Kornitzer Capital Management Inc. KS Reduces Holdings in Waste Management, Inc. (NYSE:WM)

Kornitzer Capital Management Inc. KS reduced its position in Waste Management, Inc. (NYSE:WM - Free Report) by 3.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 326,270 shares of the business services provider's stock after selling 11,880 shares during the period. Waste Management accounts for about 1.6% of Kornitzer Capital Management Inc. KS's holdings, making the stock its 9th biggest holding. Kornitzer Capital Management Inc. KS owned 0.08% of Waste Management worth $75,535,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC increased its position in Waste Management by 51.1% during the 4th 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 period. Golden State Wealth Management LLC grew its holdings in shares of Waste Management by 41.7% in the 1st quarter. Golden State Wealth Management LLC now owns 789 shares of the business services provider's stock worth $183,000 after acquiring an additional 232 shares during the period. Calamos Advisors LLC grew its holdings in shares of Waste Management by 2.8% in the 1st quarter. Calamos Advisors LLC now owns 283,500 shares of the business services provider's stock worth $65,633,000 after acquiring an additional 7,751 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Waste Management by 4.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 592,229 shares of the business services provider's stock worth $137,108,000 after acquiring an additional 24,023 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Waste Management by 13.1% in the 1st quarter. GAMMA Investing LLC now owns 8,247 shares of the business services provider's stock worth $1,909,000 after acquiring an additional 958 shares during the period. 80.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on WM. BMO Capital Markets increased their target price on Waste Management from $241.00 to $245.00 and gave the company a "market perform" rating in a report on Wednesday, June 25th. Seaport Res Ptn raised Waste Management to a "hold" rating in a research note on Tuesday, May 6th. Citigroup increased their price target on Waste Management from $260.00 to $271.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Melius initiated coverage on Waste Management in a research note on Monday, June 9th. They set a "buy" rating on the stock. Finally, UBS Group increased their target price on Waste Management from $240.00 to $250.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Waste Management presently has an average rating of "Moderate Buy" and an average price target of $251.29.

Waste Management Price Performance

Shares of NYSE WM traded down $0.32 during mid-day trading on Wednesday, reaching $225.53. 631,560 shares of the company traded hands, compared to its average volume of 1,722,733. Waste Management, Inc. has a fifty-two week low of $196.59 and a fifty-two week high of $242.58. The company has a debt-to-equity ratio of 2.65, a current ratio of 0.83 and a quick ratio of 0.79. The firm has a market cap of $90.75 billion, a PE ratio of 34.02, a price-to-earnings-growth ratio of 2.84 and a beta of 0.64. The stock has a fifty day simple moving average of $232.00 and a 200-day simple moving average of $226.05.

Waste Management (NYSE:WM - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The business services provider reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.59 by $0.08. The business had revenue of $6.02 billion for the quarter, compared to analyst estimates of $6.14 billion. Waste Management had a net margin of 11.67% and a return on equity of 35.67%. The business's revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the business earned $1.75 earnings per share. Equities research analysts anticipate that Waste Management, Inc. will post 7.7 EPS for the current fiscal year.

Waste Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a yield of 1.46%. The ex-dividend date was Friday, June 6th. Waste Management's payout ratio is 49.77%.

Insider Activity at Waste Management

In other Waste Management news, SVP Rafael Carrasco sold 674 shares of Waste Management stock in a transaction on 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 owned 16,542 shares of the company's stock, valued at $3,917,311.02. This trade represents a 3.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Devina A. Rankin sold 57,888 shares of Waste Management stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $237.36, for a total transaction 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 trade represents a 40.82% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.18% of the company's stock.

About Waste Management

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.