NewEdge Wealth LLC Lowers Stake in Republic Services, Inc. $RSG

NewEdge Wealth LLC lessened its stake in Republic Services, Inc. (NYSE:RSG) by 58.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 3,301 shares of the business services provider’s stock after selling 4,553 shares during the period. NewEdge Wealth LLC’s holdings in Republic Services were worth $723,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. SteelPeak Wealth LLC lifted its position in shares of Republic Services by 130.0% during the fourth quarter. SteelPeak Wealth LLC now owns 12,386 shares of the business services provider’s stock worth $2,625,000 after purchasing an additional 7,001 shares in the last quarter. iA Global Asset Management Inc. boosted its stake in shares of Republic Services by 18.5% in the fourth quarter. iA Global Asset Management Inc. now owns 64,200 shares of the business services provider’s stock valued at $13,606,000 after purchasing an additional 10,000 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Republic Services by 23.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 32,952 shares of the business services provider’s stock valued at $6,984,000 after purchasing an additional 6,194 shares in the last quarter. Norges Bank acquired a new stake in Republic Services during the 4th quarter worth approximately $617,165,000. Finally, Guyasuta Investment Advisors Inc. boosted its position in Republic Services by 2.0% in the 4th quarter. Guyasuta Investment Advisors Inc. now owns 344,535 shares of the business services provider’s stock valued at $73,017,000 after buying an additional 6,820 shares during the period. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RSG has been the subject of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Republic Services from $233.00 to $245.00 and gave the stock a “neutral” rating in a research note on Friday, April 10th. Royal Bank Of Canada lifted their target price on Republic Services from $265.00 to $267.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Citigroup upped their price target on Republic Services from $247.00 to $259.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $249.00 price target on shares of Republic Services in a research report on Friday, May 8th. Finally, Robert W. Baird lowered their price objective on Republic Services from $242.00 to $240.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Eleven investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $243.89.

Insider Buying and Selling

In related news, major shareholder Cascade Investment, L.L.C. acquired 60,700 shares of Republic Services stock in a transaction dated Monday, May 18th. The stock was acquired at an average price of $213.31 per share, for a total transaction of $12,947,917.00. Following the transaction, the insider owned 110,803,982 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sandra M. Volpe sold 1,800 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $211.28, for a total transaction of $380,304.00. Following the completion of the transaction, the director directly owned 58 shares in the company, valued at $12,254.24. This trade represents a 96.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have acquired 987,150 shares of company stock worth $202,366,682. 0.12% of the stock is owned by corporate insiders.

Republic Services Stock Performance

NYSE:RSG opened at $216.74 on Tuesday. Republic Services, Inc. has a 12 month low of $196.41 and a 12 month high of $246.25. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a market capitalization of $66.68 billion, a PE ratio of 31.10, a price-to-earnings-growth ratio of 3.63 and a beta of 0.40. The business’s fifty day moving average price is $212.28 and its 200 day moving average price is $214.91.

Republic Services (NYSE:RSG) last released its quarterly earnings data on Friday, May 8th. The business services provider reported $1.70 earnings per share (EPS) for the quarter, topping 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 business had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.10 billion. During the same period in the prior year, the firm posted $1.58 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Republic Services, Inc. will post 7.29 earnings per share for the current fiscal year.

Republic Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd were paid a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 1.2%. The ex-dividend date was Thursday, July 2nd. Republic Services’s dividend payout ratio is currently 35.87%.

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.