CIBC Asset Management Inc Cuts Stake in Republic Services, Inc. (NYSE:RSG)

CIBC Asset Management Inc reduced its holdings in Republic Services, Inc. (NYSE:RSG - Free Report) by 2.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 267,482 shares of the business services provider's stock after selling 7,094 shares during the period. CIBC Asset Management Inc owned 0.09% of Republic Services worth $51,982,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Axxcess Wealth Management LLC raised its holdings in Republic Services by 183.4% in the 4th quarter. Axxcess Wealth Management LLC now owns 8,075 shares of the business services provider's stock valued at $1,332,000 after acquiring an additional 5,226 shares during the period. Sapient Capital LLC bought a new position in Republic Services in the 4th quarter valued at approximately $228,000. Ifrah Financial Services Inc. acquired a new stake in Republic Services during the fourth quarter worth approximately $203,000. Spire Wealth Management raised its position in shares of Republic Services by 10.7% during the fourth quarter. Spire Wealth Management now owns 2,993 shares of the business services provider's stock worth $505,000 after purchasing an additional 289 shares during the period. Finally, Private Advisor Group LLC lifted its stake in shares of Republic Services by 12.4% in the fourth quarter. Private Advisor Group LLC now owns 21,789 shares of the business services provider's stock valued at $3,593,000 after buying an additional 2,400 shares in the last quarter. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Republic Services Stock Performance

Shares of NYSE RSG traded up $2.27 during midday trading on Monday, reaching $208.21. The company had a trading volume of 885,400 shares, compared to its average volume of 1,181,102. The stock has a market cap of $65.57 billion, a P/E ratio of 36.53, a P/E/G ratio of 3.34 and a beta of 0.69. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.05. Republic Services, Inc. has a 1 year low of $140.23 and a 1 year high of $208.69. The business's 50-day simple moving average is $199.49 and its 200 day simple moving average is $191.60.

Republic Services (NYSE:RSG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 24th. The business services provider reported $1.61 EPS for the quarter, topping analysts' consensus estimates of $1.53 by $0.08. The company had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $4.03 billion. Republic Services had a return on equity of 17.81% and a net margin of 12.11%. On average, analysts forecast that Republic Services, Inc. will post 6.18 earnings per share for the current fiscal year.

Republic Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Wednesday, October 2nd will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 1.11%. This is a boost from Republic Services's previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Wednesday, October 2nd. Republic Services's payout ratio is presently 40.70%.

Analyst Ratings Changes

RSG has been the topic of several analyst reports. CIBC boosted their price target on shares of Republic Services from $196.00 to $208.00 and gave the stock a "neutral" rating in a report on Thursday, July 25th. StockNews.com downgraded Republic Services from a "strong-buy" rating to a "buy" rating in a research report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft started coverage on Republic Services in a research report on Thursday, May 23rd. They issued a "hold" rating and a $203.00 target price for the company. Oppenheimer lowered their target price on Republic Services from $211.00 to $210.00 and set an "outperform" rating for the company in a research note on Thursday, July 25th. Finally, Robert W. Baird lifted their target price on shares of Republic Services from $208.00 to $210.00 and gave the stock a "neutral" rating in a research note on Thursday, July 25th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $211.00.

Insider Activity

In related news, Director Tomago Collins sold 3,200 shares of the business's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $203.01, for a total transaction of $649,632.00. Following the completion of the transaction, the director now directly owns 17,486 shares in the company, valued at $3,549,832.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Republic Services news, Director Katharine Weymouth bought 540 shares of the company's stock in a transaction dated Tuesday, June 4th. The shares were purchased at an average cost of $185.26 per share, for a total transaction of $100,040.40. Following the transaction, the director now directly owns 540 shares of the company's stock, valued at $100,040.40. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Tomago Collins sold 3,200 shares of the company's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $203.01, for a total value of $649,632.00. Following the completion of the transaction, the director now directly owns 17,486 shares of the company's stock, valued at approximately $3,549,832.86. The disclosure for this sale can be found here. Insiders own 0.09% of the company's stock.

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.