Pettee Investors Inc. Lowers Stock Holdings in Waste Management, Inc. (NYSE:WM)

Pettee Investors Inc. reduced its stake in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 12.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,703 shares of the business services provider's stock after selling 1,850 shares during the period. Waste Management accounts for about 1.8% of Pettee Investors Inc.'s portfolio, making the stock its 14th largest holding. Pettee Investors Inc.'s holdings in Waste Management were worth $2,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in WM. Norges Bank acquired a new position in Waste Management in the fourth quarter valued at approximately $1,009,726,000. GAMMA Investing LLC lifted its holdings in Waste Management by 26,095.2% in the first quarter. GAMMA Investing LLC now owns 1,909,370 shares of the business services provider's stock valued at $442,038,000 after acquiring an additional 1,902,081 shares during the last quarter. Capital Research Global Investors lifted its holdings in Waste Management by 250.1% in the fourth quarter. Capital Research Global Investors now owns 1,658,733 shares of the business services provider's stock valued at $334,716,000 after acquiring an additional 1,184,905 shares during the last quarter. Leigh Baldwin & CO. LLC acquired a new position in Waste Management during the fourth quarter worth $205,506,000. Finally, Vanguard Group Inc. lifted its stake in Waste Management by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 37,300,278 shares of the business services provider's stock worth $7,526,823,000 after purchasing an additional 538,567 shares in the last quarter. 80.40% of the stock is currently owned by institutional investors and hedge funds.

Waste Management Stock Up 0.6%

NYSE:WM traded up $1.43 during trading hours on Friday, hitting $227.13. The company's stock had a trading volume of 1,996,375 shares, compared to its average volume of 1,633,521. The stock has a market capitalization of $91.40 billion, a P/E ratio of 34.26, a price-to-earnings-growth ratio of 2.80 and a beta of 0.64. The stock has a fifty day moving average of $231.66 and a 200-day moving average of $226.21. The company has a current ratio of 0.83, a quick ratio of 0.79 and a debt-to-equity ratio of 2.65. Waste Management, Inc. has a 52-week low of $196.59 and a 52-week high of $242.58.

Waste Management (NYSE:WM - Get Free Report) last posted its earnings results on Monday, April 28th. The business services provider reported $1.67 EPS for the quarter, beating the consensus estimate of $1.59 by $0.08. The firm had revenue of $6.02 billion for the quarter, compared to analyst estimates of $6.14 billion. Waste Management had a return on equity of 35.67% and a net margin of 11.67%. Waste Management's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.75 earnings per share. On average, equities analysts forecast that Waste Management, Inc. will post 7.7 earnings per share for the current year.

Waste Management Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend was Friday, June 6th. Waste Management's payout ratio is 49.77%.

Insider Activity

In other Waste Management news, CFO Devina A. Rankin sold 57,888 shares of the firm's stock in a transaction dated 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 owned 83,934 shares of the company's stock, valued at approximately $19,922,574.24. This trade represents a 40.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Rafael Carrasco sold 674 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was 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 in the company, valued at approximately $3,917,311.02. This represents a 3.91% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on WM shares. UBS Group upped their price target on Waste Management from $240.00 to $250.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. BMO Capital Markets upped their price target on Waste Management from $241.00 to $245.00 and gave the stock a "market perform" rating in a research note on Wednesday, June 25th. Seaport Res Ptn upgraded Waste Management to a "hold" rating in a research note on Tuesday, May 6th. Robert W. Baird upped their price target on Waste Management from $235.00 to $245.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. Finally, Oppenheimer upped their price target on Waste Management from $255.00 to $260.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Eight investment 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 company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $251.29.

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.