Alyeska Investment Group L.P. Buys 276,832 Shares of Waste Management, Inc. $WM

Key Points

• Alyeska Investment Group increased its Waste Management stake by 53.8%, purchasing 276,832 shares in the second quarter and bringing its holdings to 791,179 shares worth approximately $176.3 million. Institutional investors collectively own 80.4% of the company.
• Waste Management reported quarterly EPS of $2.02, beating estimates by $0.04, while revenue rose 4.0% year over year to $6.68 billion. The company also declared a quarterly dividend of $0.945 per share, equal to a 1.7% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating, with a consensus price target of $258.89; recent target increases ranged from $260 to $277.

Alyeska Investment Group L.P. boosted its stake in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 53.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 791,179 shares of the business services provider's stock after buying an additional 276,832 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.20% of Waste Management worth $176,338,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of Waste Management by 51.1% in the fourth quarter. Brighton Jones LLC now owns 6,861 shares of the business services provider's stock valued at $1,384,000 after acquiring an additional 2,320 shares in the last quarter. Sprott Inc. purchased a new position in Waste Management during the 1st quarter valued at about $325,000. Sei Investments Co. raised its holdings in shares of Waste Management by 8.0% in the 2nd quarter. Sei Investments Co. now owns 272,438 shares of the business services provider's stock valued at $62,339,000 after purchasing an additional 20,122 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Waste Management by 68.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 366,416 shares of the business services provider's stock valued at $83,843,000 after purchasing an additional 148,590 shares in the last quarter. Finally, Glenview Trust co lifted its position in shares of Waste Management by 5.1% in the 2nd quarter. Glenview Trust co now owns 3,338 shares of the business services provider's stock worth $764,000 after purchasing an additional 162 shares during the period. 80.40% of the stock is currently owned by institutional investors.

Waste Management Stock Up 1.0%

Waste Management stock opened at $219.88 on Friday. Waste Management, Inc. has a 1-year low of $194.11 and a 1-year high of $248.13. The business has a fifty day moving average price of $228.60 and a 200-day moving average price of $227.62. The company has a debt-to-equity ratio of 2.24, a current ratio of 0.91 and a quick ratio of 0.87. The stock has a market capitalization of $87.89 billion, a price-to-earnings ratio of 31.14, a PEG ratio of 2.77 and a beta of 0.44.

Waste Management (NYSE:WM - Get Free Report) last announced its earnings results on Tuesday, July 28th. The business services provider reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.04. The company had revenue of $6.68 billion for the quarter, compared to analyst estimates of $6.71 billion. Waste Management had a return on equity of 31.68% and a net margin of 11.11%.The firm's quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.92 EPS. Equities research analysts forecast that Waste Management, Inc. will post 8.13 EPS for the current fiscal year.

Waste Management Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a $0.945 dividend. This represents a $3.78 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, September 11th. Waste Management's dividend payout ratio is presently 53.54%.

Analysts Set New Price Targets

WM has been the topic of several research reports. Barclays lifted their price objective on shares of Waste Management from $270.00 to $277.00 and gave the company an "overweight" rating in a report on Thursday, July 30th. Canadian Imperial Bank of Commerce lowered Waste Management from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Scotiabank lifted their price target on Waste Management from $250.00 to $260.00 and gave the company a "sector perform" rating in a report on Thursday, July 16th. Citigroup boosted their price target on Waste Management from $263.00 to $269.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Finally, Stifel Nicolaus upped their price objective on Waste Management from $252.00 to $261.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Waste Management currently has a consensus rating of "Moderate Buy" and a consensus target price of $258.89.

About Waste Management

Waste Management, Inc NYSE: WM is a leading provider of integrated waste management and environmental services in North America. The company offers end-to-end solutions that span collection, transfer, disposal and recycling, along with landfill operations and related infrastructure. Headquartered in Houston, Texas, Waste Management serves a broad customer base that includes residential, commercial, industrial and municipal clients.

Core services include curbside and commercial waste collection, roll-off and temporary container services, materials recovery and recycling, and engineered landfill disposal.

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