Bank of New York Mellon Corp Has $233.27 Million Position in Republic Services, Inc. $RSG

Bank of New York Mellon Corp lowered its holdings in Republic Services, Inc. (NYSE:RSG) by 2.6% in the first quarter, Holdings Channel.com reports. The firm owned 1,065,069 shares of the business services provider’s stock after selling 28,103 shares during the period. Bank of New York Mellon Corp’s holdings in Republic Services were worth $233,271,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp raised its position in Republic Services by 1.7% during 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 buying an additional 166,474 shares during the period. Capital World Investors boosted its position in Republic Services by 27.7% during the 4th quarter. Capital World Investors now owns 8,765,623 shares of the business services provider’s stock worth $1,857,698,000 after acquiring an additional 1,899,183 shares during the period. Morgan Stanley grew its stake in Republic Services by 38.6% during the 4th quarter. Morgan Stanley now owns 5,348,501 shares of the business services provider’s stock valued at $1,133,509,000 after acquiring an additional 1,490,719 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Republic Services by 18.9% in the 4th 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 during the period. Finally, Norges Bank acquired a new position in shares of Republic Services in the 4th quarter valued at about $617,165,000. Hedge funds and other institutional investors own 57.73% of the company’s stock.

Wall Street Analysts Forecast Growth

RSG has been the subject of several research reports. Robert W. Baird decreased their price target on shares of Republic Services from $242.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 16th. Royal Bank Of Canada upped their price objective on shares of Republic Services from $265.00 to $267.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. UBS Group decreased their target price on shares of Republic Services from $240.00 to $223.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Citigroup boosted their price target on shares of Republic Services from $247.00 to $259.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Weiss Ratings downgraded shares of Republic Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, April 29th. Eleven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.89.

Republic Services Trading Down 0.9%

NYSE:RSG opened at $222.43 on Friday. The company has a market capitalization of $68.43 billion, a P/E ratio of 31.91, a P/E/G ratio of 3.72 and a beta of 0.40. The stock’s 50 day moving average price is $210.93 and its 200 day moving average price is $214.69. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.67 and a current ratio of 0.67. Republic Services, Inc. has a 52 week low of $196.41 and a 52 week high of $246.25.

Republic Services (NYSE:RSG) last posted its earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.06. The firm had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.10 billion. Republic Services had a net margin of 13.00% and a return on equity of 18.57%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.58 earnings per share. On average, research analysts forecast that Republic Services, Inc. will post 7.28 EPS for the current fiscal year.

Republic Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Thursday, July 2nd were paid a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, July 2nd. Republic Services’s payout ratio is presently 35.87%.

Insiders Place Their Bets

In related news, major shareholder Cascade Investment, L.L.C. purchased 60,700 shares of Republic Services stock in a transaction on 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 completion of the transaction, the insider directly owned 110,803,982 shares of the company’s stock, valued at approximately $23,635,597,400.42. This represents a 0.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sandra M. Volpe sold 1,800 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $211.28, for a total value of $380,304.00. Following the sale, the director owned 58 shares of the company’s stock, valued at approximately $12,254.24. This trade represents a 96.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders purchased 987,150 shares of company stock valued at $202,366,682 over the last quarter. 0.12% of the stock is currently owned by corporate insiders.

Republic Services Profile

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.