Franklin Resources Inc. Sells 85,819 Shares of Republic Services, Inc. (NYSE:RSG)

Franklin Resources Inc. trimmed its stake in shares of Republic Services, Inc. (NYSE:RSG) by 4.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,048,554 shares of the business services provider’s stock after selling 85,819 shares during the quarter. Franklin Resources Inc. owned approximately 0.65% of Republic Services worth $421,525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. TCW Group Inc. raised its holdings in Republic Services by 13.0% during the 3rd quarter. TCW Group Inc. now owns 114,582 shares of the business services provider’s stock worth $23,013,000 after purchasing an additional 13,138 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Republic Services during the third quarter worth $6,102,000. Lifeworks Advisors LLC lifted its holdings in Republic Services by 1,112.3% in the third quarter. Lifeworks Advisors LLC now owns 21,469 shares of the business services provider’s stock valued at $4,312,000 after buying an additional 19,698 shares during the period. Assenagon Asset Management S.A. boosted its position in Republic Services by 15.2% during the third quarter. Assenagon Asset Management S.A. now owns 5,663 shares of the business services provider’s stock valued at $1,137,000 after acquiring an additional 746 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Republic Services during the 3rd quarter worth about $6,579,000. 57.73% of the stock is owned by institutional investors and hedge funds.

Republic Services Trading Down 0.6 %

NYSE RSG opened at $208.97 on Friday. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 1.07. The business has a fifty day simple moving average of $208.53 and a 200 day simple moving average of $201.71. Republic Services, Inc. has a 12 month low of $160.65 and a 12 month high of $220.58. The firm has a market capitalization of $65.44 billion, a P/E ratio of 33.44, a PEG ratio of 3.21 and a beta of 0.71.

Republic Services (NYSE:RSG) last announced its earnings results on Tuesday, October 29th. The business services provider reported $1.81 EPS for the quarter, beating the consensus estimate of $1.61 by $0.20. Republic Services had a net margin of 12.46% and a return on equity of 18.18%. The company had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $4.12 billion. During the same quarter in the prior year, the company posted $1.54 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, analysts predict that Republic Services, Inc. will post 6.25 EPS for the current fiscal year.

Republic Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be paid a $0.58 dividend. The ex-dividend date is Thursday, January 2nd. This represents a $2.32 dividend on an annualized basis and a dividend yield of 1.11%. Republic Services’s payout ratio is presently 37.12%.

Wall Street Analyst Weigh In

RSG has been the topic of several research analyst reports. Royal Bank of Canada upped their target price on Republic Services from $211.00 to $219.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 30th. Morgan Stanley increased their price target on Republic Services from $217.00 to $220.00 and gave the stock an “equal weight” rating in a report on Thursday. BMO Capital Markets upgraded shares of Republic Services from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $211.00 to $238.00 in a research note on Friday, December 6th. CIBC increased their target price on shares of Republic Services from $217.00 to $227.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Finally, Scotiabank started coverage on shares of Republic Services in a research note on Friday, October 4th. They issued a “sector perform” rating and a $224.00 price target for the company. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Republic Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $220.06.

Insider Activity at Republic Services

In related news, CFO Brian M. Delghiaccio sold 5,071 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $210.02, for a total transaction of $1,065,011.42. Following the completion of the transaction, the chief financial officer now owns 6,318 shares in the company, valued at approximately $1,326,906.36. This represents a 44.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Katharine Weymouth sold 1,859 shares of Republic Services stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $215.27, for a total transaction of $400,186.93. Following the completion of the sale, the director now directly owns 879 shares in the company, valued at approximately $189,222.33. This represents a 67.90 % decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.

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.