Waste Management, Inc. (NYSE:WM) Shares Sold by Macquarie Group Ltd.

Posted by Defense World Staff on Mar 7th, 2023

Macquarie Group Ltd. reduced its stake in shares of Waste Management, Inc. (NYSE:WM – Get Rating) by 40.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,835 shares of the business services provider’s stock after selling 36,720 shares during the period. Macquarie Group Ltd.’s holdings in Waste Management were worth $8,626,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. McClarren Financial Advisors Inc. purchased a new position in shares of Waste Management during the third quarter worth $25,000. Desjardins Global Asset Management Inc. purchased a new position in Waste Management in the second quarter valued at $25,000. Twin Lakes Capital Management LLC purchased a new position in Waste Management in the third quarter valued at $31,000. TD Capital Management LLC purchased a new stake in shares of Waste Management during the third quarter worth about $33,000. Finally, HHM Wealth Advisors LLC increased its stake in shares of Waste Management by 270.0% during the second quarter. HHM Wealth Advisors LLC now owns 259 shares of the business services provider’s stock worth $40,000 after purchasing an additional 189 shares in the last quarter. 78.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Waste Management from $177.00 to $179.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 2nd. StockNews.com cut shares of Waste Management from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 15th. Citigroup lowered their price target on shares of Waste Management from $183.00 to $180.00 and set a “buy” rating on the stock in a research report on Thursday, February 2nd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Waste Management from $157.00 to $151.00 and set a “hold” rating on the stock in a research report on Monday, February 6th. Finally, UBS Group lowered shares of Waste Management from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $190.00 to $165.00 in a research report on Tuesday, January 10th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $169.50.

Waste Management Price Performance

Shares of WM opened at $150.77 on Tuesday. Waste Management, Inc. has a fifty-two week low of $138.89 and a fifty-two week high of $175.98. The firm’s 50 day moving average price is $153.38 and its 200 day moving average price is $160.29. The company has a market cap of $61.54 billion, a P/E ratio of 27.97, a PEG ratio of 2.27 and a beta of 0.72. The company has a quick ratio of 0.77, a current ratio of 0.81 and a debt-to-equity ratio of 2.12.

Waste Management (NYSE:WM – Get Rating) last announced its earnings results on Wednesday, February 1st. The business services provider reported $1.30 earnings per share for the quarter, missing the consensus estimate of $1.39 by ($0.09). Waste Management had a return on equity of 32.91% and a net margin of 11.36%. The business had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $4.97 billion. During the same period in the previous year, the company earned $1.26 earnings per share. Waste Management’s quarterly revenue was up 5.5% on a year-over-year basis. On average, research analysts forecast that Waste Management, Inc. will post 6.09 earnings per share for the current fiscal year.

Waste Management Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Friday, March 10th will be paid a dividend of $0.70 per share. This is a positive change from Waste Management’s previous quarterly dividend of $0.65. This represents a $2.80 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Thursday, March 9th. Waste Management’s dividend payout ratio (DPR) is currently 48.24%.

Waste Management announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 8th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the business services provider to buy up to 2.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Waste Management news, CFO Devina A. Rankin sold 200 shares of the firm’s stock in a transaction on Monday, February 13th. The shares were sold at an average price of $155.00, for a total transaction of $31,000.00. Following the transaction, the chief financial officer now directly owns 64,317 shares of the company’s stock, valued at approximately $9,969,135. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Leslie K. Nagy sold 800 shares of Waste Management stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $151.11, for a total value of $120,888.00. Following the sale, the chief accounting officer now owns 5,210 shares of the company’s stock, valued at $787,283.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Devina A. Rankin sold 200 shares of Waste Management stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $155.00, for a total transaction of $31,000.00. Following the completion of the sale, the chief financial officer now directly owns 64,317 shares in the company, valued at approximately $9,969,135. The disclosure for this sale can be found here. Insiders have sold 31,027 shares of company stock worth $4,806,619 in the last ninety days. 0.18% of the stock is owned by corporate insiders.

Waste Management Profile

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Waste Management, Inc is a holding company, which engages in the provision of waste management environmental services. It operates through the following segments: East Tier, West Tier, and Other. The East Tier segment consists of Eastern U.S., the Great Lakes Region, and Canada. The West Tier segment includes the upper Midwest region and British Columbia, Canada.