Comerica Bank Has $22 Million Stock Position in Waste Management, Inc. $WM

Key Points

• Comerica Bank has reduced its stock position in Waste Management, Inc. by 2.9%, owning 95,016 shares valued at approximately $22 million after selling 2,881 shares in the first quarter.
• Waste Management recently reported earnings of $1.92 per share, surpassing estimates, with revenue of $6.43 billion, reflecting a 19% year-over-year increase.
• The company announced a quarterly dividend of $0.825, payable on September 26th, which represents an annualized yield of 1.5%.

Comerica Bank lowered its position in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 2.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,016 shares of the business services provider's stock after selling 2,881 shares during the quarter. Comerica Bank's holdings in Waste Management were worth $21,997,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in WM. Westend Capital Management LLC increased its position in shares of Waste Management by 126.9% during the 1st quarter. Westend Capital Management LLC now owns 118 shares of the business services provider's stock worth $27,000 after purchasing an additional 66 shares in the last quarter. West Branch Capital LLC increased its position in shares of Waste Management by 69.0% during the 1st quarter. West Branch Capital LLC now owns 120 shares of the business services provider's stock worth $28,000 after purchasing an additional 49 shares in the last quarter. GKV Capital Management Co. Inc. acquired a new stake in shares of Waste Management during the 1st quarter worth about $38,000. Adalta Capital Management LLC acquired a new stake in shares of Waste Management during the 4th quarter worth about $40,000. Finally, New Age Alpha Advisors LLC acquired a new stake in shares of Waste Management during the 1st quarter worth about $45,000. Institutional investors and hedge funds own 80.40% of the company's stock.

Analysts Set New Price Targets

WM has been the topic of a number of research analyst reports. Melius initiated coverage on shares of Waste Management in a report on Monday, June 9th. They set a "buy" rating on the stock. Royal Bank Of Canada reissued a "sector perform" rating and set a $229.00 price objective on shares of Waste Management in a report on Thursday, June 26th. UBS Group increased their price objective on shares of Waste Management from $260.00 to $265.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. Oppenheimer increased their price objective on shares of Waste Management from $260.00 to $265.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Finally, William Blair reissued an "outperform" rating on shares of Waste Management in a report on Tuesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, Waste Management has an average rating of "Moderate Buy" and an average target price of $254.35.

Waste Management Stock Down 1.2%

Shares of NYSE WM opened at $226.9430 on Monday. The firm has a market capitalization of $91.42 billion, a PE ratio of 33.67, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.51. Waste Management, Inc. has a 1 year low of $199.69 and a 1 year high of $242.58. The firm's 50-day moving average is $229.28 and its 200-day moving average is $229.85.

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, beating the consensus estimate of $1.89 by $0.03. The company had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.37 billion. Waste Management had a net margin of 11.36% and a return on equity of 34.37%. The company's revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.82 EPS. Waste Management has set its FY 2025 guidance at EPS. Equities analysts expect that Waste Management, Inc. will post 7.7 EPS for the current year.

Waste Management Announces Dividend

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

Insider Buying and Selling

In related 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 value of $13,740,295.68. Following the sale, the chief financial officer directly owned 83,934 shares in the company, valued at $19,922,574.24. This trade represents a 40.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Rafael Carrasco sold 674 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 16,542 shares in the company, valued at $3,917,311.02. This represents a 3.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.18% of the company's stock.

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.

Want to see what other hedge funds are holding WM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Waste Management, Inc. (NYSE:WM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.