First Citizens Bank & Trust Co. Increases Holdings in Waste Management, Inc. $WM

Key Points

• First Citizens Bank & Trust Co. increased its stake in Waste Management, Inc. by 32.7% in Q2, purchasing an additional 10,422 shares for a total of 42,273 shares valued at approximately $9.67 million.
• Waste Management reported a quarterly revenue of $6.43 billion, surpassing expectations, with earnings per share of $1.92, beating the consensus estimate by $0.03.
• The company declared a quarterly dividend of $0.825 per share, yielding about 1.5% annually, reaffirming a manageable payout ratio of approximately 49%.

First Citizens Bank & Trust Co. increased its stake in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 32.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 42,273 shares of the business services provider's stock after buying an additional 10,422 shares during the period. First Citizens Bank & Trust Co.'s holdings in Waste Management were worth $9,673,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of WM. Roman Butler Fullerton & Co. grew its position in shares of Waste Management by 148.9% in the second quarter. Roman Butler Fullerton & Co. now owns 6,697 shares of the business services provider's stock valued at $1,538,000 after purchasing an additional 4,006 shares in the last quarter. Ethic Inc. raised its position in Waste Management by 0.8% during the second quarter. Ethic Inc. now owns 26,018 shares of the business services provider's stock valued at $5,939,000 after purchasing an additional 215 shares in the last quarter. Rehmann Capital Advisory Group boosted its holdings in shares of Waste Management by 4.4% in the 2nd quarter. Rehmann Capital Advisory Group now owns 5,977 shares of the business services provider's stock worth $1,368,000 after purchasing an additional 253 shares in the last quarter. Members Trust Co purchased a new position in shares of Waste Management during the 2nd quarter valued at about $284,000. Finally, Denali Advisors LLC raised its position in Waste Management by 31.2% in the 2nd quarter. Denali Advisors LLC now owns 31,868 shares of the business services provider's stock worth $7,292,000 after purchasing an additional 7,577 shares during the period. Hedge funds and other institutional investors own 80.40% of the company's stock.

Waste Management Price Performance

Waste Management stock opened at $217.29 on Thursday. The stock has a market cap of $87.53 billion, a price-to-earnings ratio of 32.12, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64. The firm has a 50-day moving average of $220.33 and a two-hundred day moving average of $227.12. Waste Management, Inc. has a 1 year low of $199.69 and a 1 year high of $242.58. The company has a debt-to-equity ratio of 2.51, a current ratio of 0.86 and a quick ratio of 0.82.

Waste Management (NYSE:WM - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $6.43 billion for the quarter, compared to analysts' expectations of $6.37 billion. Waste Management had a return on equity of 34.37% and a net margin of 11.36%.Waste Management's revenue was up 19.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.82 earnings per share. Waste Management has set its FY 2025 guidance at EPS. On average, research analysts forecast that Waste Management, Inc. will post 7.7 earnings per share for the current year.

Waste Management Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were given a dividend of $0.825 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $3.30 dividend on an annualized basis and a yield of 1.5%. Waste Management's payout ratio is currently 48.96%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on WM shares. Raymond James Financial upped their price target on shares of Waste Management from $255.00 to $256.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. William Blair reissued an "outperform" rating on shares of Waste Management in a research note on Tuesday, July 29th. UBS Group dropped their target price on Waste Management from $265.00 to $240.00 and set a "neutral" rating on the stock in a report on Thursday, October 16th. Erste Group Bank lowered shares of Waste Management from a "buy" rating to a "hold" rating in a research note on Thursday, September 11th. Finally, Stifel Nicolaus assumed coverage on Waste Management in a report on Tuesday, September 30th. They set a "buy" rating and a $252.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $253.00.

About Waste Management

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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