Waste Management, Inc. (NYSE:WM) Shares Sold by Clearstead Advisors LLC

Posted by MarketBeat News on Mar 15th, 2023

Clearstead Advisors LLC decreased its holdings in shares of Waste Management, Inc. (NYSE:WM – Get Rating) by 2.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,176 shares of the business services provider’s stock after selling 83 shares during the quarter. Clearstead Advisors LLC’s holdings in Waste Management were worth $509,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Acadian Asset Management LLC increased its stake in Waste Management by 534.5% during the 1st quarter. Acadian Asset Management LLC now owns 3,344 shares of the business services provider’s stock worth $530,000 after buying an additional 2,817 shares during the period. Blair William & Co. IL increased its stake in Waste Management by 0.7% during the 1st quarter. Blair William & Co. IL now owns 53,067 shares of the business services provider’s stock worth $8,411,000 after buying an additional 370 shares during the period. Baird Financial Group Inc. increased its stake in Waste Management by 0.6% during the 1st quarter. Baird Financial Group Inc. now owns 358,624 shares of the business services provider’s stock worth $56,842,000 after buying an additional 2,309 shares during the period. Covestor Ltd increased its stake in Waste Management by 83.8% during the 1st quarter. Covestor Ltd now owns 680 shares of the business services provider’s stock worth $108,000 after buying an additional 310 shares during the period. Finally, NewEdge Advisors LLC increased its stake in Waste Management by 44.8% during the 1st quarter. NewEdge Advisors LLC now owns 33,030 shares of the business services provider’s stock worth $5,234,000 after buying an additional 10,212 shares during the period. Institutional investors and hedge funds own 78.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets dropped their target price on shares of Waste Management from $167.00 to $158.00 and set a “market perform” rating for the company in a research report on Thursday, February 2nd. Citigroup dropped their target price on shares of Waste Management from $183.00 to $180.00 and set a “buy” rating for the company in a research report on Thursday, February 2nd. Raymond James dropped their target price on shares of Waste Management from $167.00 to $166.00 and set an “outperform” rating for the company in a research report on Monday, February 6th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Waste Management from $157.00 to $151.00 and set a “hold” rating for the company in a research report on Monday, February 6th. Finally, StockNews.com downgraded shares of Waste Management from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 15th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $169.50.

Insider Buying and Selling at Waste Management

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In other Waste Management news, EVP John J. Morris sold 15,204 shares of the business’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $155.03, for a total transaction of $2,357,076.12. Following the completion of the transaction, the executive vice president now directly owns 95,461 shares of the company’s stock, valued at approximately $14,799,318.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Waste Management news, CAO Leslie K. Nagy sold 800 shares of the business’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $151.11, for a total transaction of $120,888.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,210 shares of the company’s stock, valued at approximately $787,283.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John J. Morris sold 15,204 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $155.03, for a total transaction of $2,357,076.12. Following the completion of the sale, the executive vice president now directly owns 95,461 shares of the company’s stock, valued at $14,799,318.83. The disclosure for this sale can be found here. Insiders sold 31,027 shares of company stock valued at $4,806,619 in the last ninety days. Company insiders own 0.18% of the company’s stock.

Waste Management Price Performance

Shares of NYSE:WM opened at $154.36 on Wednesday. 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, Inc. has a fifty-two week low of $138.89 and a fifty-two week high of $175.98. The firm has a 50-day simple moving average of $152.54 and a 200 day simple moving average of $159.33. The company has a market cap of $63.00 billion, a PE ratio of 28.64, a P/E/G ratio of 2.25 and a beta of 0.72.

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

Waste Management Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Friday, March 10th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 1.81%. This is a positive change from Waste Management’s previous quarterly dividend of $0.65. The ex-dividend date is Thursday, March 9th. Waste Management’s payout ratio is presently 51.95%.

Waste Management announced that its Board of Directors has authorized a share repurchase program on Thursday, December 8th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the business services provider to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

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.