Bank of New York Mellon Corp Trims Stake in Waste Management, Inc. $WM

Key Points

• Bank of New York Mellon trimmed its Waste Management stake by 2.1% in the first quarter, selling 46,072 shares and ending with 2.1 million shares valued at about $483 million.
• Waste Management reported better-than-expected quarterly earnings of $1.81 per share, beating estimates, while revenue rose 3.5% year over year to $6.23 billion.
• Analysts remain generally positive on WM, with a Moderate Buy consensus and an average price target of $256.70; the stock recently traded up 4% and opened at $242.22.

Bank of New York Mellon Corp reduced its stake in Waste Management, Inc. (NYSE:WM - Free Report) by 2.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,102,907 shares of the business services provider's stock after selling 46,072 shares during the period. Bank of New York Mellon Corp owned 0.52% of Waste Management worth $483,227,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of WM. Vanguard Group Inc. grew its stake in Waste Management by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 38,990,067 shares of the business services provider's stock worth $8,566,508,000 after purchasing an additional 553,605 shares during the period. State Street Corp lifted its position in Waste Management by 1.6% during the fourth quarter. State Street Corp now owns 17,390,748 shares of the business services provider's stock valued at $3,820,921,000 after buying an additional 281,456 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Waste Management by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 8,993,006 shares of the business services provider's stock valued at $1,972,371,000 after buying an additional 117,476 shares in the last quarter. Norges Bank purchased a new stake in shares of Waste Management in the 4th quarter worth about $1,022,916,000. Finally, Northern Trust Corp increased its stake in shares of Waste Management by 0.3% in the 3rd quarter. Northern Trust Corp now owns 3,954,519 shares of the business services provider's stock worth $873,276,000 after acquiring an additional 11,688 shares in the last quarter. 80.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Canadian Imperial Bank of Commerce raised shares of Waste Management from a "hold" rating to an "outperformer" rating and set a $244.00 price objective on the stock in a research note on Tuesday, July 7th. Royal Bank Of Canada raised their target price on shares of Waste Management from $235.00 to $240.00 and gave the company a "sector perform" rating in a research note on Thursday, April 30th. TD Cowen boosted their price target on Waste Management from $270.00 to $275.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Oppenheimer cut their price target on Waste Management from $264.00 to $263.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 8th. Finally, Weiss Ratings lowered Waste Management from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, June 11th. Sixteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $256.70.

Waste Management Stock Up 4.0%

WM stock opened at $242.22 on Friday. The stock has a market capitalization of $97.27 billion, a P/E ratio of 35.05, a P/E/G ratio of 2.83 and a beta of 0.44. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.93 and a quick ratio of 0.89. 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 $221.72 and a 200-day moving average price of $226.41.

Waste Management (NYSE:WM - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The business services provider reported $1.81 EPS for the quarter, topping the consensus estimate of $1.75 by $0.06. Waste Management had a return on equity of 31.90% and a net margin of 10.99%.The company had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same period last year, the company earned $1.67 EPS. Waste Management's revenue for the quarter was up 3.5% on a year-over-year basis. Equities analysts forecast that Waste Management, Inc. will post 8.16 earnings per share for the current fiscal year.

Waste Management Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, June 5th were issued a dividend of $0.945 per share. This represents a $3.78 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, June 5th. Waste Management's dividend payout ratio (DPR) is presently 54.70%.

Waste Management Profile

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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