California Public Employees Retirement System grew its stake in shares of Waste Management, Inc. (NYSE:WM) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,380,522 shares of the business services provider’s stock after acquiring an additional 14,800 shares during the period. California Public Employees Retirement System owned about 0.31% of Waste Management worth $101,261,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Shine Investment Advisory Services Inc. acquired a new position in Waste Management during the 2nd quarter worth $101,000. Northwest Investment Counselors LLC acquired a new position in Waste Management during the 2nd quarter worth $103,000. Bruderman Asset Management LLC acquired a new position in Waste Management during the 2nd quarter worth $110,000. Guardian Life Insurance Co. of America grew its holdings in Waste Management by 0.9% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,568 shares of the business services provider’s stock worth $114,000 after acquiring an additional 14 shares in the last quarter. Finally, First Interstate Bank grew its holdings in Waste Management by 2.4% during the 2nd quarter. First Interstate Bank now owns 1,618 shares of the business services provider’s stock worth $119,000 after acquiring an additional 38 shares in the last quarter. 74.93% of the stock is owned by institutional investors.
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In other Waste Management news, Director Patrick W. Gross sold 487 shares of the business’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $74.68, for a total value of $36,369.16. Following the sale, the director now owns 23,222 shares of the company’s stock, valued at approximately $1,734,218.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John C. Pope sold 453 shares of the business’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $74.38, for a total transaction of $33,694.14. Following the completion of the sale, the director now directly owns 51,470 shares in the company, valued at approximately $3,828,338.60. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.
Waste Management, Inc. (NYSE WM) traded down 0.11% on Thursday, hitting $78.30. 842,287 shares of the stock traded hands. The firm has a market cap of $34.45 billion, a price-to-earnings ratio of 26.82 and a beta of 0.71. The stock has a 50-day moving average of $76.29 and a 200-day moving average of $73.93. Waste Management, Inc. has a 12-month low of $61.08 and a 12-month high of $78.56.
Waste Management (NYSE:WM) last announced its quarterly earnings results on Wednesday, July 26th. The business services provider reported $0.81 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.81. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.62 billion. Waste Management had a net margin of 9.18% and a return on equity of 25.07%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 EPS. Analysts forecast that Waste Management, Inc. will post $3.19 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 8th will be issued a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Thursday, September 7th. Waste Management’s dividend payout ratio (DPR) is presently 58.42%.
Several brokerages have weighed in on WM. Stifel Nicolaus raised their price objective on shares of Waste Management from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. BMO Capital Markets began coverage on shares of Waste Management in a report on Thursday, June 29th. They set an “outperform” rating and a $81.00 price objective for the company. Zacks Investment Research raised shares of Waste Management from a “hold” rating to a “buy” rating and set a $82.00 price objective for the company in a report on Thursday, June 22nd. Credit Suisse Group raised their price objective on shares of Waste Management from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Wednesday, June 28th. Finally, Oppenheimer Holdings, Inc. raised their price objective on shares of Waste Management from $77.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. Waste Management has a consensus rating of “Hold” and an average target price of $76.19.
Waste Management Company Profile
Waste Management, Inc (WM) is a holding company. The Company, through its subsidiaries, is a provider of waste management environmental services. The Company’s segments include Solid Waste and Other. The Company’s Solid Waste segment includes its solid waste business. The Other segment includes its Strategic Business Solutions (WMSBS) organization; its landfill gas-to-energy operations and third-party subcontract and administration services managed by its Energy and Environmental Services and WM Renewable Energy organizations; its recycling brokerage services, and its service offerings and solutions, such as portable self-storage and long distance moving services, fluorescent lamp recycling and interests it holds in oil and gas producing properties.
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