Scotia Capital Inc. Boosts Holdings in Waste Management, Inc. (NYSE:WM)

Key Points

• Scotia Capital Inc. increased its stake in Waste Management, Inc. by 3.5% during the first quarter, now owning 666,791 shares valued at approximately $154.37 million.
• Waste Management recently reported quarterly earnings of $1.92 EPS, beating estimates by $0.03, with revenue rising 19% year-over-year to $6.43 billion.
• Analysts have raised target prices for Waste Management, with estimates now ranging from $229 to $277, based on strong performance and growth potential, with eight analysts rating it a hold and thirteen a buy.

Scotia Capital Inc. boosted its position in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 3.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 666,791 shares of the business services provider's stock after buying an additional 22,261 shares during the quarter. Scotia Capital Inc. owned 0.17% of Waste Management worth $154,370,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Westend Capital Management LLC boosted its stake in Waste Management by 126.9% during the first 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 during the period. West Branch Capital LLC boosted 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 valued at $28,000 after purchasing an additional 49 shares during the period. Transce3nd LLC purchased a new stake in shares of Waste Management during the fourth quarter valued at $28,000. Hurley Capital LLC purchased a new stake in shares of Waste Management during the fourth quarter valued at $34,000. Finally, Adalta Capital Management LLC purchased a new stake in shares of Waste Management during the fourth quarter valued at $40,000. 80.40% of the stock is owned by hedge funds and other institutional investors.

Waste Management Stock Performance

WM opened at $228.89 on Friday. Waste Management, Inc. has a 52-week low of $199.69 and a 52-week high of $242.58. The company has a quick ratio of 0.79, a current ratio of 0.86 and a debt-to-equity ratio of 2.51. The company has a market cap of $92.20 billion, a P/E ratio of 33.96, a price-to-earnings-growth ratio of 2.81 and a beta of 0.64. The firm's 50-day moving average price is $231.49 and its 200-day moving average price is $228.26.

Waste Management (NYSE:WM - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The business services provider reported $1.92 earnings per share (EPS) 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 firm had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the prior year, the company posted $1.82 earnings per share. The company's revenue for the quarter was up 19.0% compared to the same quarter last year. As a group, equities analysts anticipate that Waste Management, Inc. will post 7.7 EPS for the current fiscal year.

Waste Management Announces Dividend

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

Insider Buying and Selling

In related news, SVP Rafael Carrasco sold 674 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $236.81, for a total value of $159,609.94. Following the sale, the senior vice president owned 16,542 shares in the company, valued at $3,917,311.02. This represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Devina A. Rankin sold 57,888 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the chief financial officer owned 83,934 shares in the company, valued at approximately $19,922,574.24. This represents a 40.82% decrease in their position. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on WM shares. Oppenheimer boosted their target price on shares of Waste Management from $260.00 to $265.00 and gave the company an "outperform" rating in a research note on Wednesday. JPMorgan Chase & Co. raised shares of Waste Management from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $225.00 to $277.00 in a research note on Friday, May 23rd. Wall Street Zen raised shares of Waste Management from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Citigroup lifted their price objective on Waste Management from $260.00 to $271.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Finally, Royal Bank Of Canada restated a "sector perform" rating and issued a $229.00 price objective on shares of Waste Management in a report on Thursday, June 26th. Eight equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $254.35.

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.

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