TD Asset Management Inc Cuts Stock Position in Republic Services, Inc. $RSG

TD Asset Management Inc reduced its position in Republic Services, Inc. (NYSE:RSG) by 62.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 624,937 shares of the business services provider’s stock after selling 1,042,340 shares during the quarter. TD Asset Management Inc’s holdings in Republic Services were worth $132,443,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Republic Services by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 19,107,360 shares of the business services provider’s stock worth $4,384,757,000 after purchasing an additional 49,365 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Republic Services by 15.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,098,273 shares of the business services provider’s stock worth $711,003,000 after purchasing an additional 409,142 shares in the last quarter. Norges Bank purchased a new position in shares of Republic Services in the 4th quarter worth about $617,165,000. Bank of America Corp DE boosted its holdings in shares of Republic Services by 6.0% in the 3rd quarter. Bank of America Corp DE now owns 2,031,005 shares of the business services provider’s stock worth $466,075,000 after purchasing an additional 114,291 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Republic Services by 5.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,458,550 shares of the business services provider’s stock worth $359,695,000 after purchasing an additional 76,593 shares in the last quarter. 57.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RSG shares. Morgan Stanley cut their price objective on Republic Services from $230.00 to $225.00 and set an “equal weight” rating for the company in a report on Wednesday, February 18th. Wolfe Research assumed coverage on Republic Services in a report on Friday, March 13th. They set a “peer perform” rating for the company. Wells Fargo & Company increased their target price on Republic Services from $238.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, March 18th. Canadian Imperial Bank of Commerce restated an “outperform” rating and set a $249.00 target price on shares of Republic Services in a report on Friday, May 8th. Finally, Robert W. Baird dropped their target price on Republic Services from $242.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 16th. Eleven analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Republic Services currently has an average rating of “Hold” and an average target price of $245.15.

Republic Services Trading Up 1.9%

Shares of RSG stock opened at $208.15 on Friday. The stock has a market capitalization of $64.04 billion, a PE ratio of 29.86, a P/E/G ratio of 3.36 and a beta of 0.41. Republic Services, Inc. has a 1-year low of $196.41 and a 1-year high of $255.47. The business has a 50-day moving average of $209.91 and a 200 day moving average of $214.78. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.67.

Republic Services (NYSE:RSG) 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. The business had revenue of $4.11 billion during 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 quarter in the prior year, the company posted $1.58 EPS. As a group, sell-side analysts anticipate that Republic Services, Inc. will post 7.28 earnings per share for the current year.

Republic Services Announces Dividend

The firm 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 dividend of $0.625 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $2.50 dividend on an annualized basis and a yield of 1.2%. Republic Services’s dividend payout ratio is presently 36.15%.

Insider Buying and Selling

In other Republic Services news, major shareholder Cascade Investment, L.L.C. purchased 366,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was acquired at an average price of $202.24 per share, with a total value of $74,019,840.00. Following the transaction, the insider directly owned 110,315,982 shares of the company’s stock, valued at approximately $22,310,304,199.68. This trade represents a 0.33% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders purchased 987,150 shares of company stock worth $202,366,682. Corporate insiders own 0.12% of the company’s stock.

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.