Advisory Services Network LLC boosted its stake in shares of Waste Management Inc. (NYSE:WM) by 61.8% during the second quarter, Holdings Channel reports. The firm owned 10,344 shares of the company’s stock after buying an additional 3,952 shares during the period. Advisory Services Network LLC’s holdings in Waste Management were worth $685,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of WM. Cribstone Capital Management LLC purchased a new position in shares of Waste Management during the second quarter valued at approximately $132,000. Financial Architects Inc increased its position in shares of Waste Management by 0.8% in the second quarter. Financial Architects Inc now owns 2,003 shares of the company’s stock valued at $132,000 after buying an additional 16 shares during the period. Kanaly Trust Co increased its position in shares of Waste Management by 4.1% in the second quarter. Kanaly Trust Co now owns 2,526 shares of the company’s stock valued at $167,000 after buying an additional 100 shares during the period. Seven Eight Capital LLC purchased a new position in shares of Waste Management during the first quarter valued at approximately $171,000. Finally, Mitchell Mcleod Pugh & Williams Inc. purchased a new position in shares of Waste Management during the second quarter valued at approximately $208,000. 75.21% of the stock is owned by hedge funds and other institutional investors.
Shares of Waste Management Inc. (NYSE:WM) traded down 1.28% during midday trading on Tuesday, reaching $62.65. 1,813,868 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $63.99 and its 200 day moving average price is $62.68. Waste Management Inc. has a 12-month low of $50.36 and a 12-month high of $70.50. The company has a market cap of $27.71 billion, a price-to-earnings ratio of 24.48 and a beta of 0.62.
Waste Management (NYSE:WM) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. Waste Management had a net margin of 8.73% and a return on equity of 23.48%. The business earned $3.43 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same period last year, the company posted $0.67 EPS. The business’s revenue was up 3.3% on a year-over-year basis. Equities analysts anticipate that Waste Management Inc. will post $2.86 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 9th were paid a $0.41 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.62%. Waste Management’s payout ratio is currently 63.81%.
Several equities analysts have recently commented on the stock. Imperial Capital upped their price objective on shares of Waste Management from $62.00 to $71.00 and gave the company an “in-line” rating in a research note on Friday, July 29th. Barclays PLC downgraded shares of Waste Management from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $66.00 to $70.00 in a research note on Tuesday, August 9th. Stifel Nicolaus reissued a “buy” rating and issued a $75.00 price target (up from $70.00) on shares of Waste Management in a research note on Monday, July 18th. Argus reissued a “buy” rating and issued a $72.00 price target on shares of Waste Management in a research note on Wednesday, August 10th. Finally, KeyCorp reissued a “hold” rating on shares of Waste Management in a research note on Thursday, July 14th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Waste Management currently has a consensus rating of “Buy” and an average target price of $67.13.
In other Waste Management news, CFO James C. Fish, Jr. sold 7,400 shares of Waste Management stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $66.59, for a total value of $492,766.00. Following the completion of the transaction, the chief financial officer now directly owns 99,615 shares of the company’s stock, valued at approximately $6,633,362.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John J. Morris sold 12,738 shares of Waste Management stock in a transaction on Friday, August 12th. The stock was sold at an average price of $66.75, for a total transaction of $850,261.50. Following the completion of the transaction, the senior vice president now directly owns 29,696 shares of the company’s stock, valued at $1,982,208. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by company insiders.
About Waste Management
Waste Management, Inc is a holding company. The Company provides waste management environmental services. The Company’s segments include Solid Waste, which includes its 17 Areas aggregated into three tiers, and Other. The Company’s Solid Waste business is operated and managed locally by its subsidiaries that focuses on geographic areas and provides collection, transfer, recycling and resource recovery, and disposal services.
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