Jackson Square Partners LLC Sells 2,990 Shares of Waste Management, Inc. (NYSE:WM)

Key Points

• Jackson Square Partners LLC has reduced its stake in Waste Management, Inc. by 8.6% during the first quarter, now holding approximately $7.37 million worth of shares.
• CFO Devina A. Rankin sold 57,888 shares for a total of about $13.74 million, which is a 40.82% decrease in her position.
• Analysts are optimistic about Waste Management, with firms like Melius Research and JPMorgan Chase issuing upgrades and setting target prices as high as $277.00.

Jackson Square Partners LLC reduced its holdings in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 8.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,845 shares of the business services provider's stock after selling 2,990 shares during the quarter. Jackson Square Partners LLC's holdings in Waste Management were worth $7,372,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of WM. Westend Capital Management LLC grew its holdings 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 valued at $27,000 after purchasing an additional 66 shares during the last quarter. Transce3nd LLC acquired a new stake in Waste Management in the fourth quarter valued at approximately $28,000. West Branch Capital LLC grew its stake in shares of Waste Management by 69.0% during the first quarter. West Branch Capital LLC now owns 120 shares of the business services provider's stock worth $28,000 after buying an additional 49 shares during the last quarter. Adalta Capital Management LLC acquired a new position in shares of Waste Management during the fourth quarter worth $40,000. Finally, New Age Alpha Advisors LLC bought a new position in shares of Waste Management in the 1st quarter valued at $45,000. 80.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on WM. Melius Research raised Waste Management to a "strong-buy" rating and set a $263.00 target price for the company in a report on Monday, June 9th. Hsbc Global Res raised Waste Management from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. National Bank Financial upgraded shares of Waste Management to a "hold" rating in a research report on Monday, May 26th. Robert W. Baird upped their price target on shares of Waste Management from $235.00 to $245.00 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. upgraded shares of Waste Management from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $225.00 to $277.00 in a report on Friday, May 23rd. Eight analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $254.35.

Insider Transactions at Waste Management

In other news, CFO Devina A. Rankin sold 57,888 shares of the company's stock in a transaction that occurred on 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 directly owned 83,934 shares of the company's stock, valued at $19,922,574.24. This represents a 40.82% decrease in their ownership of the stock. The sale 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 Waste Management stock in a transaction 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 directly owned 16,542 shares of the company's stock, valued at approximately $3,917,311.02. The trade was a 3.91% decrease in their position. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

Waste Management Trading Up 0.8%

Shares of Waste Management stock traded up $1.89 on Friday, hitting $235.11. 1,088,435 shares of the company's stock traded hands, compared to its average volume of 1,562,063. The company has a fifty day moving average of $230.87 and a two-hundred day moving average of $228.84. Waste Management, Inc. has a one year low of $199.69 and a one year high of $242.58. The company has a market capitalization of $94.71 billion, a price-to-earnings ratio of 34.88, a price-to-earnings-growth ratio of 2.86 and a beta of 0.64. 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 released its quarterly earnings data on Monday, July 28th. The business services provider reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.03. Waste Management had a net margin of 11.36% and a return on equity of 34.37%. The company had revenue of $6.43 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the previous year, the business posted $1.82 EPS. Waste Management's revenue for the quarter was up 19.0% compared to the same quarter last year. As a group, sell-side analysts expect that Waste Management, Inc. will post 7.7 earnings per share for the current year.

Waste Management Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were given a dividend of $0.825 per share. This represents a $3.30 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, June 6th. Waste Management's dividend payout ratio is 48.96%.

Waste Management 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.