Resona Asset Management Co. Ltd. Grows Stock Holdings in Waste Management, Inc. (NYSE:WM)

Key Points

• Resona Asset Management Co. Ltd. has increased its position in Waste Management, Inc. by 6.6%, now holding 160,625 shares valued at approximately $37.12 million.
• Wall Street analysts have shown positive sentiment towards Waste Management, with a consensus rating of "Moderate Buy" and an increasing price target, now set at $254.35.
• The company's recent quarterly earnings report revealed an EPS of $1.92, surpassing estimates, and revenue growth of 19% year-over-year.

Resona Asset Management Co. Ltd. increased its stake in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 6.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 160,625 shares of the business services provider's stock after purchasing an additional 9,965 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Waste Management were worth $37,119,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Westend Capital Management LLC lifted its holdings in Waste Management by 126.9% during the 1st quarter. Westend Capital Management LLC now owns 118 shares of the business services provider's stock worth $27,000 after buying an additional 66 shares in the last quarter. West Branch Capital LLC lifted its holdings in Waste Management by 69.0% during the 1st 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 in the last quarter. Transce3nd LLC acquired a new stake in Waste Management during the 4th quarter worth approximately $28,000. New Age Alpha Advisors LLC purchased a new position in shares of Waste Management in the 1st quarter valued at about $45,000. Finally, Adalta Capital Management LLC acquired a new position in shares of Waste Management during the fourth quarter worth about $40,000. Hedge funds and other institutional investors own 80.40% of the company's stock.

Analyst Upgrades and Downgrades

WM has been the topic of a number of recent research reports. Hsbc Global Res upgraded shares of Waste Management from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Wall Street Zen raised shares of Waste Management from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. Oppenheimer lifted their price objective on shares of Waste Management from $260.00 to $265.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. William Blair reaffirmed an "outperform" rating on shares of Waste Management in a research report on Tuesday, July 29th. Finally, Melius assumed coverage on shares of Waste Management in a research report on Monday, June 9th. They set a "buy" rating for the company. Eight analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $254.35.

Insider Activity

In other news, CFO Devina A. Rankin sold 57,888 shares of Waste Management stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $237.36, for a total value of $13,740,295.68. Following the sale, the chief financial officer owned 83,934 shares of the company's stock, valued at $19,922,574.24. The trade was a 40.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Rafael Carrasco sold 674 shares of Waste Management stock in a transaction dated 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 in the company, 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 insiders.

Waste Management Stock Performance

Waste Management stock traded down $3.18 during midday trading on Wednesday, hitting $229.80. 2,094,601 shares of the company's stock were exchanged, compared to its average volume of 1,524,508. Waste Management, Inc. has a 12-month low of $199.69 and a 12-month high of $242.58. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.82 and a current ratio of 0.86. The stock has a market cap of $92.57 billion, a price-to-earnings ratio of 34.09, a price-to-earnings-growth ratio of 2.86 and a beta of 0.64. The firm's 50 day simple moving average is $230.44 and its 200 day simple moving average is $229.32.

Waste Management (NYSE:WM - Get Free Report) last issued 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. 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 for the quarter, compared to the consensus estimate of $6.37 billion. During the same period last year, the firm posted $1.82 EPS. Waste Management's revenue for the quarter was up 19.0% on a year-over-year basis. Equities research analysts predict that Waste Management, Inc. will post 7.7 EPS for the current year.

Waste Management Company 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.