PNC Financial Services Group Inc. Reduces Position in Waste Management, Inc. $WM

Key Points

• PNC Financial Services Group cut its Waste Management stake by 2.7% in the fourth quarter, selling 13,659 shares and leaving it with 486,625 shares valued at about $106.9 million.
• Waste Management reported Q1 earnings of $1.81 per share, topping analyst estimates, while revenue came in at $6.23 billion, slightly below expectations but still up 3.5% year over year.
• The company announced a quarterly dividend of $0.945 per share payable June 18, and analysts currently rate the stock a Moderate Buy with an average price target of $255.67.

PNC Financial Services Group Inc. trimmed its position in Waste Management, Inc. (NYSE:WM - Free Report) by 2.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 486,625 shares of the business services provider's stock after selling 13,659 shares during the period. PNC Financial Services Group Inc. owned 0.12% of Waste Management worth $106,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WM. Lockheed Martin Investment Management Co. purchased a new stake in Waste Management in the third quarter valued at $3,092,000. Guerra Advisors Inc raised its stake in shares of Waste Management by 59.5% during the 3rd quarter. Guerra Advisors Inc now owns 9,037 shares of the business services provider's stock valued at $1,996,000 after buying an additional 3,371 shares during the last quarter. Capital Advisors Inc. OK lifted its holdings in shares of Waste Management by 2.0% in the 4th quarter. Capital Advisors Inc. OK now owns 196,585 shares of the business services provider's stock valued at $43,192,000 after buying an additional 3,880 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Waste Management by 19.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 69,287 shares of the business services provider's stock worth $15,301,000 after buying an additional 11,135 shares during the last quarter. Finally, Compass Wealth Management LLC boosted its stake in shares of Waste Management by 537.0% in the third quarter. Compass Wealth Management LLC now owns 95,721 shares of the business services provider's stock worth $21,138,000 after buying an additional 80,695 shares during the last quarter. Institutional investors and hedge funds own 80.40% of the company's stock.

Insider Activity at Waste Management

In other Waste Management news, VP Michael J. Watson sold 17,251 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $241.81, for a total transaction of $4,171,464.31. Following the completion of the transaction, the vice president owned 44,146 shares of the company's stock, valued at $10,674,944.26. This represents a 28.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Johnson Varkey sold 617 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $244.13, for a total value of $150,628.21. Following the completion of the transaction, the senior vice president owned 9,607 shares in the company, valued at approximately $2,345,356.91. This trade represents a 6.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,296 shares of company stock worth $8,569,283 in the last quarter. Company insiders own 0.18% of the company's stock.

Waste Management Trading Down 1.3%

Shares of WM stock opened at $219.37 on Thursday. Waste Management, Inc. has a 1-year low of $194.11 and a 1-year high of $248.13. The company has a market cap of $88.10 billion, a price-to-earnings ratio of 31.75, a PEG ratio of 2.32 and a beta of 0.49. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.93 and a quick ratio of 0.89. The stock has a 50 day simple moving average of $227.72 and a 200-day simple moving average of $223.42.

Waste Management (NYSE:WM - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The business services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.75 by $0.06. The firm had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $6.28 billion. Waste Management had a net margin of 10.99% and a return on equity of 31.90%. The firm's revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.67 EPS. On average, equities research analysts expect that Waste Management, Inc. will post 8.15 EPS for the current fiscal year.

Waste Management Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Friday, June 5th will be paid a dividend of $0.945 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $3.78 dividend on an annualized basis and a dividend yield of 1.7%. Waste Management's payout ratio is currently 54.70%.

Analysts Set New Price Targets

A number of brokerages have issued reports on WM. Wolfe Research started coverage on Waste Management in a report on Friday, March 13th. They issued a "peer perform" rating for the company. Wells Fargo & Company cut their target price on shares of Waste Management from $273.00 to $268.00 and set an "overweight" rating for the company in a report on Thursday, April 30th. Robert W. Baird boosted their target price on shares of Waste Management from $248.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Scotiabank restated a "sector perform" rating and set a $250.00 price target (down from $254.00) on shares of Waste Management in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada upped their price objective on shares of Waste Management from $235.00 to $240.00 and gave the stock a "sector perform" rating in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $255.67.

Waste Management Company Profile

Waste Management, Inc NYSE: WM is a leading provider of integrated waste management and environmental services in North America. The company offers end-to-end solutions that span collection, transfer, disposal and recycling, along with landfill operations and related infrastructure. Headquartered in Houston, Texas, Waste Management serves a broad customer base that includes residential, commercial, industrial and municipal clients.

Core services include curbside and commercial waste collection, roll-off and temporary container services, materials recovery and recycling, and engineered landfill disposal.

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