Watch Point Trust Co grew its stake in shares of Waste Management, Inc. (NYSE:WM) by 18.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,486 shares of the business services provider’s stock after purchasing an additional 5,170 shares during the period. Waste Management makes up 2.2% of Watch Point Trust Co’s investment portfolio, making the stock its 18th biggest holding. Watch Point Trust Co’s holdings in Waste Management were worth $3,863,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in WM. Joseph P. Lucia & Associates LLC acquired a new stake in shares of Waste Management in the 1st quarter worth about $31,000. Hanson McClain Inc. grew its position in Waste Management by 51.0% in the 1st quarter. Hanson McClain Inc. now owns 302 shares of the business services provider’s stock worth $31,000 after purchasing an additional 102 shares in the last quarter. Financial Gravity Wealth Inc. grew its position in Waste Management by 133.1% in the 2nd quarter. Financial Gravity Wealth Inc. now owns 282 shares of the business services provider’s stock worth $33,000 after purchasing an additional 161 shares in the last quarter. Personal Wealth Partners bought a new stake in Waste Management in the 2nd quarter worth about $35,000. Finally, Acima Private Wealth LLC bought a new stake in Waste Management in the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 73.43% of the company’s stock.
WM has been the subject of a number of recent analyst reports. CIBC reaffirmed a “market perform” rating on shares of Waste Management in a research report on Thursday, July 18th. JPMorgan Chase & Co. initiated coverage on shares of Waste Management in a research report on Wednesday, August 7th. They issued a “neutral” rating and a $120.00 price objective for the company. Scotiabank initiated coverage on shares of Waste Management in a research report on Monday, July 22nd. They issued an “outperform” rating for the company. Stifel Nicolaus upped their price objective on shares of Waste Management from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. Finally, Royal Bank of Canada set a $126.00 price objective on shares of Waste Management and gave the stock a “buy” rating in a research report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $113.91.
In related news, CEO James C. Fish, Jr. sold 84,314 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $116.51, for a total value of $9,823,424.14. Following the completion of the transaction, the chief executive officer now directly owns 282,921 shares of the company’s stock, valued at approximately $32,963,125.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Patrick W. Gross sold 289 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $118.61, for a total transaction of $34,278.29. Following the completion of the transaction, the director now directly owns 53,378 shares of the company’s stock, valued at $6,331,164.58. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.
Shares of Waste Management stock traded up $2.01 on Thursday, reaching $118.01. 33,817 shares of the company traded hands, compared to its average volume of 1,648,394. Waste Management, Inc. has a 52 week low of $83.22 and a 52 week high of $119.56. The business has a 50 day moving average of $117.09. The stock has a market cap of $49.94 billion, a price-to-earnings ratio of 27.87, a PEG ratio of 3.18 and a beta of 0.62. The company has a quick ratio of 1.66, a current ratio of 1.70 and a debt-to-equity ratio of 1.95.
Waste Management (NYSE:WM) last released its earnings results on Thursday, July 25th. The business services provider reported $1.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.04. Waste Management had a net margin of 11.49% and a return on equity of 29.15%. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.94 billion. During the same period in the prior year, the firm earned $1.01 EPS. The company’s revenue was up 5.5% compared to the same quarter last year. Equities research analysts predict that Waste Management, Inc. will post 4.33 EPS for the current year.
Waste Management Profile
Waste Management, Inc, through its subsidiaries, provides waste management environmental services to residential, commercial, industrial, and municipal customers in North America. It provides collection services, including picking up and transporting waste and recyclable materials from where it was generated to a transfer station, material recovery facility (MRF), or disposal site; and owns, develops, and operates landfill gas-to-energy facilities in the United States, as well as owns and operates transfer stations.
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