AMG National Trust Bank purchased a new position in shares of Waste Management, Inc. (NYSE:WM – Get Rating) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,559 shares of the business services provider’s stock, valued at approximately $250,000.
A number of other large investors also recently modified their holdings of the business. Pictet Asset Management SA lifted its holdings in shares of Waste Management by 31.3% during the second quarter. Pictet Asset Management SA now owns 6,010,036 shares of the business services provider’s stock worth $919,415,000 after buying an additional 1,433,420 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Waste Management by 2.1% in the second quarter. Nordea Investment Management AB now owns 5,648,656 shares of the business services provider’s stock valued at $853,286,000 after purchasing an additional 115,020 shares in the last quarter. Parnassus Investments LLC raised its stake in shares of Waste Management by 3.1% in the second quarter. Parnassus Investments LLC now owns 4,837,250 shares of the business services provider’s stock valued at $740,003,000 after purchasing an additional 144,787 shares in the last quarter. Amundi raised its stake in shares of Waste Management by 18.8% in the second quarter. Amundi now owns 3,194,558 shares of the business services provider’s stock valued at $482,604,000 after purchasing an additional 504,966 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Waste Management by 2.7% in the second quarter. Legal & General Group Plc now owns 3,080,916 shares of the business services provider’s stock valued at $471,319,000 after purchasing an additional 81,547 shares in the last quarter. 78.48% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Waste Management
In other Waste Management news, Director John C. Pope sold 218 shares of the stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $154.76, for a total value of $33,737.68. Following the transaction, the director now owns 55,809 shares of the company’s stock, valued at $8,637,000.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.18% of the stock is owned by company insiders.
Waste Management Price Performance
Waste Management (NYSE:WM – Get Rating) last posted its quarterly earnings results on Wednesday, October 26th. The business services provider reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.06. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Waste Management had a return on equity of 32.48% and a net margin of 11.55%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.26 earnings per share. Equities research analysts expect that Waste Management, Inc. will post 5.7 EPS for the current fiscal year.
Waste Management declared that its board has authorized a stock repurchase plan on Thursday, December 8th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 2.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
Waste Management Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, December 16th. Investors of record on Friday, December 2nd were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend was Thursday, December 1st. Waste Management’s dividend payout ratio is 48.33%.
Wall Street Analyst Weigh In
A number of research analysts recently commented on the company. UBS Group lowered Waste Management from a “buy” rating to a “neutral” rating and cut their target price for the company from $190.00 to $165.00 in a research note on Tuesday, January 10th. Stifel Nicolaus lowered Waste Management from a “buy” rating to a “hold” rating and cut their target price for the company from $185.00 to $171.00 in a research note on Monday, December 19th. Morgan Stanley cut their target price on Waste Management from $180.00 to $177.00 and set an “equal weight” rating for the company in a research note on Thursday, October 27th. Oppenheimer dropped their price objective on Waste Management to $169.00 in a research note on Thursday, October 20th. Finally, Raymond James dropped their price objective on Waste Management from $173.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, October 25th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $171.36.
Waste Management Company Profile
Waste Management, Inc, through its subsidiaries, provides waste management environmental services to residential, commercial, industrial, and municipal customers in North America. It offers collection services, including picking up and transporting waste and recyclable materials from where it was generated to a transfer station, material recovery facility (MRF), or disposal site; and owns, develops, and operates landfill gas-to-energy facilities in the United States, as well as owns and operates transfer stations.
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