Pinnacle Associates Ltd. reduced its position in Waste Management, Inc. (NYSE:WM) by 0.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 93,375 shares of the business services provider’s stock after selling 591 shares during the period. Pinnacle Associates Ltd.’s holdings in Waste Management were worth $8,309,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in WM. We Are One Seven LLC bought a new position in shares of Waste Management during the fourth quarter valued at approximately $26,000. Gantzert Investment Co. LLC ADV bought a new position in shares of Waste Management during the fourth quarter valued at approximately $31,000. Essex Savings Bank bought a new position in shares of Waste Management during the fourth quarter valued at approximately $37,000. Patriot Financial Group Insurance Agency LLC grew its holdings in shares of Waste Management by 36.1% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 415 shares of the business services provider’s stock valued at $37,000 after purchasing an additional 110 shares during the last quarter. Finally, Clean Yield Group bought a new position in shares of Waste Management during the fourth quarter valued at approximately $38,000. 75.68% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on WM shares. KeyCorp started coverage on Waste Management in a research report on Monday, February 4th. They set an “overweight” rating and a $96.00 price objective for the company. Zacks Investment Research downgraded Waste Management from a “buy” rating to a “hold” rating in a research report on Saturday, January 19th. Goldman Sachs Group upgraded Waste Management from a “sell” rating to a “buy” rating and boosted their price objective for the stock from $84.00 to $107.00 in a research report on Tuesday, December 4th. Finally, UBS Group upgraded Waste Management from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $90.00 to $103.00 in a research report on Thursday, January 10th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $98.29.
Shares of NYSE WM opened at $97.42 on Monday. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.87 and a quick ratio of 0.84. The company has a market cap of $41.53 billion, a PE ratio of 30.25, a price-to-earnings-growth ratio of 1.77 and a beta of 0.63. Waste Management, Inc. has a 12-month low of $78.39 and a 12-month high of $97.42.
Waste Management announced that its board has authorized a share repurchase program on Thursday, December 13th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the business services provider to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Waste Management news, Director Patrick W. Gross sold 365 shares of the company’s stock in a transaction that occurred on Thursday, January 17th. The stock was sold at an average price of $93.03, for a total value of $33,955.95. Following the completion of the sale, the director now directly owns 53,058 shares in the company, valued at $4,935,985.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Devina A. Rankin sold 8,107 shares of the company’s stock in a transaction that occurred on Tuesday, December 4th. The stock was sold at an average price of $94.41, for a total value of $765,381.87. Following the completion of the sale, the chief financial officer now owns 21,373 shares of the company’s stock, valued at $2,017,824.93. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.
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 provides 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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