Stone Ridge Asset Management LLC purchased a new position in Waste Management, Inc. (NYSE:WM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 104,996 shares of the business services provider’s stock, valued at approximately $9,061,000. Waste Management comprises about 0.6% of Stone Ridge Asset Management LLC’s holdings, making the stock its 18th biggest position.
Other institutional investors have also bought and sold shares of the company. MHI Funds LLC bought a new position in shares of Waste Management in the 4th quarter worth about $184,000. Cerebellum GP LLC bought a new position in shares of Waste Management in the 4th quarter worth about $186,000. Gradient Investments LLC bought a new position in shares of Waste Management in the 4th quarter worth about $197,000. FTB Advisors Inc. lifted its position in shares of Waste Management by 44.2% in the 4th quarter. FTB Advisors Inc. now owns 2,285 shares of the business services provider’s stock worth $197,000 after buying an additional 700 shares during the last quarter. Finally, Wedbush Securities Inc. bought a new position in shares of Waste Management in the 4th quarter worth about $203,000. Institutional investors own 75.65% of the company’s stock.
WM has been the topic of a number of recent research reports. Zacks Investment Research downgraded shares of Waste Management from a “buy” rating to a “hold” rating in a research report on Saturday, January 13th. Macquarie upgraded shares of Waste Management from a “neutral” rating to an “outperform” rating in a research report on Wednesday, January 3rd. Stifel Nicolaus restated a “buy” rating and issued a $100.00 price target on shares of Waste Management in a research report on Thursday, January 4th. UBS Group upgraded shares of Waste Management from a “market perform” rating to an “outperform” rating in a research report on Friday, February 16th. Finally, Raymond James Financial upgraded shares of Waste Management from a “market perform” rating to an “outperform” rating and set a $95.00 price objective on the stock in a research report on Friday, February 16th. Ten research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average target price of $90.13.
Waste Management (NYSE:WM) last issued its quarterly earnings data on Thursday, February 15th. The business services provider reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.02. The firm had revenue of $3.65 billion for the quarter, compared to the consensus estimate of $3.57 billion. Waste Management had a net margin of 13.45% and a return on equity of 25.48%. Waste Management’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period last year, the firm posted $0.75 EPS. equities analysts predict that Waste Management, Inc. will post 4.04 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 23rd. Investors of record on Friday, March 9th will be given a $0.465 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This is an increase from Waste Management’s previous quarterly dividend of $0.43. This represents a $1.86 annualized dividend and a yield of 2.13%. Waste Management’s dividend payout ratio (DPR) is currently 42.18%.
Waste Management declared that its board has approved a stock buyback plan on Thursday, December 14th that authorizes the company to buyback $1.25 billion in outstanding shares. This buyback authorization authorizes the business services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other Waste Management news, CEO James C. Fish, Jr. sold 2,159 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $84.08, for a total transaction of $181,528.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Patrick W. Gross sold 387 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $88.30, for a total transaction of $34,172.10. Following the transaction, the director now directly owns 30,673 shares in the company, valued at approximately $2,708,425.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 106,291 shares of company stock worth $9,154,833. 0.19% of the stock is currently owned by insiders.
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About Waste Management
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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