Republic Services (NYSE:RSG) Announces Quarterly Earnings Results

Republic Services (NYSE:RSG – Get Rating) released its earnings results on Thursday. The business services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.14, Briefing.com reports. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.30 billion. Republic Services had a net margin of 11.54% and a return on equity of 15.60%. Republic Services’s revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.09 EPS. Republic Services updated its FY 2022 guidance to $4.77-$4.80 EPS and its FY22 guidance to $4.77 to $4.80 EPS.

Republic Services Stock Performance

Shares of RSG traded up $0.36 during trading hours on Friday, hitting $141.90. The stock had a trading volume of 1,372,528 shares, compared to its average volume of 1,288,999. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a 50-day moving average price of $130.78 and a 200 day moving average price of $129.55. Republic Services has a fifty-two week low of $113.57 and a fifty-two week high of $145.98. The firm has a market capitalization of $44.82 billion, a price-to-earnings ratio of 33.63, a PEG ratio of 2.85 and a beta of 0.72.

Republic Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Monday, October 3rd will be paid a $0.495 dividend. This is a boost from Republic Services’s previous quarterly dividend of $0.46. This represents a $1.98 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Friday, September 30th. Republic Services’s payout ratio is currently 43.60%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RSG shares. Bank of America raised shares of Republic Services from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $140.00 to $150.00 in a research report on Friday, May 13th. Morgan Stanley upped their price objective on shares of Republic Services from $142.00 to $147.00 and gave the company an “overweight” rating in a report on Wednesday, July 20th. Oppenheimer set a $139.00 price objective on shares of Republic Services in a report on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft raised shares of Republic Services from a “hold” rating to a “buy” rating and set a $147.00 price objective on the stock in a report on Thursday, June 16th. Finally, Raymond James upped their price objective on shares of Republic Services from $140.00 to $142.00 and gave the company an “outperform” rating in a report on Friday, April 22nd. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $142.33.

Insider Activity at Republic Services

In related news, COO Timothy E. Stuart sold 15,000 shares of the business’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $135.19, for a total value of $2,027,850.00. Following the completion of the transaction, the chief operating officer now directly owns 19,675 shares in the company, valued at approximately $2,659,863.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Republic Services news, COO Timothy E. Stuart sold 15,000 shares of the company’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $135.19, for a total transaction of $2,027,850.00. Following the completion of the transaction, the chief operating officer now directly owns 19,675 shares in the company, valued at $2,659,863.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian A. Goebel sold 347 shares of the company’s stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $135.01, for a total transaction of $46,848.47. Following the transaction, the chief accounting officer now owns 6,186 shares of the company’s stock, valued at $835,171.86. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Republic Services

A number of large investors have recently added to or reduced their stakes in the stock. First Commonwealth Financial Corp PA grew its holdings in shares of Republic Services by 2.4% during the first quarter. First Commonwealth Financial Corp PA now owns 3,605 shares of the business services provider’s stock worth $478,000 after buying an additional 85 shares in the last quarter. Neuberger Berman Group LLC grew its holdings in shares of Republic Services by 1.1% during the first quarter. Neuberger Berman Group LLC now owns 9,787 shares of the business services provider’s stock worth $1,297,000 after buying an additional 106 shares in the last quarter. First Republic Investment Management Inc. grew its holdings in shares of Republic Services by 0.5% during the first quarter. First Republic Investment Management Inc. now owns 23,752 shares of the business services provider’s stock worth $3,147,000 after buying an additional 120 shares in the last quarter. Moors & Cabot Inc. grew its holdings in shares of Republic Services by 2.9% during the first quarter. Moors & Cabot Inc. now owns 6,726 shares of the business services provider’s stock worth $891,000 after buying an additional 187 shares in the last quarter. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC grew its holdings in shares of Republic Services by 8.8% during the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 2,706 shares of the business services provider’s stock worth $358,000 after buying an additional 220 shares in the last quarter. 92.80% of the stock is currently owned by institutional investors and hedge funds.

Republic Services Company Profile

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Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States. The company offers collection and processing of recyclable materials, collection, transfer and disposal of non-hazardous solid waste, and other environmental solutions. Its collection services include curbside collection of material for transport to transfer stations, landfills, or recycling processing centers; supply of recycling and waste containers; and renting of compactors.