Cetera Advisor Networks LLC Trims Holdings in Waste Management, Inc. (WM)
Cetera Advisor Networks LLC lowered its position in Waste Management, Inc. (NYSE:WM) by 7.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,436 shares of the business services provider’s stock after selling 815 shares during the quarter. Cetera Advisor Networks LLC’s holdings in Waste Management were worth $820,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of WM. Hudock Capital Group LLC increased its holdings in shares of Waste Management by 0.6% in the second quarter. Hudock Capital Group LLC now owns 2,060 shares of the business services provider’s stock valued at $151,000 after purchasing an additional 12 shares during the period. Lincoln National Corp increased its holdings in shares of Waste Management by 0.5% in the second quarter. Lincoln National Corp now owns 4,404 shares of the business services provider’s stock valued at $323,000 after purchasing an additional 21 shares during the period. Bridgewater Wealth & Financial Management LLC increased its holdings in shares of Waste Management by 0.5% in the second quarter. Bridgewater Wealth & Financial Management LLC now owns 4,032 shares of the business services provider’s stock valued at $296,000 after purchasing an additional 22 shares during the period. First Interstate Bank increased its holdings in shares of Waste Management by 2.4% in the second quarter. First Interstate Bank now owns 1,618 shares of the business services provider’s stock valued at $119,000 after purchasing an additional 38 shares during the period. Finally, Whalerock Point Partners LLC increased its holdings in shares of Waste Management by 0.5% in the second quarter. Whalerock Point Partners LLC now owns 9,450 shares of the business services provider’s stock valued at $693,000 after purchasing an additional 50 shares during the period. Institutional investors own 75.14% of the company’s stock.
Shares of Waste Management, Inc. (NYSE WM) traded down $0.68 during mid-day trading on Friday, reaching $84.66. The company had a trading volume of 1,508,900 shares, compared to its average volume of 1,686,993. Waste Management, Inc. has a 52-week low of $69.00 and a 52-week high of $85.87. The firm has a market capitalization of $37,056.01, a price-to-earnings ratio of 27.35, a PEG ratio of 2.77 and a beta of 0.75. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.71 and a quick ratio of 0.68.
Waste Management (NYSE:WM) last announced its quarterly earnings data on Thursday, October 26th. The business services provider reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.02. Waste Management had a return on equity of 25.61% and a net margin of 9.66%. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.71 billion. During the same quarter in the prior year, the company posted $0.84 earnings per share. Waste Management’s quarterly revenue was up 4.7% on a year-over-year basis. equities research analysts anticipate that Waste Management, Inc. will post 3.2 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Thursday, November 30th. Waste Management’s dividend payout ratio is presently 54.84%.
Waste Management declared that its Board of Directors has authorized a share buyback program on Thursday, December 14th that allows the company to buyback $1.25 billion in outstanding shares. This buyback authorization allows the business services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of research firms have recently issued reports on WM. Stifel Nicolaus raised Waste Management from a “hold” rating to a “buy” rating and boosted their target price for the company from $80.00 to $95.00 in a report on Monday. BMO Capital Markets boosted their target price on Waste Management from $82.00 to $86.00 and gave the company an “outperform” rating in a report on Friday, October 27th. Oppenheimer boosted their target price on Waste Management from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Friday, October 27th. Credit Suisse Group set a $90.00 target price on Waste Management and gave the company a “buy” rating in a report on Monday, October 30th. Finally, Bank of America dropped their target price on Waste Management from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Thursday, October 5th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $83.31.
In related news, SVP Barry H. Caldwell sold 1,650 shares of the company’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $81.10, for a total transaction of $133,815.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.19% of the company’s stock.
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Waste Management Profile
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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