Allstate Corp Purchases 1,994 Shares of Waste Management, Inc. $WM

Key Points

• Allstate Corp increased its holdings in Waste Management by 16.6%, acquiring an additional 1,994 shares during the first quarter, bringing its total to 14,027 shares valued at approximately $3.25 million.
• In a notable insider transaction, CFO Devina A. Rankin sold 57,888 shares on May 27, resulting in a 40.82% decrease in her position, whilst SVP Rafael Carrasco also sold shares, indicating significant movement in executive shareholding.
• Waste Management declared a quarterly dividend of $0.825 per share, payable on September 26, which equates to an annual yield of approximately 1.5%.

Allstate Corp increased its position in Waste Management, Inc. (NYSE:WM - Free Report) by 16.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,027 shares of the business services provider's stock after buying an additional 1,994 shares during the quarter. Allstate Corp's holdings in Waste Management were worth $3,247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in WM. Westend Capital Management LLC increased its holdings in shares of Waste Management by 126.9% in the first quarter. Westend Capital Management LLC now owns 118 shares of the business services provider's stock worth $27,000 after buying an additional 66 shares during the period. West Branch Capital LLC raised its holdings 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 acquiring an additional 49 shares in the last quarter. GKV Capital Management Co. Inc. bought a new stake in Waste Management in the first quarter valued at $38,000. Adalta Capital Management LLC purchased a new position in Waste Management during the 4th quarter valued at $40,000. Finally, New Age Alpha Advisors LLC bought a new position in Waste Management in the 1st quarter worth $45,000. 80.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Waste Management news, CFO Devina A. Rankin sold 57,888 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $237.36, for a total transaction of $13,740,295.68. Following the completion of the sale, the chief financial officer directly owned 83,934 shares of the company's stock, valued at $19,922,574.24. This trade represents a 40.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Rafael Carrasco sold 674 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $236.81, for a total transaction of $159,609.94. Following the completion of the transaction, the senior vice president directly owned 16,542 shares in the company, valued at $3,917,311.02. This trade represents a 3.91% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Seaport Res Ptn raised shares of Waste Management to a "hold" rating in a research note on Tuesday, May 6th. BMO Capital Markets upped their target price on shares of Waste Management from $245.00 to $248.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 30th. National Bank Financial upgraded shares of Waste Management to a "hold" rating in a research note on Monday, May 26th. Wall Street Zen upgraded shares of Waste Management from a "hold" rating to a "buy" rating in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded shares of Waste Management from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $225.00 to $277.00 in a report on Friday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $254.35.

Waste Management Stock Down 1.2%

WM opened at $226.9430 on Friday. Waste Management, Inc. has a fifty-two week low of $199.69 and a fifty-two week high of $242.58. 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 stock has a market cap of $91.42 billion, a price-to-earnings ratio of 33.67, a price-to-earnings-growth ratio of 2.82 and a beta of 0.64. The firm's fifty day moving average is $229.28 and its 200 day moving average is $229.77.

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

Waste Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a $0.825 dividend. This represents a $3.30 annualized dividend and a yield of 1.5%. Waste Management's payout ratio is 48.96%.

Waste Management Company Profile

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.

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