Cornerstone Advisors LLC Cuts Stock Holdings in Republic Services, Inc. (NYSE:RSG)

Cornerstone Advisors LLC cut its position in shares of Republic Services, Inc. (NYSE:RSG) by 14.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,800 shares of the business services provider’s stock after selling 1,600 shares during the period. Cornerstone Advisors LLC’s holdings in Republic Services were worth $1,876,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RSG. Bruce G. Allen Investments LLC purchased a new position in Republic Services during the fourth quarter worth approximately $41,000. BKM Wealth Management LLC acquired a new stake in Republic Services in the 4th quarter valued at $37,000. Global Strategic Investment Solutions LLC purchased a new stake in Republic Services in the 4th quarter worth $206,000. Archford Capital Strategies LLC acquired a new position in Republic Services during the fourth quarter worth $204,000. Finally, SG Americas Securities LLC lifted its holdings in Republic Services by 217.7% during the fourth quarter. SG Americas Securities LLC now owns 76,038 shares of the business services provider’s stock valued at $12,539,000 after purchasing an additional 52,104 shares in the last quarter. Hedge funds and other institutional investors own 57.73% of the company’s stock.

Analysts Set New Price Targets

RSG has been the subject of several research reports. Truist Financial upgraded Republic Services from a “hold” rating to a “buy” rating and boosted their price target for the stock from $192.00 to $220.00 in a research report on Thursday, July 11th. UBS Group raised their price target on shares of Republic Services from $195.00 to $200.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Royal Bank of Canada assumed coverage on shares of Republic Services in a research note on Monday, April 8th. They set a “sector perform” rating and a $198.00 price objective for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Republic Services in a research note on Thursday, May 23rd. They issued a “hold” rating and a $203.00 target price on the stock. Finally, Oppenheimer increased their price target on Republic Services from $204.00 to $211.00 and gave the company an “outperform” rating in a report on Monday, July 15th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $203.64.

Insider Activity

In related news, CMO Amanda Hodges sold 6,500 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $186.02, for a total value of $1,209,130.00. Following the completion of the sale, the chief marketing officer now owns 6,831 shares in the company, valued at $1,270,702.62. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CMO Amanda Hodges sold 6,500 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $186.02, for a total transaction of $1,209,130.00. Following the sale, the chief marketing officer now owns 6,831 shares of the company’s stock, valued at approximately $1,270,702.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Katharine Weymouth purchased 540 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was purchased at an average price of $185.26 per share, with a total value of $100,040.40. Following the transaction, the director now owns 540 shares of the company’s stock, valued at $100,040.40. The disclosure for this purchase can be found here. Insiders own 0.09% of the company’s stock.

Republic Services Stock Performance

Shares of NYSE RSG traded down $1.11 during midday trading on Friday, reaching $203.46. 1,141,994 shares of the company were exchanged, compared to its average volume of 1,244,342. The stock has a market cap of $64.08 billion, a P/E ratio of 35.69, a PEG ratio of 3.42 and a beta of 0.69. Republic Services, Inc. has a 1 year low of $140.23 and a 1 year high of $206.54. The stock has a fifty day simple moving average of $191.34 and a 200 day simple moving average of $184.86. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.05.

Republic Services (NYSE:RSG) last announced its earnings results on Tuesday, April 30th. The business services provider reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.10. Republic Services had a return on equity of 17.56% and a net margin of 11.81%. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same period last year, the business posted $1.24 EPS. The company’s revenue was up 7.8% on a year-over-year basis. On average, research analysts forecast that Republic Services, Inc. will post 6.05 earnings per share for the current fiscal year.

Republic Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Tuesday, July 2nd were paid a $0.535 dividend. This represents a $2.14 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend was Tuesday, July 2nd. Republic Services’s dividend payout ratio (DPR) is presently 37.54%.

About Republic Services

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.