Thoroughbred Financial Services LLC acquired a new stake in shares of Waste Management, Inc. (NYSE:WM) in the first quarter, HoldingsChannel.com reports. The fund acquired 2,347 shares of the business services provider’s stock, valued at approximately $244,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WM. BlackRock Inc. raised its holdings in shares of Waste Management by 3.3% during the fourth quarter. BlackRock Inc. now owns 31,659,414 shares of the business services provider’s stock valued at $2,817,372,000 after purchasing an additional 1,025,813 shares during the period. Parnassus Investments CA increased its position in shares of Waste Management by 1.3% during the fourth quarter. Parnassus Investments CA now owns 5,879,967 shares of the business services provider’s stock worth $523,258,000 after acquiring an additional 73,432 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Waste Management by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 5,208,586 shares of the business services provider’s stock worth $462,699,000 after acquiring an additional 326,408 shares in the last quarter. Northern Trust Corp increased its position in shares of Waste Management by 3.8% during the fourth quarter. Northern Trust Corp now owns 5,024,041 shares of the business services provider’s stock worth $447,089,000 after acquiring an additional 182,007 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Waste Management during the fourth quarter worth about $402,210,000. 75.84% of the stock is owned by hedge funds and other institutional investors.
In other Waste Management news, VP Michael J. Watson sold 700 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $104.55, for a total value of $73,185.00. Following the sale, the vice president now directly owns 9,518 shares in the company, valued at approximately $995,106.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John J. Morris sold 42,795 shares of the stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $106.38, for a total transaction of $4,552,532.10. Following the completion of the sale, the executive vice president now owns 101,332 shares in the company, valued at $10,779,698.16. The disclosure for this sale can be found here. Insiders sold a total of 43,811 shares of company stock worth $4,657,346 over the last quarter. Corporate insiders own 0.14% of the company’s stock.
Waste Management (NYSE:WM) last posted its earnings results on Thursday, April 25th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.03. Waste Management had a net margin of 12.43% and a return on equity of 29.12%. The business had revenue of $3.70 billion for the quarter, compared to analysts’ expectations of $3.68 billion. During the same period in the prior year, the company posted $0.91 EPS. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, research analysts anticipate that Waste Management, Inc. will post 4.32 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be paid a $0.5125 dividend. This represents a $2.05 annualized dividend and a yield of 1.89%. The ex-dividend date is Thursday, June 6th. Waste Management’s dividend payout ratio is presently 48.81%.
A number of brokerages have issued reports on WM. Royal Bank of Canada began coverage on shares of Waste Management in a research report on Wednesday, May 1st. They issued a “sector perform” rating and a $113.00 price objective for the company. Oppenheimer upped their price objective on shares of Waste Management from $108.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. Argus upped their price objective on shares of Waste Management from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Stifel Nicolaus raised shares of Waste Management from a “hold” rating to a “buy” rating in a research report on Monday, April 15th. Finally, UBS Group downgraded shares of Waste Management from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $103.00 to $106.00 in a research report on Thursday, April 4th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Waste Management currently has an average rating of “Buy” and an average price target of $105.22.
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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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