Cornerstone Capital Management Holdings LLC. reduced its position in Waste Management, Inc. (NYSE:WM) by 53.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,941 shares of the business services provider’s stock after selling 119,825 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Waste Management were worth $8,212,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in Waste Management by 7,400.8% in the second quarter. Janus Henderson Group PLC now owns 4,317,825 shares of the business services provider’s stock valued at $316,712,000 after purchasing an additional 4,260,260 shares in the last quarter. Vanguard Group Inc. raised its stake in Waste Management by 5.0% in the second quarter. Vanguard Group Inc. now owns 34,374,879 shares of the business services provider’s stock valued at $2,521,397,000 after purchasing an additional 1,621,347 shares in the last quarter. BlackRock Inc. raised its stake in Waste Management by 4.9% in the second quarter. BlackRock Inc. now owns 31,637,903 shares of the business services provider’s stock valued at $2,320,637,000 after purchasing an additional 1,475,583 shares in the last quarter. APG Asset Management N.V. raised its stake in Waste Management by 49.2% in the third quarter. APG Asset Management N.V. now owns 2,417,131 shares of the business services provider’s stock valued at $189,189,000 after purchasing an additional 797,192 shares in the last quarter. Finally, Pictet Asset Management Ltd. raised its stake in Waste Management by 52.2% in the third quarter. Pictet Asset Management Ltd. now owns 1,942,925 shares of the business services provider’s stock valued at $152,073,000 after purchasing an additional 666,000 shares in the last quarter. Institutional investors own 75.14% of the company’s stock.
WM has been the topic of several research reports. Stifel Nicolaus raised shares of Waste Management from a “hold” rating to a “buy” rating and lifted their price target for the stock from $80.00 to $95.00 in a research note on Monday. BMO Capital Markets lifted their price target on shares of Waste Management from $82.00 to $86.00 and gave the stock an “outperform” rating in a research note on Friday, October 27th. KeyCorp reissued a “buy” rating and set a $88.00 price target on shares of Waste Management in a research note on Friday, October 27th. Bank of America decreased their price target on shares of Waste Management from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Thursday, October 5th. Finally, Zacks Investment Research raised shares of Waste Management from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Waste Management presently has a consensus rating of “Buy” and a consensus price target of $83.31.
Shares of Waste Management, Inc. (NYSE WM) traded down $0.73 during midday trading on Wednesday, hitting $84.64. 2,224,000 shares of the company traded hands, compared to its average volume of 1,686,137. The company has a current ratio of 0.71, a quick ratio of 0.68 and a debt-to-equity ratio of 1.60. Waste Management, Inc. has a 12 month low of $69.00 and a 12 month high of $85.87. The stock has a market capitalization of $37,069.04, a P/E ratio of 27.36, a price-to-earnings-growth ratio of 2.77 and a beta of 0.75.
Waste Management (NYSE:WM) last issued its earnings results on Thursday, October 26th. The business services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.88 by $0.02. Waste Management had a net margin of 9.66% and a return on equity of 25.61%. The company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.71 billion. During the same period in the previous year, the firm earned $0.84 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. equities analysts predict that Waste Management, Inc. will post 3.2 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.425 dividend. This represents a $1.70 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Thursday, November 30th. Waste Management’s payout ratio is 54.84%.
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About Waste Management
Waste Management, Inc (WM) is a holding company. The Company, through its subsidiaries, is a provider of waste management environmental services. The Company’s segments include Solid Waste and Other. The Company’s Solid Waste segment includes its solid waste business. The Other segment includes its Strategic Business Solutions (WMSBS) organization; its landfill gas-to-energy operations and third-party subcontract and administration services managed by its Energy and Environmental Services and WM Renewable Energy organizations; its recycling brokerage services, and its service offerings and solutions, such as portable self-storage and long distance moving services, fluorescent lamp recycling and interests it holds in oil and gas producing properties.
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