of Republic Services in a research report on Friday, February 14th. Finally, UBS Group increased their target price on Republic Services from $212.00 to $240.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Republic Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $236.88.

Insiders Place Their Bets

In related news, COO Gregg Brummer sold 6,293 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $228.20, for a total transaction of $1,436,062.60. Following the transaction, the chief operating officer now owns 10,416 shares in the company, valued at $2,376,931.20. This represents a 37.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is owned by insiders.

Republic Services Stock Performance

Shares of Republic Services stock opened at $243.57 on Wednesday. The stock has a market cap of $76.06 billion, a price-to-earnings ratio of 37.53, a PEG ratio of 3.64 and a beta of 0.73. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.58 and a quick ratio of 0.64. Republic Services, Inc. has a 1 year low of $180.92 and a 1 year high of $244.45. The firm’s 50-day moving average is $228.86 and its 200 day moving average is $214.39.

Republic Services (NYSE:RSG) last posted its quarterly earnings results on Thursday, February 13th. The business services provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.21. Republic Services had a net margin of 12.74% and a return on equity of 18.28%. The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the prior year, the company posted $1.41 earnings per share. Sell-side analysts anticipate that Republic Services, Inc. will post 6.86 EPS for the current fiscal year.

Republic Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Wednesday, April 2nd will be given a dividend of $0.58 per share. The ex-dividend date is Wednesday, April 2nd. This represents a $2.32 annualized dividend and a dividend yield of 0.95%. Republic Services’s dividend payout ratio (DPR) is presently 35.75%.

Republic Services Company Profile

Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States and Canada. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions.