Steinberg Asset Management Lowers stake in Republic Services (RSG)

Republic Services (RSG) : Steinberg Asset Management reduced its stake in Republic Services by 33.61% during the most recent quarter end. The investment management company now holds a total of 267,866 shares of Republic Services which is valued at $13,851,351 after selling 135,587 shares in Republic Services , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Republic Services makes up approximately 3.39% of Steinberg Asset Management’s portfolio.

Other Hedge Funds, Including , Two Sigma Advisers Lp sold out all of its stake in RSG during the most recent quarter. The investment firm sold 29,580 shares of RSG which is valued $1,529,582.Sasco Capital Inc Ct reduced its stake in RSG by selling 180,090 shares or 4.36% in the most recent quarter. The Hedge Fund company now holds 3,951,626 shares of RSG which is valued at $204,338,580. Republic Services makes up approx 5.00% of Sasco Capital Inc Ct’s portfolio.New York State Common Retirement Fund reduced its stake in RSG by selling 56,519 shares or 8.55% in the most recent quarter. The Hedge Fund company now holds 604,513 shares of RSG which is valued at $31,259,367. Republic Services makes up approx 0.04% of New York State Common Retirement Fund’s portfolio.Dekabank Deutsche Girozentrale boosted its stake in RSG in the latest quarter, The investment management firm added 12,500 additional shares and now holds a total of 257,002 shares of Republic Services which is valued at $13,135,372. Republic Services makes up approx 0.14% of Dekabank Deutsche Girozentrale’s portfolio.Shell Asset Management Co boosted its stake in RSG in the latest quarter, The investment management firm added 6,340 additional shares and now holds a total of 133,498 shares of Republic Services which is valued at $6,900,512. Republic Services makes up approx 0.16% of Shell Asset Management Co’s portfolio.

Republic Services opened for trading at $50.61 and hit $50.72 on the upside on Thursday, eventually ending the session at $50.72, with a gain of 0.40% or 0.2 points. The heightened volatility saw the trading volume jump to 6,23,595 shares. Company has a market cap of $17,389 M.

On the company’s financial health, Republic Services reported $0.55 EPS for the quarter, based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus estimate of $0.55. The company had revenue of $2350.70 million for the quarter, compared to analysts expectations of $2375.07 million. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 EPS.

Investors should note that on Jul 28, 2016, Republic Services announced a cash dividend of $0.3200. The company’s management has announced Sep 29, 2016 as the ex-dividend date and fixed the record date on Oct 3, 2016. The payable date has been fixed on Oct 14, 2016.

Many Wall Street Analysts have commented on Republic Services. Macquarie Initiated Republic Services on Aug 26, 2016 to “Neutral”, Price Target of the shares are set at $53.Company shares were Reiterated by Imperial Capital on Aug 2, 2016 to “Outperform”, Firm has raised the Price Target to $ 58 from a previous price target of $52 .

Republic Services Inc. is a provider of services in the domestic non-hazardous solid waste services industry. The Company provides non-hazardous solid waste collection services for commercial industrial municipal and residential customers. The Company operates three geographic operating regions that are also its segments: East Central and West. Each region is organized into several areas and each area contains multiple business units or operating locations. The Company has approximately 340 collection operations owned or operated 198 transfer stations 189 active solid waste landfills and 60 recycling centers. It also operates approximately 72 landfill gas and renewable energy projects. The Company operates in 39 states and Puerto Rico. The Company provides collection transfer recycling and landfill services in all its regions.

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