Envestnet Asset Management Inc. Sells 50,725 Shares of Waste Management, Inc. $WM

Key Points

• Envestnet Asset Management reduced its Waste Management stake by 4.9%, selling 50,725 shares and retaining 994,209 shares valued at approximately $221.6 million. Institutional investors collectively own 80.4% of the company.
• Waste Management reported quarterly EPS of $2.02, exceeding estimates of $1.98, while revenue rose 4% year over year to $6.68 billion. The company also declared a quarterly dividend of $0.945 per share, representing a 1.8% yield.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $258.89, compared with the stock’s opening price of $208.11.

Envestnet Asset Management Inc. reduced its holdings in Waste Management, Inc. (NYSE:WM - Free Report) by 4.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 994,209 shares of the business services provider's stock after selling 50,725 shares during the period. Envestnet Asset Management Inc. owned approximately 0.25% of Waste Management worth $221,588,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. State Street Corp increased its holdings in Waste Management by 2.9% in the 2nd quarter. State Street Corp now owns 18,008,931 shares of the business services provider's stock valued at $4,013,831,000 after buying an additional 507,209 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of Waste Management by 7.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 233,493 shares of the business services provider's stock valued at $52,041,000 after purchasing an additional 16,917 shares during the period. Tidal Investments LLC raised its holdings in shares of Waste Management by 9.5% in the 2nd quarter. Tidal Investments LLC now owns 74,348 shares of the business services provider's stock worth $16,571,000 after buying an additional 6,456 shares in the last quarter. Van Hulzen Asset Management LLC lifted its position in shares of Waste Management by 22.4% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 36,813 shares of the business services provider's stock worth $8,205,000 after buying an additional 6,726 shares during the period. Finally, MCF Advisors LLC lifted its position in shares of Waste Management by 4.3% during the 2nd quarter. MCF Advisors LLC now owns 3,677 shares of the business services provider's stock worth $819,000 after buying an additional 150 shares during the period. 80.40% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Waste Management news, CAO John Carroll sold 1,365 shares of the business's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $219.90, for a total transaction of $300,163.50. Following the completion of the sale, the chief accounting officer directly owned 3,509 shares of the company's stock, valued at approximately $771,629.10. The trade was a 28.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.18% of the company's stock.

Waste Management Stock Performance

Shares of NYSE:WM opened at $208.11 on Friday. Waste Management, Inc. has a twelve month low of $194.11 and a twelve month high of $248.13. The firm has a market cap of $83.18 billion, a PE ratio of 29.48, a price-to-earnings-growth ratio of 2.62 and a beta of 0.42. The company has a debt-to-equity ratio of 2.24, a quick ratio of 0.87 and a current ratio of 0.91. The business has a fifty day moving average of $223.35 and a 200-day moving average of $224.79.

Waste Management (NYSE:WM - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The business services provider reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.04. Waste Management had a net margin of 11.11% and a return on equity of 31.68%. The business had revenue of $6.68 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter in the prior year, the company earned $1.92 EPS. The firm's quarterly revenue was up 4.0% on a year-over-year basis. On average, equities research analysts predict that Waste Management, Inc. will post 8.13 EPS for the current fiscal year.

Waste Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a dividend of $0.9450 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $3.78 annualized dividend and a yield of 1.8%. Waste Management's dividend payout ratio is currently 53.54%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Barclays upped their price target on Waste Management from $270.00 to $277.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Citigroup boosted their target price on shares of Waste Management from $263.00 to $269.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Stifel Nicolaus upped their target price on shares of Waste Management from $252.00 to $261.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Royal Bank Of Canada increased their target price on shares of Waste Management from $240.00 to $244.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce downgraded shares of Waste Management from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Thirteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $258.89.

About Waste Management

WM, Inc, formerly known as Waste Management, Inc, is an environmental services company that provides waste collection, transfer, disposal and recycling services. The company serves residential, commercial, industrial and municipal customers, helping manage everyday refuse as well as certain specialized waste streams.

Its operations include curbside and commercial waste collection, transfer stations, recycling facilities, landfills and waste-related energy services. WM also develops renewable natural gas and electricity projects that capture landfill gas for use as an energy source.

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