Short Interest in Waste Management, Inc. (NYSE:WM) Declines By 17.3%

Waste Management, Inc. (NYSE:WM) was the recipient of a large decline in short interest during the month of December. As of December 15th, there was short interest totaling 4,447,387 shares, a decline of 17.3% from the November 30th total of 5,378,171 shares. Currently, 1.1% of the company’s stock are short sold. Based on an average daily volume of 2,098,584 shares, the days-to-cover ratio is currently 2.1 days. Based on an average daily volume of 2,098,584 shares, the days-to-cover ratio is currently 2.1 days. Currently, 1.1% of the company’s stock are short sold.

Waste Management Trading Down 1.1%

Waste Management stock traded down $2.36 during mid-day trading on Wednesday, hitting $219.76. 1,035,409 shares of the stock were exchanged, compared to its average volume of 1,752,492. Waste Management has a 12 month low of $194.11 and a 12 month high of $242.58. The company has a quick ratio of 0.80, a current ratio of 0.84 and a debt-to-equity ratio of 2.36. The firm’s fifty day simple moving average is $212.07 and its two-hundred day simple moving average is $220.25. The stock has a market capitalization of $88.53 billion, a price-to-earnings ratio of 34.61, a PEG ratio of 2.74 and a beta of 0.58.

Waste Management (NYSE:WM) last released its earnings results on Monday, October 27th. The business services provider reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.01 by ($0.03). Waste Management had a net margin of 10.35% and a return on equity of 33.00%. The firm had revenue of $6.44 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the previous year, the firm earned $1.96 EPS. Waste Management’s quarterly revenue was up 14.9% on a year-over-year basis. Analysts forecast that Waste Management will post 7.7 EPS for the current year.

Waste Management Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were issued a dividend of $0.825 per share. This represents a $3.30 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, December 5th. Waste Management’s payout ratio is currently 51.97%.

Insider Activity

In other news, SVP Rafael Carrasco sold 1,380 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $217.06, for a total value of $299,542.80. Following the completion of the sale, the senior vice president owned 15,540 shares of the company’s stock, valued at approximately $3,373,112.40. This represents a 8.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cornercap Investment Counsel Inc. bought a new position in shares of Waste Management in the 3rd quarter valued at about $1,583,000. Wealthfront Advisers LLC raised its position in Waste Management by 3.1% during the second quarter. Wealthfront Advisers LLC now owns 57,093 shares of the business services provider’s stock valued at $13,064,000 after purchasing an additional 1,698 shares during the period. GPM Growth Investors Inc. lifted its stake in shares of Waste Management by 50.6% in the 2nd quarter. GPM Growth Investors Inc. now owns 16,640 shares of the business services provider’s stock valued at $3,808,000 after purchasing an additional 5,588 shares during the last quarter. Truist Financial Corp increased its position in shares of Waste Management by 62.9% during the 2nd quarter. Truist Financial Corp now owns 268,033 shares of the business services provider’s stock valued at $61,331,000 after purchasing an additional 103,487 shares during the last quarter. Finally, Apollon Wealth Management LLC raised its holdings in Waste Management by 8.1% during the 3rd quarter. Apollon Wealth Management LLC now owns 95,804 shares of the business services provider’s stock valued at $21,156,000 after buying an additional 7,143 shares during the period. 80.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on WM shares. DZ Bank began coverage on Waste Management in a report on Tuesday, November 25th. They set a “buy” rating and a $250.00 price target for the company. Truist Financial set a $260.00 price target on shares of Waste Management in a research report on Wednesday, October 29th. Stifel Nicolaus cut their target price on Waste Management from $252.00 to $236.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Citigroup increased their price target on shares of Waste Management from $268.00 to $270.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, Barclays lowered their price objective on shares of Waste Management from $271.00 to $266.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $248.95.

Waste Management Company Profile

Waste Management, Inc (NYSE: WM) is a leading provider of integrated waste management and environmental services in North America. The company offers end-to-end solutions that span collection, transfer, disposal and recycling, along with landfill operations and related infrastructure. Headquartered in Houston, Texas, Waste Management serves a broad customer base that includes residential, commercial, industrial and municipal clients.

Core services include curbside and commercial waste collection, roll-off and temporary container services, materials recovery and recycling, and engineered landfill disposal.