Tocqueville Asset Management L.P. Reduces Stock Holdings in Waste Management, Inc. $WM

Key Points

• Tocqueville Asset Management L.P. reduced its stake in Waste Management, Inc. by 6.0%, holding 99,076 shares worth approximately $22.9 million after selling 6,350 shares in the first quarter.
• Waste Management reported a 19% year-over-year revenue increase to $6.43 billion, with earnings per share (EPS) of $1.92, exceeding estimates.
• Analysts have a consensus price target of $254.35 for Waste Management shares, with ratings ranging from hold to strong buy across various research firms.

Tocqueville Asset Management L.P. lowered its position in Waste Management, Inc. (NYSE:WM - Free Report) by 6.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 99,076 shares of the business services provider's stock after selling 6,350 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in Waste Management were worth $22,937,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of WM. GAMMA Investing LLC boosted its position in shares of Waste Management by 26,095.2% during the 1st quarter. GAMMA Investing LLC now owns 1,909,370 shares of the business services provider's stock worth $442,038,000 after acquiring an additional 1,902,081 shares in the last quarter. Nuveen LLC acquired a new position in Waste Management in the first quarter valued at approximately $333,089,000. Capital Research Global Investors raised its holdings in Waste Management by 250.1% during the fourth quarter. Capital Research Global Investors now owns 1,658,733 shares of the business services provider's stock worth $334,716,000 after purchasing an additional 1,184,905 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new stake in shares of Waste Management during the 4th quarter worth approximately $205,506,000. Finally, Northern Trust Corp grew its position in shares of Waste Management by 13.2% in the 4th quarter. Northern Trust Corp now owns 3,996,773 shares of the business services provider's stock valued at $806,509,000 after buying an additional 465,789 shares during the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, 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 $3,917,311.02. This trade represents a 3.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Devina A. Rankin sold 57,888 shares of the business's stock in a transaction dated 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 owned 83,934 shares of the company's stock, valued at $19,922,574.24. The trade was a 40.82% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Seaport Res Ptn raised Waste Management to a "hold" rating in a report on Tuesday, May 6th. Citigroup increased 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. Melius assumed coverage on shares of Waste Management in a report on Monday, June 9th. They issued a "buy" rating on the stock. UBS Group upped their price target on shares of Waste Management from $260.00 to $265.00 and gave the company a "neutral" rating in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised shares of Waste Management from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $225.00 to $277.00 in a research report on Friday, May 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Waste Management presently has an average rating of "Moderate Buy" and a consensus target price of $254.35.

Waste Management Trading Up 1.9%

Shares of Waste Management stock traded up $4.1880 during mid-day trading on Tuesday, hitting $228.3880. 1,441,474 shares of the stock were exchanged, compared to its average volume of 1,840,077. The company has a 50-day simple moving average of $229.81 and a 200 day simple moving average of $229.71. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.51. The stock has a market capitalization of $92.00 billion, a price-to-earnings ratio of 30.92, a price-to-earnings-growth ratio of 2.75 and a beta of 0.64. Waste Management, Inc. has a twelve month low of $199.69 and a twelve month high of $242.58.

Waste Management (NYSE:WM - Get Free Report) last announced its quarterly earnings data 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. Waste Management had a return on equity of 34.37% and a net margin of 11.36%.The business had revenue of $6.43 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the business earned $1.82 earnings per share. The business's revenue for the quarter was up 19.0% on a year-over-year basis. Waste Management has set its FY 2025 guidance at EPS. Research analysts forecast that Waste Management, Inc. will post 7.7 EPS 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.