NewEdge Advisors LLC Grows Stake in Waste Management, Inc. $WM

Key Points

• NewEdge Advisors increased its Waste Management stake by 13.3% in the second quarter, bringing its holdings to 105,928 shares valued at approximately $23.6 million. Institutional investors collectively own 80.4% of the company.
• Waste Management reported quarterly earnings of $2.02 per share, exceeding estimates of $1.98, while revenue rose 4% year over year to $6.68 billion but fell slightly short of expectations.
• The company declared a quarterly dividend of $0.945 per share, equivalent to an annualized $3.78 payout and a 1.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $258.89.

NewEdge Advisors LLC grew its stake in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 13.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 105,928 shares of the business services provider's stock after purchasing an additional 12,419 shares during the quarter. NewEdge Advisors LLC's holdings in Waste Management were worth $23,609,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. IFP Advisors Inc lifted its position in Waste Management by 9.2% during the 2nd quarter. IFP Advisors Inc now owns 12,427 shares of the business services provider's stock worth $2,770,000 after acquiring an additional 1,049 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Waste Management by 1.3% during the second quarter. Arizona State Retirement System now owns 111,800 shares of the business services provider's stock valued at $24,918,000 after purchasing an additional 1,394 shares during the period. Waverly Advisors LLC boosted its stake in shares of Waste Management by 6.7% in the second quarter. Waverly Advisors LLC now owns 132,053 shares of the business services provider's stock valued at $29,432,000 after purchasing an additional 8,347 shares during the period. Empirical Finance LLC grew its holdings in Waste Management by 3.4% during the 2nd quarter. Empirical Finance LLC now owns 12,969 shares of the business services provider's stock valued at $2,891,000 after purchasing an additional 429 shares in the last quarter. Finally, Nykredit A S purchased a new stake in Waste Management during the 2nd quarter worth $30,968,000. Institutional investors and hedge funds own 80.40% of the company's stock.

Waste Management Stock Performance

Shares of WM stock opened at $214.56 on Friday. The company has a debt-to-equity ratio of 2.24, a quick ratio of 0.87 and a current ratio of 0.91. Waste Management, Inc. has a one year low of $194.11 and a one year high of $248.13. The company's 50-day simple moving average is $227.81 and its 200-day simple moving average is $226.67. The stock has a market capitalization of $85.76 billion, a price-to-earnings ratio of 30.39, a PEG ratio of 2.73 and a beta of 0.42.

Waste Management (NYSE:WM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The business services provider reported $2.02 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.04. Waste Management had a return on equity of 31.68% and a net margin of 11.11%.The firm had revenue of $6.68 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same period in the previous year, the company earned $1.92 earnings per share. Waste Management's quarterly revenue was up 4.0% on a year-over-year basis. Equities analysts anticipate that Waste Management, Inc. will post 8.13 earnings per share for the current fiscal year.

Waste Management Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a dividend of $0.945 per share. This represents a $3.78 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 11th. Waste Management's dividend payout ratio is currently 53.54%.

Insider Transactions at Waste Management

In related news, CAO John Carroll sold 1,365 shares of the firm's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $219.90, for a total transaction of $300,163.50. Following the transaction, the chief accounting officer directly owned 3,509 shares in the company, valued at $771,629.10. This trade represents a 28.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.18% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

WM has been the topic of a number of recent analyst reports. Weiss Ratings lowered shares of Waste Management from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, August 25th. Oppenheimer dropped their target price on Waste Management from $264.00 to $263.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 8th. Canadian Imperial Bank of Commerce downgraded Waste Management from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Barclays raised their price objective on Waste Management from $270.00 to $277.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. Finally, Stifel Nicolaus lifted their price objective on Waste Management from $252.00 to $261.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Thirteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently 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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