Citigroup Inc. Buys 234,976 Shares of Waste Management, Inc. (NYSE:WM)

Key Points

• Citigroup Inc. increased its stake in Waste Management, Inc. by 112.2% in the first quarter, now owning 444,378 shares worth approximately $102.9 million.
• Several analysts have upgraded Waste Management's stock ratings, including Citigroup raising its price target from $260 to $271, with an average target price now set at $254.35.
• Waste Management recently announced a quarterly dividend of $0.825 per share, representing a 1.4% dividend yield for investors.

Citigroup Inc. grew its stake in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 112.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 444,378 shares of the business services provider's stock after acquiring an additional 234,976 shares during the period. Citigroup Inc. owned about 0.11% of Waste Management worth $102,878,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Westend Capital Management LLC increased its holdings in 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 buying an additional 66 shares during the period. Transce3nd LLC purchased a new position in Waste Management during the fourth quarter valued at approximately $28,000. West Branch Capital LLC increased its holdings in 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 buying an additional 49 shares during the period. Adalta Capital Management LLC purchased a new position in Waste Management during the fourth quarter valued at approximately $40,000. Finally, New Age Alpha Advisors LLC purchased a new position in Waste Management during the first quarter valued at approximately $45,000. Institutional investors own 80.40% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on WM. Wall Street Zen raised shares of Waste Management from a "hold" rating to a "buy" rating in a report on Tuesday, April 29th. Robert W. Baird increased their price objective on Waste Management from $235.00 to $245.00 and gave the company a "neutral" rating in a report on Wednesday, April 30th. Citigroup increased their price objective on Waste Management from $260.00 to $271.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Seaport Res Ptn upgraded Waste Management to a "hold" rating in a report on Tuesday, May 6th. Finally, Raymond James Financial increased their price objective on Waste Management from $255.00 to $256.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Eight equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Waste Management presently has an average rating of "Moderate Buy" and a consensus target price of $254.35.

Waste Management Trading Up 0.8%

Shares of Waste Management stock opened at $235.11 on Friday. The company has a debt-to-equity ratio of 2.51, a current ratio of 0.86 and a quick ratio of 0.82. The firm has a fifty day moving average price of $230.87 and a 200 day moving average price of $228.96. Waste Management, Inc. has a 1 year low of $199.69 and a 1 year high of $242.58. The stock has a market cap of $94.71 billion, a PE ratio of 34.88, a price-to-earnings-growth ratio of 2.88 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. Equities research analysts predict that Waste Management, Inc. will post 7.7 earnings per share for the current year.

Waste Management Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, June 6th. Waste Management's dividend payout ratio (DPR) is 48.96%.

Insider Buying and Selling at Waste Management

In related news, CFO Devina A. Rankin sold 57,888 shares of the firm's stock in a transaction 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 sale, the chief financial officer owned 83,934 shares in the company, valued at approximately $19,922,574.24. This trade represents a 40.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Rafael Carrasco sold 674 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $236.81, for a total transaction of $159,609.94. Following the sale, the senior vice president owned 16,542 shares in the company, valued at approximately $3,917,311.02. This 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.

Waste Management 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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