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Corundum Group Inc. Trims Holdings in Waste Management, Inc. (NYSE:WM)

Waste Management logo with Business Services background

Corundum Group Inc. decreased its stake in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 36.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,717 shares of the business services provider's stock after selling 3,231 shares during the quarter. Corundum Group Inc.'s holdings in Waste Management were worth $1,324,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in WM. Vanguard Group Inc. lifted its holdings in shares of Waste Management by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 37,300,278 shares of the business services provider's stock worth $7,526,823,000 after purchasing an additional 538,567 shares during the period. Geode Capital Management LLC raised its position in Waste Management by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 8,210,371 shares of the business services provider's stock worth $1,654,173,000 after buying an additional 64,260 shares during the last quarter. Parnassus Investments LLC lifted its stake in Waste Management by 22.5% during the 4th quarter. Parnassus Investments LLC now owns 6,272,009 shares of the business services provider's stock valued at $1,265,629,000 after acquiring an additional 1,151,237 shares during the period. Norges Bank acquired a new stake in Waste Management during the 4th quarter valued at approximately $1,009,726,000. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Waste Management by 5.8% in the 4th quarter. Ameriprise Financial Inc. now owns 4,076,447 shares of the business services provider's stock valued at $822,588,000 after acquiring an additional 224,279 shares during the last quarter. Hedge funds and other institutional investors own 80.40% of the company's stock.

Waste Management Price Performance

Waste Management stock traded up $1.42 during trading on Friday, reaching $228.14. The company had a trading volume of 2,895,650 shares, compared to its average volume of 1,625,065. The firm has a market capitalization of $91.81 billion, a PE ratio of 34.41, a price-to-earnings-growth ratio of 3.00 and a beta of 0.66. The firm's 50-day simple moving average is $233.03 and its 200 day simple moving average is $224.38. The company has a debt-to-equity ratio of 2.65, a quick ratio of 0.79 and a current ratio of 0.83. Waste Management, Inc. has a 1-year low of $196.59 and a 1-year high of $242.58.

Waste Management (NYSE:WM - Get Free Report) last announced its earnings results on Monday, April 28th. The business services provider reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.08. The business had revenue of $6.02 billion for the quarter, compared to analyst estimates of $6.14 billion. Waste Management had a net margin of 11.67% and a return on equity of 35.67%. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.75 earnings per share. As a group, equities research analysts anticipate that Waste Management, Inc. will post 7.7 earnings per share for the current fiscal year.

Waste Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a $0.825 dividend. This represents a $3.30 annualized dividend and a yield of 1.45%. The ex-dividend date was Friday, June 6th. Waste Management's payout ratio is 49.77%.

Insiders Place Their Bets

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

Analyst Ratings Changes

WM has been the subject of several recent research reports. Royal Bank Of Canada reissued a "sector perform" rating and set a $229.00 target price on shares of Waste Management in a report on Thursday. CIBC increased their price target on Waste Management from $244.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday. Melius Research upgraded Waste Management to a "strong-buy" rating and set a $263.00 target price on the stock in a research note on Monday, June 9th. HSBC raised Waste Management from a "hold" rating to a "buy" rating and raised their target price for the stock from $210.00 to $265.00 in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. raised Waste Management from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $225.00 to $277.00 in a report on Friday, May 23rd. Eight equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $251.00.

View Our Latest Stock Report on Waste Management

Waste Management Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Waste Management (NYSE:WM)

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