Waste Management, Inc. $WM Shares Bought by BlackRock Inc.

Key Points

• BlackRock increased its Waste Management stake by 1.8% in the second quarter, adding 535,079 shares to own 30.7 million shares valued at approximately $6.85 billion. Institutional investors collectively hold 80.4% of WM stock.
• Waste Management reported quarterly EPS of $2.02, beating estimates of $1.98, while revenue rose 4% year over year to $6.68 billion but fell slightly short of expectations.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $258.89, though valuation concerns remain as WM trades at a P/E ratio of 31.88 and is viewed as relatively expensive on earnings-based measures.

BlackRock Inc. grew its holdings in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 1.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,733,944 shares of the business services provider's stock after buying an additional 535,079 shares during the period. BlackRock Inc. owned 7.69% of Waste Management worth $6,849,981,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in Waste Management in the fourth quarter valued at approximately $1,022,916,000. Corient Private Wealth LLC raised its stake in Waste Management by 279.0% during the 4th quarter. Corient Private Wealth LLC now owns 1,075,906 shares of the business services provider's stock worth $236,387,000 after acquiring an additional 792,037 shares in the last quarter. Diamant Asset Management Inc. lifted its position in Waste Management by 23,051.5% in the first quarter. Diamant Asset Management Inc. now owns 770,945 shares of the business services provider's stock valued at $17,716,000 after acquiring an additional 767,615 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in Waste Management by 3,209.2% in the third quarter. Balyasny Asset Management L.P. now owns 681,366 shares of the business services provider's stock valued at $150,466,000 after acquiring an additional 660,776 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Waste Management by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 38,990,067 shares of the business services provider's stock valued at $8,566,508,000 after acquiring an additional 553,605 shares in the last quarter. Hedge funds and other institutional investors own 80.40% of the company's stock.

Key Stories Impacting Waste Management

Here are the key news stories impacting Waste Management this week:

• Positive Sentiment: Waste Management has generated a 58.6% total stock gain over the past five years, reflecting the company’s defensive business profile and relatively consistent long-term performance. Its discounted-cash-flow valuation was described as approximately in line with the share price, which may support the view that the stock is not materially overvalued under cash-flow assumptions. Where Does Waste Management (WM) Value Sit After A 59% Gain?
• Neutral Sentiment: Recent “waste management stocks” coverage provides general sector context but does not identify a new development specific to Waste Management that would materially change its earnings outlook. Waste Management Stocks To Consider - August 15th
• Negative Sentiment: The valuation analysis flags a low value score and indicates that earnings-based multiples place WM at a premium. With the stock trading near its 50-day and 200-day averages and at a forward earnings valuation that is not inexpensive, concerns about limited upside or elevated valuation could weigh on investor enthusiasm.

Waste Management Stock Performance

NYSE WM opened at $225.05 on Thursday. The firm has a market cap of $89.95 billion, a P/E ratio of 31.88, a P/E/G ratio of 2.75 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 business's 50-day moving average price is $227.84 and its 200 day moving average price is $227.77. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.24.

Waste Management (NYSE:WM - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The business services provider reported $2.02 EPS for the quarter, beating the consensus estimate of $1.98 by $0.04. Waste Management had a return on equity of 31.68% and a net margin of 11.11%.The firm had revenue of $6.68 billion during the quarter, compared to the consensus estimate of $6.71 billion. During the same period in the prior year, the business earned $1.92 EPS. The firm's revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts expect that Waste Management, Inc. will post 8.14 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on WM shares. UBS Group lifted their target price on Waste Management from $265.00 to $270.00 and gave the stock a "buy" rating in a research report on Tuesday, August 4th. Canadian Imperial Bank of Commerce cut Waste Management from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 29th. Citigroup lifted their price target on Waste Management from $263.00 to $269.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Scotiabank boosted their price objective on Waste Management from $250.00 to $260.00 and gave the company a "sector perform" rating in a research note on Thursday, July 16th. Finally, Stifel Nicolaus increased their price objective on Waste Management from $252.00 to $261.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Thirteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $258.89.

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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