Macquarie Group Ltd. Reduces Position in Waste Management, Inc. (WM)
Macquarie Group Ltd. cut its position in shares of Waste Management, Inc. (NYSE:WM) by 4.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,690,903 shares of the business services provider’s stock after selling 446,672 shares during the quarter. Waste Management comprises 1.4% of Macquarie Group Ltd.’s investment portfolio, making the stock its 13th biggest holding. Macquarie Group Ltd. owned approximately 2.43% of Waste Management worth $784,178,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WM. Vanguard Group Inc. raised its stake in shares of 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 worth $2,521,397,000 after purchasing an additional 1,621,347 shares during the last quarter. BlackRock Inc. boosted its position in shares of Waste Management by 4.9% during 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 buying an additional 1,475,583 shares during the last quarter. State Street Corp boosted its position in shares of Waste Management by 0.6% during the first quarter. State Street Corp now owns 21,287,562 shares of the business services provider’s stock valued at $1,552,295,000 after buying an additional 134,152 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Waste Management by 10.2% during the first quarter. AQR Capital Management LLC now owns 5,614,368 shares of the business services provider’s stock valued at $409,399,000 after buying an additional 518,270 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Waste Management by 95.0% during the first quarter. Renaissance Technologies LLC now owns 3,857,300 shares of the business services provider’s stock valued at $281,274,000 after buying an additional 1,879,300 shares during the last quarter. Institutional investors own 74.93% of the company’s stock.
Waste Management, Inc. (NYSE WM) traded down 3.53% on Wednesday, hitting $76.48. The stock had a trading volume of 2,476,177 shares. The company’s 50 day moving average is $77.22 and its 200-day moving average is $74.33. The stock has a market cap of $33.65 billion, a P/E ratio of 26.19 and a beta of 0.74. Waste Management, Inc. has a 12 month low of $61.08 and a 12 month high of $79.28.
Waste Management (NYSE:WM) last issued its earnings results on Wednesday, July 26th. The business services provider reported $0.81 EPS for the quarter, hitting analysts’ consensus estimates of $0.81. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.62 billion. Waste Management had a return on equity of 25.07% and a net margin of 9.18%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.74 earnings per share. Analysts forecast that Waste Management, Inc. will post $3.19 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Shareholders of record on Friday, September 8th were issued a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend was Thursday, September 7th. Waste Management’s payout ratio is presently 58.42%.
Several research firms recently commented on WM. Stifel Nicolaus downgraded Waste Management from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $85.00 to $80.00 in a report on Wednesday. BMO Capital Markets restated a “buy” rating and set a $82.00 target price on shares of Waste Management in a research note on Friday, September 8th. Zacks Investment Research cut shares of Waste Management from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Oppenheimer Holdings, Inc. raised their price target on shares of Waste Management from $77.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, July 5th. Finally, Credit Suisse Group raised their price target on shares of Waste Management from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Wednesday, June 28th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $75.74.
In other news, Director John C. Pope sold 453 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $74.38, for a total transaction of $33,694.14. Following the sale, the director now owns 51,470 shares of the company’s stock, valued at approximately $3,828,338.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patrick W. Gross sold 487 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $74.68, for a total transaction of $36,369.16. Following the sale, the director now directly owns 23,222 shares in the company, valued at approximately $1,734,218.96. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.
Waste Management Company 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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