Waste Management, Inc. $WM Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Waste Management stake by 2.3% in the second quarter, selling 48,643 shares and retaining 2.05 million shares valued at approximately $457.9 million.
• Institutional ownership remains high at 80.4%, with Vanguard, State Street and Geode Capital among major holders that increased their positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $258.89 price target. Waste Management also beat quarterly EPS estimates, reporting $2.02 per share, while revenue increased 4% year over year to $6.68 billion.

Bank of New York Mellon Corp lowered its stake in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 2.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,054,264 shares of the business services provider's stock after selling 48,643 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.51% of Waste Management worth $457,854,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in WM. Vanguard Group Inc. increased its position in Waste Management by 1.4% in the 4th 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 during the period. State Street Corp grew its stake in shares of Waste Management by 1.6% in the fourth quarter. State Street Corp now owns 17,390,748 shares of the business services provider's stock worth $3,820,921,000 after purchasing an additional 281,456 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Waste Management by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 8,993,006 shares of the business services provider's stock worth $1,972,371,000 after purchasing an additional 117,476 shares in the last quarter. Norges Bank acquired a new position in shares of Waste Management during the fourth quarter valued at $1,022,916,000. Finally, Northern Trust Corp raised its stake in shares of Waste Management by 0.3% during the third quarter. Northern Trust Corp now owns 3,954,519 shares of the business services provider's stock valued at $873,276,000 after purchasing an additional 11,688 shares in the last quarter. 80.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on WM shares. Wells Fargo & Company decreased 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 report on Thursday, April 30th. Weiss Ratings upgraded Waste Management from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, August 7th. Oppenheimer dropped their price objective on Waste Management from $264.00 to $263.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 8th. Canadian Imperial Bank of Commerce cut Waste Management from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Finally, Barclays lifted their price objective on shares of Waste Management from $270.00 to $277.00 and gave the stock an "overweight" rating in a research note on Thursday, July 30th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Waste Management has a consensus rating of "Moderate Buy" and a consensus price target of $258.89.

Waste Management Stock Down 0.5%

WM opened at $223.87 on Friday. The firm has a market cap of $89.48 billion, a P/E ratio of 31.71, a price-to-earnings-growth ratio of 2.84 and a beta of 0.44. The company has a debt-to-equity ratio of 2.24, a quick ratio of 0.87 and a current ratio of 0.91. The business has a 50 day moving average price of $228.06 and a 200 day moving average price of $227.76. Waste Management, Inc. has a twelve month low of $194.11 and a twelve month high of $248.13.

Waste Management (NYSE:WM - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The business services provider reported $2.02 EPS for the quarter, beating analysts' consensus estimates of $1.98 by $0.04. Waste Management had a net margin of 11.11% and a return on equity of 31.68%. The company had revenue of $6.68 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same quarter last year, the firm posted $1.92 earnings per share. The company's quarterly revenue was up 4.0% compared to the same quarter last year. Research analysts forecast that Waste Management, Inc. will post 8.13 EPS for the current year.

Waste Management Company 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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