East Coast Asset Management LLC. lessened its holdings in Waste Management, Inc. (NYSE:WM) by 3.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,780 shares of the business services provider’s stock after selling 1,028 shares during the period. Waste Management comprises approximately 0.7% of East Coast Asset Management LLC.’s holdings, making the stock its 21st biggest holding. East Coast Asset Management LLC.’s holdings in Waste Management were worth $2,585,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of WM. Morgan Stanley grew its holdings in Waste Management by 87.4% during the 2nd quarter. Morgan Stanley now owns 3,969,666 shares of the business services provider’s stock valued at $322,893,000 after purchasing an additional 1,851,169 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Waste Management during the 2nd quarter valued at $125,649,000. Millennium Management LLC grew its holdings in Waste Management by 197.1% during the 1st quarter. Millennium Management LLC now owns 2,182,980 shares of the business services provider’s stock valued at $183,632,000 after purchasing an additional 1,448,281 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Waste Management by 60.1% during the 1st quarter. JPMorgan Chase & Co. now owns 2,488,298 shares of the business services provider’s stock valued at $209,315,000 after purchasing an additional 934,344 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in Waste Management by 133.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,474,839 shares of the business services provider’s stock worth $124,064,000 after acquiring an additional 842,995 shares in the last quarter. 74.62% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Patrick W. Gross sold 406 shares of Waste Management stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $83.22, for a total value of $33,787.32. Following the completion of the transaction, the director now directly owns 24,149 shares of the company’s stock, valued at approximately $2,009,679.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.30% of the company’s stock.
Waste Management (NYSE:WM) last posted its quarterly earnings results on Wednesday, July 25th. The business services provider reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.02. Waste Management had a net margin of 14.94% and a return on equity of 27.38%. The business had revenue of $3.74 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period in the previous year, the business posted $0.81 EPS. The company’s quarterly revenue was up 1.7% on a year-over-year basis. Equities analysts forecast that Waste Management, Inc. will post 4.08 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 21st. Stockholders of record on Friday, September 7th were issued a $0.465 dividend. This represents a $1.86 annualized dividend and a dividend yield of 2.05%. The ex-dividend date was Thursday, September 6th. Waste Management’s dividend payout ratio (DPR) is presently 57.76%.
WM has been the subject of several recent analyst reports. BMO Capital Markets reissued a “buy” rating and set a $93.00 price objective on shares of Waste Management in a report on Thursday, July 26th. ValuEngine raised shares of Waste Management from a “hold” rating to a “buy” rating in a report on Saturday, July 28th. Finally, Zacks Investment Research lowered shares of Waste Management from a “hold” rating to a “sell” rating in a report on Saturday, June 30th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $94.38.
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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