T. Rowe Price Investment Management Inc. Purchases 657,194 Shares of Waste Management, Inc. $WM

Key Points

• T. Rowe Price Investment Management Inc. increased its holdings in Waste Management, Inc. by over 16,999% in the first quarter, acquiring 657,194 shares to bring its total to 661,060 shares, valued at approximately $153 million.
• Several other institutional investors, including Brighton Jones LLC and Bank Pictet & Cie Europe AG, also increased their stakes in Waste Management, reflecting strong interest from the investment community.
• Waste Management reported a EPS of $1.92 for the recent quarter, surpassing analysts' expectations, and achieved a revenue increase of 19% year-over-year.

T. Rowe Price Investment Management Inc. lifted its position in Waste Management, Inc. (NYSE:WM - Free Report) by 16,999.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 661,060 shares of the business services provider's stock after purchasing an additional 657,194 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 0.16% of Waste Management worth $153,043,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of Waste Management by 51.1% in the fourth quarter. Brighton Jones LLC now owns 6,861 shares of the business services provider's stock worth $1,384,000 after purchasing an additional 2,320 shares during the last quarter. Bank Pictet & Cie Europe AG grew its stake in Waste Management by 14.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 124,848 shares of the business services provider's stock worth $25,193,000 after buying an additional 15,974 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Waste Management in the 4th quarter worth $268,000. MML Investors Services LLC lifted its holdings in shares of Waste Management by 5.0% during the 4th quarter. MML Investors Services LLC now owns 77,767 shares of the business services provider's stock worth $15,693,000 after acquiring an additional 3,701 shares during the last quarter. Finally, Transce3nd LLC bought a new position in Waste Management in the fourth quarter valued at $28,000. 80.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Waste Management

In related news, CFO Devina A. Rankin sold 57,888 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $237.36, for a total value of $13,740,295.68. Following the sale, 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 at this link. Also, SVP Rafael Carrasco sold 674 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $236.81, for a total value of $159,609.94. Following the transaction, the senior vice president directly owned 16,542 shares of the company's stock, valued at $3,917,311.02. This represents a 3.91% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.18% of the company's stock.

Analyst Upgrades and Downgrades

WM has been the subject of several research analyst reports. William Blair reaffirmed an "outperform" rating on shares of Waste Management in a research note on Tuesday, July 29th. Scotiabank upped their target price on Waste Management from $265.00 to $275.00 and gave the stock a "sector outperform" rating in a research note on Thursday, July 31st. National Bank Financial raised shares of Waste Management to a "hold" rating in a research note on Monday, May 26th. BMO Capital Markets boosted their price objective on shares of Waste Management from $245.00 to $248.00 and gave the stock a "market perform" rating in a report on Wednesday, July 30th. Finally, Melius started coverage on shares of Waste Management in a report on Monday, June 9th. They set a "buy" rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $254.35.

Waste Management Stock Up 0.7%

NYSE WM opened at $229.9820 on Thursday. The stock has a market capitalization of $92.64 billion, a PE ratio of 34.12, a PEG ratio of 2.80 and a beta of 0.64. Waste Management, Inc. has a 1 year low of $199.69 and a 1 year high of $242.58. The business's 50-day moving average is $229.61 and its 200 day moving average is $229.70. 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 announced its earnings results on Monday, July 28th. The business services provider reported $1.92 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.03. The company had revenue of $6.43 billion during the quarter, compared to the consensus estimate of $6.37 billion. Waste Management had a return on equity of 34.37% and a net margin of 11.36%.The firm's revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.82 earnings per share. Waste Management has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Waste Management, Inc. will post 7.7 earnings per share for the current year.

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.

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