Alliancebernstein L.P. Cuts Stake in Waste Management, Inc. $WM

Key Points

• Alliancebernstein L.P. reduced its stake in Waste Management, Inc. by 22.8% during the 1st quarter, selling off 463,623 shares and ending with approximately 0.39% ownership of the company.
• Waste Management recently achieved a 19% increase in quarterly revenue, reporting $6.43 billion compared to analyst expectations of $6.37 billion.
• The company declared a quarterly dividend of $0.825 per share, with a dividend yield of 1.5%, slated for distribution on September 26th.

Alliancebernstein L.P. reduced its stake in Waste Management, Inc. (NYSE:WM - Free Report) by 22.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,573,095 shares of the business services provider's stock after selling 463,623 shares during the period. Alliancebernstein L.P. owned 0.39% of Waste Management worth $364,187,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in WM. Westend Capital Management LLC boosted its stake in shares of Waste Management by 126.9% during the first quarter. Westend Capital Management LLC now owns 118 shares of the business services provider's stock valued at $27,000 after purchasing an additional 66 shares in the last quarter. West Branch Capital LLC boosted its stake in shares of Waste Management by 69.0% during the first quarter. West Branch Capital LLC now owns 120 shares of the business services provider's stock valued at $28,000 after purchasing an additional 49 shares in the last quarter. Saudi Central Bank bought a new position in shares of Waste Management during the first quarter valued at approximately $37,000. GKV Capital Management Co. Inc. bought a new position in shares of Waste Management during the first quarter valued at approximately $38,000. Finally, Adalta Capital Management LLC acquired a new stake in Waste Management in the fourth quarter valued at approximately $40,000. 80.40% of the stock is currently owned by institutional investors.

Waste Management Stock Performance

Shares of Waste Management stock traded down $4.87 during trading on Friday, hitting $220.08. 2,110,690 shares of the company's stock were exchanged, compared to its average volume of 1,680,656. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.82 and a current ratio of 0.86. The business has a 50-day simple moving average of $227.85 and a 200-day simple moving average of $229.65. Waste Management, Inc. has a 52-week low of $199.69 and a 52-week high of $242.58. The stock has a market capitalization of $88.65 billion, a price-to-earnings ratio of 32.65, a PEG ratio of 2.70 and a beta of 0.64.

Waste Management (NYSE:WM - Get Free Report) last issued its earnings results on Monday, July 28th. The business services provider reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.03. Waste Management had a net margin of 11.36% and a return on equity of 34.37%. The firm had revenue of $6.43 billion during the quarter, compared to analysts' expectations of $6.37 billion. During the same quarter last year, the company posted $1.82 earnings per share. The firm's revenue was up 19.0% compared to the same quarter last year. Waste Management has set its FY 2025 guidance at EPS. On average, research analysts forecast that Waste Management, Inc. will post 7.7 EPS for the current year.

Waste Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a $0.825 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $3.30 dividend on an annualized basis and a yield of 1.5%. Waste Management's payout ratio is presently 48.96%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on WM shares. Raymond James Financial raised their target price on shares of Waste Management from $255.00 to $256.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. Scotiabank raised their target price on shares of Waste Management from $265.00 to $275.00 and gave the company a "sector outperform" rating in a research note on Thursday, July 31st. Melius initiated coverage on shares of Waste Management in a research note on Monday, June 9th. They issued a "buy" rating for the company. Oppenheimer lifted their price objective on shares of Waste Management from $260.00 to $265.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Finally, William Blair reiterated an "outperform" rating on shares of Waste Management in a research note on Tuesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, Waste Management has an average rating of "Moderate Buy" and a consensus price target of $254.35.

About Waste Management

Waste Management, Inc, through its subsidiaries, engages in the provision of environmental solutions to residential, commercial, industrial, and municipal customers in the United States and Canada. It offers 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 and operates transfer stations, as well as owns, develops, and operates landfill facilities that produce landfill gas used as renewable natural gas for generating electricity.