Waste Management, Inc. $WM Holdings Lowered by Eastern Bank

Key Points

• Eastern Bank reduced its Waste Management stake by 6.4% in the second quarter, selling 10,946 shares and retaining 159,361 shares valued at approximately $35.5 million. Institutional investors collectively own 80.4% of WM.
• Analyst sentiment remains positive, with 14 Buy ratings and six Holds, producing a “Moderate Buy” consensus and an average price target of $258.33 versus the stock’s $226.47 opening price.
• Waste Management exceeded quarterly earnings expectations, reporting $2.02 EPS versus the $1.98 consensus estimate, while revenue rose 4% year over year to $6.68 billion. The company also pays a quarterly dividend of $0.945, representing a 1.7% yield.

Eastern Bank cut its stake in Waste Management, Inc. (NYSE:WM - Free Report) by 6.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,361 shares of the business services provider's stock after selling 10,946 shares during the period. Eastern Bank's holdings in Waste Management were worth $35,518,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WM. Broadway Wealth Solutions Inc. increased its position in shares of Waste Management by 2.8% during the 4th quarter. Broadway Wealth Solutions Inc. now owns 1,588 shares of the business services provider's stock valued at $349,000 after purchasing an additional 44 shares during the period. Bey Douglas LLC boosted its stake in Waste Management by 3.7% during the fourth quarter. Bey Douglas LLC now owns 1,233 shares of the business services provider's stock valued at $271,000 after buying an additional 44 shares in the last quarter. San Luis Wealth Advisors LLC grew its holdings in Waste Management by 2.4% during the fourth quarter. San Luis Wealth Advisors LLC now owns 1,922 shares of the business services provider's stock worth $422,000 after acquiring an additional 45 shares during the period. Birch Hill Investment Advisors LLC grew its holdings in Waste Management by 0.7% during the fourth quarter. Birch Hill Investment Advisors LLC now owns 6,104 shares of the business services provider's stock worth $1,341,000 after acquiring an additional 45 shares during the period. Finally, Cassaday & Co Wealth Management LLC raised its position in Waste Management by 1.9% in the fourth quarter. Cassaday & Co Wealth Management LLC now owns 2,398 shares of the business services provider's stock worth $527,000 after acquiring an additional 45 shares in the last quarter. Institutional investors own 80.40% of the company's stock.

Analyst Upgrades and Downgrades

WM has been the subject of several research reports. Weiss Ratings lowered shares of Waste Management from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, June 11th. Wells Fargo & Company cut their target price on shares of Waste Management from $273.00 to $268.00 and set an "overweight" rating for the company in a research note on Thursday, April 30th. Canadian Imperial Bank of Commerce upgraded shares of Waste Management from a "hold" rating to an "outperformer" rating and set a $244.00 target price for the company in a report on Tuesday, July 7th. Scotiabank lifted their price target on shares of Waste Management from $250.00 to $260.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 16th. Finally, Robert W. Baird increased their price objective on Waste Management from $248.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Fourteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Waste Management has an average rating of "Moderate Buy" and an average price target of $258.33.

Waste Management Stock Down 0.0%

WM stock opened at $226.47 on Tuesday. The company has a debt-to-equity ratio of 2.24, a current ratio of 0.91 and a quick ratio of 0.87. The firm has a market capitalization of $90.52 billion, a P/E ratio of 32.08, a P/E/G ratio of 2.79 and a beta of 0.44. Waste Management, Inc. has a 52-week low of $194.11 and a 52-week high of $248.13. The company's 50 day simple moving average is $225.69 and its 200-day simple moving average is $227.73.

Waste Management (NYSE:WM - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The business services provider reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.04. Waste Management had a net margin of 11.11% and a return on equity of 31.68%. The firm had revenue of $6.68 billion for the quarter, compared to analysts' expectations of $6.71 billion. During the same period in the previous year, the company posted $1.92 EPS. The company's quarterly revenue was up 4.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Waste Management, Inc. will post 8.13 EPS for the current year.

Waste Management Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, June 5th were paid a $0.945 dividend. This represents a $3.78 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, June 5th. Waste Management's dividend payout ratio is currently 53.54%.

Waste Management Profile

Waste Management, Inc NYSE: WM is a leading provider of integrated waste management and environmental services in North America. The company offers end-to-end solutions that span collection, transfer, disposal and recycling, along with landfill operations and related infrastructure. Headquartered in Houston, Texas, Waste Management serves a broad customer base that includes residential, commercial, industrial and municipal clients.

Core services include curbside and commercial waste collection, roll-off and temporary container services, materials recovery and recycling, and engineered landfill disposal.

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