Independent Advisor Alliance raised its stake in Waste Management, Inc. (NYSE:WM) by 63.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 28,103 shares of the business services provider’s stock after buying an additional 10,912 shares during the quarter. Independent Advisor Alliance’s holdings in Waste Management were worth $2,920,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Waste Management in the fourth quarter worth $402,210,000. Oregon Public Employees Retirement Fund lifted its position in shares of Waste Management by 8,644.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,823,989 shares of the business services provider’s stock worth $43,000 after purchasing an additional 3,780,259 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Waste Management by 695.7% in the fourth quarter. Bessemer Group Inc. now owns 1,337,530 shares of the business services provider’s stock worth $119,027,000 after purchasing an additional 1,169,429 shares in the last quarter. BlackRock Inc. lifted its position in shares of Waste Management by 3.3% in the fourth quarter. BlackRock Inc. now owns 31,659,414 shares of the business services provider’s stock worth $2,817,372,000 after purchasing an additional 1,025,813 shares in the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Waste Management by 33.9% in the fourth quarter. California Public Employees Retirement System now owns 2,519,189 shares of the business services provider’s stock worth $224,183,000 after purchasing an additional 637,655 shares in the last quarter. 75.84% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Michael J. Watson sold 700 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $104.55, for a total transaction of $73,185.00. Following the completion of the sale, the vice president now owns 9,518 shares of the company’s stock, valued at $995,106.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steve Batchelor sold 707 shares of the company’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $98.83, for a total transaction of $69,872.81. Following the sale, the insider now directly owns 22,142 shares of the company’s stock, valued at approximately $2,188,293.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,222 shares of company stock worth $4,994,409. Corporate insiders own 0.14% of the company’s stock.
Waste Management (NYSE:WM) last posted its quarterly 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 firm had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.68 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The company’s quarterly revenue 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 fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be given a dividend of $0.5125 per share. This represents a $2.05 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Thursday, June 6th. Waste Management’s dividend payout ratio (DPR) is currently 48.81%.
WM has been the topic of a number of research reports. Zacks Investment Research lowered shares of Waste Management from a “buy” rating to a “hold” rating in a research report on Saturday, January 19th. KeyCorp initiated coverage on shares of Waste Management in a research report on Monday, February 4th. They issued an “overweight” rating and a $96.00 price objective on the stock. Oppenheimer boosted their price objective on shares of Waste Management from $95.00 to $108.00 and gave the stock an “outperform” rating in a research report on Friday, February 15th. UBS Group lowered shares of Waste Management from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $103.00 to $106.00 in a research report on Thursday, April 4th. Finally, Stifel Nicolaus lowered shares of Waste Management from a “buy” rating to a “hold” rating and set a $103.00 price objective on the stock. in a research report on Thursday, April 11th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $105.22.
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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