Gotham Asset Management LLC reduced its position in Waste Management, Inc. (NYSE:WM) by 36.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 228,330 shares of the business services provider’s stock after selling 131,947 shares during the period. Gotham Asset Management LLC’s holdings in Waste Management were worth $20,319,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Edge Capital Group LLC acquired a new position in shares of Waste Management during the fourth quarter worth about $322,000. Impax Asset Management Group plc increased its position in shares of Waste Management by 1.3% during the fourth quarter. Impax Asset Management Group plc now owns 970,401 shares of the business services provider’s stock worth $86,356,000 after acquiring an additional 12,854 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Waste Management by 0.9% during the fourth quarter. Nuveen Asset Management LLC now owns 21,817 shares of the business services provider’s stock worth $1,941,000 after acquiring an additional 196 shares during the last quarter. Suntrust Banks Inc. increased its position in shares of Waste Management by 4.2% during the fourth quarter. Suntrust Banks Inc. now owns 42,831 shares of the business services provider’s stock worth $3,811,000 after acquiring an additional 1,744 shares during the last quarter. Finally, GYL Financial Synergies LLC purchased a new stake in shares of Waste Management during the fourth quarter worth about $214,000. 74.06% of the stock is owned by hedge funds and other institutional investors.
Shares of Waste Management stock opened at $101.26 on Wednesday. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.85 and a quick ratio of 0.82. The stock has a market capitalization of $43.41 billion, a P/E ratio of 24.11, a PEG ratio of 2.65 and a beta of 0.67. Waste Management, Inc. has a fifty-two week low of $79.96 and a fifty-two week high of $101.95.
Waste Management declared that its Board of Directors has approved a share buyback plan on Thursday, December 13th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the business services provider to purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. Investors of record on Friday, March 8th will be issued a $0.5125 dividend. This is a positive change from Waste Management’s previous quarterly dividend of $0.47. This represents a $2.05 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Thursday, March 7th. Waste Management’s payout ratio is currently 48.81%.
In other Waste Management news, Director Patrick W. Gross sold 365 shares of Waste Management 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 transaction, the director now directly owns 53,058 shares in the company, valued at $4,935,985.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Devina A. Rankin sold 692 shares of Waste Management stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $98.80, for a total value of $68,369.60. Following the completion of the transaction, the chief financial officer now owns 22,128 shares of the company’s stock, valued at $2,186,246.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,092 shares of company stock valued at $402,648. 0.30% of the stock is owned by corporate insiders.
A number of analysts have recently issued reports on WM shares. Zacks Investment Research lowered Waste Management from a “buy” rating to a “hold” rating in a research report on Wednesday, December 12th. UBS Group raised Waste Management from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $90.00 to $103.00 in a research report on Thursday, January 10th. Oppenheimer lifted their target price on Waste Management from $95.00 to $108.00 and gave the stock an “outperform” rating in a research report on Friday, February 15th. KeyCorp started coverage on Waste Management in a research report on Monday, February 4th. They set an “overweight” rating and a $96.00 target price on the stock. Finally, Goldman Sachs Group raised Waste Management from a “sell” rating to a “buy” rating and lifted their target price for the stock from $84.00 to $107.00 in a research report on Tuesday, December 4th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $101.00.
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About Waste Management
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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