Bank of New York Mellon Corp Sells 202,057 Shares of Republic Services, Inc. $RSG

Bank of New York Mellon Corp cut its holdings in shares of Republic Services, Inc. (NYSE:RSG) by 15.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,093,172 shares of the business services provider’s stock after selling 202,057 shares during the period. Bank of New York Mellon Corp’s holdings in Republic Services were worth $231,676,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Laurel Wealth Advisors LLC purchased a new position in shares of Republic Services in the fourth quarter worth $25,000. Wealth Watch Advisors INC purchased a new position in shares of Republic Services in the third quarter worth $26,000. Ameriflex Group Inc. purchased a new position in shares of Republic Services in the third quarter worth $29,000. Sound Income Strategies LLC purchased a new position in shares of Republic Services in the fourth quarter worth $32,000. Finally, Westside Investment Management Inc. raised its holdings in shares of Republic Services by 100.0% during the third quarter. Westside Investment Management Inc. now owns 172 shares of the business services provider’s stock worth $39,000 after purchasing an additional 86 shares during the last quarter. 57.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RSG shares. Wolfe Research started coverage on shares of Republic Services in a report on Friday, March 13th. They set a “peer perform” rating for the company. BMO Capital Markets reduced their target price on shares of Republic Services from $251.00 to $248.00 and set an “outperform” rating for the company in a report on Wednesday, February 18th. JPMorgan Chase & Co. raised their target price on shares of Republic Services from $233.00 to $245.00 and gave the stock a “neutral” rating in a report on Friday, April 10th. Barclays raised their price target on shares of Republic Services from $227.00 to $233.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Finally, Robert W. Baird dropped their target price on shares of Republic Services from $242.00 to $240.00 and set a “neutral” rating on the stock in a research report on Thursday, April 16th. Eleven analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $245.15.

Republic Services Price Performance

Republic Services stock opened at $210.59 on Friday. The company’s 50 day simple moving average is $209.81 and its 200-day simple moving average is $214.75. The company has a market capitalization of $64.79 billion, a price-to-earnings ratio of 30.21, a price-to-earnings-growth ratio of 3.42 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 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 (NYSE:RSG) last released its quarterly 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 business had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.10 billion. Republic Services had a net margin of 13.00% and a return on equity of 18.57%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.58 EPS. As a group, equities research analysts expect that Republic Services, Inc. will post 7.28 earnings per share for the current year.

Republic Services Announces Dividend

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

Insider Activity

In related news, major shareholder Cascade Investment, L.L.C. purchased 60,700 shares of Republic Services stock in a transaction dated Monday, May 18th. The shares were acquired at an average cost of $213.31 per share, with a total value of $12,947,917.00. Following the purchase, the insider owned 110,803,982 shares of the company’s stock, valued at approximately $23,635,597,400.42. The trade was a 0.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders have purchased 987,150 shares of company stock valued at $202,366,682. 0.12% of the stock is currently owned by insiders.

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.