Sit Investment Associates Inc. Acquires 11,115 Shares of Waste Management, Inc. (NYSE:WM)

Key Points

• Sit Investment Associates Inc. increased its stake in Waste Management, Inc. by 28.9% during the first quarter, holding 49,577 shares valued at approximately $11.48 million.
• Waste Management recently reported earnings of $1.92 per share for the last quarter, exceeding analyst expectations and showing a 19% increase in revenue year-over-year.
• Research analysts have issued a consensus rating of "Moderate Buy" for Waste Management's stock, with a price target average of $254.35.

Sit Investment Associates Inc. lifted its position in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 28.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,577 shares of the business services provider's stock after acquiring an additional 11,115 shares during the period. Sit Investment Associates Inc.'s holdings in Waste Management were worth $11,478,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in WM. Westend Capital Management LLC grew its position in Waste Management by 126.9% in the 1st quarter. Westend Capital Management LLC now owns 118 shares of the business services provider's stock worth $27,000 after purchasing an additional 66 shares during the period. Transce3nd LLC bought a new stake in Waste Management in the 4th quarter worth approximately $28,000. West Branch Capital LLC grew its position in Waste Management by 69.0% in the 1st quarter. West Branch Capital LLC now owns 120 shares of the business services provider's stock worth $28,000 after purchasing an additional 49 shares during the period. GKV Capital Management Co. Inc. bought a new stake in Waste Management in the 1st quarter worth approximately $38,000. Finally, Adalta Capital Management LLC purchased a new position in shares of Waste Management during the 4th quarter worth $40,000. Institutional investors own 80.40% of the company's stock.

Waste Management Trading Up 0.3%

Waste Management stock traded up $0.65 during midday trading on Friday, reaching $226.80. The stock had a trading volume of 3,371,175 shares, compared to its average volume of 1,657,967. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.51. The firm has a market cap of $91.36 billion, a price-to-earnings ratio of 33.65, a price-to-earnings-growth ratio of 2.77 and a beta of 0.64. Waste Management, Inc. has a 52-week low of $199.69 and a 52-week high of $242.58. The company has a fifty day moving average of $230.00 and a 200 day moving average of $229.50.

Waste Management (NYSE:WM - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The business services provider reported $1.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.03. Waste Management had a return on equity of 34.37% and a net margin of 11.36%. The firm had revenue of $6.43 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same period last year, the company earned $1.82 EPS. Waste Management's quarterly revenue was up 19.0% compared to the same quarter last year. On average, analysts anticipate that Waste Management, Inc. will post 7.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Rafael Carrasco sold 674 shares of the firm's stock in a transaction that occurred 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 transaction, the senior vice president directly owned 16,542 shares of the company's stock, valued at approximately $3,917,311.02. This trade represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Devina A. Rankin sold 57,888 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $237.36, for a total transaction of $13,740,295.68. Following the transaction, the chief financial officer directly owned 83,934 shares in the company, valued at approximately $19,922,574.24. This trade represents a 40.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

WM has been the topic of several analyst reports. William Blair reiterated an "outperform" rating on shares of Waste Management in a research note on Tuesday, July 29th. Oppenheimer lifted 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, July 30th. Scotiabank lifted their target price on shares of Waste Management from $265.00 to $275.00 and gave the company a "sector outperform" rating in a research note on Thursday, July 31st. Melius Research upgraded shares of Waste Management to a "strong-buy" rating and set a $263.00 price target on the stock in a research note on Monday, June 9th. Finally, Citigroup boosted their price target on shares of Waste Management from $260.00 to $271.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Eight analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $254.35.

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.