Cornerstone Advisors LLC Has $1.55 Million Holdings in Republic Services, Inc. $RSG

Cornerstone Advisors LLC decreased its stake in Republic Services, Inc. (NYSE:RSG) by 7.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,300 shares of the business services provider’s stock after selling 500 shares during the quarter. Cornerstone Advisors LLC’s holdings in Republic Services were worth $1,554,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RSG. Cranbrook Wealth Management LLC boosted its stake in shares of Republic Services by 1,222.2% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 119 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. NewSquare Capital LLC boosted its position in Republic Services by 68.5% in the second quarter. NewSquare Capital LLC now owns 123 shares of the business services provider’s stock valued at $30,000 after buying an additional 50 shares in the last quarter. TCTC Holdings LLC grew its stake in Republic Services by 113.8% during the first quarter. TCTC Holdings LLC now owns 124 shares of the business services provider’s stock worth $30,000 after buying an additional 66 shares during the last quarter. Elequin Capital LP bought a new position in shares of Republic Services in the first quarter valued at approximately $30,000. Finally, Atticus Wealth Management LLC acquired a new position in shares of Republic Services in the 2nd quarter worth approximately $39,000. 57.73% of the stock is owned by institutional investors.

Republic Services Stock Performance

Republic Services stock opened at $209.74 on Monday. The company has a market cap of $64.93 billion, a PE ratio of 31.03, a PEG ratio of 3.40 and a beta of 0.57. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.04. Republic Services, Inc. has a 1 year low of $199.43 and a 1 year high of $258.75. The company’s 50-day moving average is $220.23 and its two-hundred day moving average is $234.97.

Republic Services (NYSE:RSG) last posted its quarterly earnings results on Friday, October 31st. The business services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.12. Republic Services had a net margin of 12.97% and a return on equity of 18.27%. The business had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $4.25 billion. During the same period in the previous year, the firm posted $1.81 earnings per share. Republic Services’s revenue for the quarter was up 3.3% compared to the same quarter last year. Equities analysts anticipate that Republic Services, Inc. will post 6.86 earnings per share for the current year.

Republic Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Friday, January 2nd will be given a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, January 2nd. Republic Services’s dividend payout ratio (DPR) is currently 37.20%.

Analysts Set New Price Targets

Several brokerages have issued reports on RSG. Sanford C. Bernstein assumed coverage on Republic Services in a research report on Wednesday, November 12th. They issued a “market perform” rating and a $205.00 price objective for the company. BMO Capital Markets lifted their price target on Republic Services from $280.00 to $284.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Citigroup decreased their price objective on shares of Republic Services from $280.00 to $270.00 and set a “buy” rating on the stock in a report on Wednesday, September 17th. Scotiabank dropped their target price on shares of Republic Services from $250.00 to $246.00 and set a “sector perform” rating for the company in a research note on Friday, October 31st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Republic Services from $260.00 to $233.00 and set a “neutral” rating on the stock in a research note on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $250.91.

Insiders Place Their Bets

In other news, EVP Gregg Brummer sold 7,338 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $233.94, for a total value of $1,716,651.72. Following the completion of the sale, the executive vice president directly owned 4,060 shares of the company’s stock, valued at $949,796.40. This represents a 64.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Cascade Investment, L.L.C. acquired 4,258 shares of Republic Services stock in a transaction that occurred on Tuesday, August 19th. The shares were purchased at an average cost of $234.91 per share, for a total transaction of $1,000,246.78. Following the purchase, the insider directly owned 109,816,832 shares in the company, valued at $25,797,072,005.12. The trade was a 0.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.11% of the stock is owned by insiders.

Republic Services Profile

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.