Cresset Asset Management LLC Sells 1,575 Shares of Waste Management, Inc. (NYSE:WM)

Key Points

• Cresset Asset Management LLC has reduced its stake in Waste Management, Inc. by 2.6%, selling 1,575 shares, resulting in total holdings of 58,708 shares valued at approximately $13.59 million.
• Financial analysts have upgraded their price targets for Waste Management, with BMO Capital Markets increasing its target from $245 to $248 and Citigroup raising theirs from $260 to $271, reflecting a generally positive outlook on the stock.
• In the latest earnings report, Waste Management recorded a 19% year-over-year revenue increase to $6.43 billion, exceeding analyst expectations, with an EPS of $1.92 compared to the estimated $1.89.

Cresset Asset Management LLC decreased its position in Waste Management, Inc. (NYSE:WM - Free Report) by 2.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 58,708 shares of the business services provider's stock after selling 1,575 shares during the period. Cresset Asset Management LLC's holdings in Waste Management were worth $13,592,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Westend Capital Management LLC boosted its holdings in Waste Management by 126.9% in the first quarter. Westend Capital Management LLC now owns 118 shares of the business services provider's stock valued at $27,000 after acquiring an additional 66 shares in the last quarter. Transce3nd LLC bought a new stake in Waste Management in the fourth quarter valued at $28,000. West Branch Capital LLC boosted its holdings in Waste Management by 69.0% in the first quarter. West Branch Capital LLC now owns 120 shares of the business services provider's stock valued at $28,000 after acquiring an additional 49 shares in the last quarter. GKV Capital Management Co. Inc. bought a new stake in Waste Management in the first quarter valued at $38,000. Finally, Adalta Capital Management LLC bought a new stake in Waste Management in the fourth quarter valued at $40,000. Institutional investors own 80.40% of the company's stock.

Wall Street Analysts Forecast Growth

WM has been the topic of several recent analyst reports. BMO Capital Markets lifted their price target on shares of Waste Management from $245.00 to $248.00 and gave the company a "market perform" rating in a report on Wednesday, July 30th. Citigroup raised their price objective on Waste Management from $260.00 to $271.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Scotiabank raised their price objective on Waste Management from $265.00 to $275.00 and gave the company a "sector outperform" rating in a research report on Thursday, July 31st. Melius Research raised Waste Management to a "strong-buy" rating and set a $263.00 price objective for the company in a research report on Monday, June 9th. Finally, Oppenheimer raised their price objective on Waste Management from $260.00 to $265.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Eight equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Waste Management has a consensus rating of "Moderate Buy" and a consensus target price of $254.35.

Waste Management Price Performance

WM opened at $226.80 on Friday. Waste Management, Inc. has a 1 year low of $199.69 and a 1 year high of $242.58. The stock has a 50-day moving average price of $230.00 and a 200-day moving average price of $229.63. 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 market cap of $91.36 billion, a PE ratio of 33.65, a P/E/G ratio of 2.78 and a beta of 0.64.

Waste Management (NYSE:WM - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The business services provider reported $1.92 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $6.37 billion. During the same period in the previous year, the business posted $1.82 earnings per share. The business's revenue for the quarter was up 19.0% on a year-over-year basis. Sell-side analysts predict that Waste Management, Inc. will post 7.7 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Devina A. Rankin sold 57,888 shares of the company's stock in a transaction dated 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 completion of the sale, the chief financial officer owned 83,934 shares of the company's stock, valued at $19,922,574.24. This represents a 40.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Rafael Carrasco sold 674 shares of the business's stock in a transaction that occurred on 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 owned 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 disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

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.

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