Principal Street Partners LLC raised its position in Waste Management, Inc. (NYSE:WM) by 2.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,441 shares of the business services provider’s stock after purchasing an additional 89 shares during the period. Principal Street Partners LLC’s holdings in Waste Management were worth $514,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. Parisi Gray Wealth Management purchased a new position in Waste Management in the second quarter valued at approximately $25,000. SRS Capital Advisors Inc. grew its position in Waste Management by 158.3% in the third quarter. SRS Capital Advisors Inc. now owns 186 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 114 shares in the last quarter. Destiny Wealth Partners LLC acquired a new stake in Waste Management in the third quarter valued at approximately $37,000. Evermay Wealth Management LLC acquired a new stake in shares of Waste Management during the second quarter worth approximately $39,000. Finally, Heritage Wealth Management LLC acquired a new stake in shares of Waste Management during the second quarter worth approximately $49,000. Institutional investors and hedge funds own 74.02% of the company’s stock.
Separately, Raymond James raised their price objective on Waste Management from $157.00 to $167.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 27th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Waste Management currently has an average rating of “Buy” and an average target price of $148.00.
NYSE:WM opened at $156.01 on Friday. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.78 and a quick ratio of 0.74. Waste Management, Inc. has a fifty-two week low of $109.11 and a fifty-two week high of $168.04. The stock’s 50-day moving average is $162.85 and its two-hundred day moving average is $155.29. The stock has a market cap of $65.26 billion, a PE ratio of 38.12, a price-to-earnings-growth ratio of 2.34 and a beta of 0.82.
Waste Management (NYSE:WM) last announced its quarterly earnings results on Tuesday, October 26th. The business services provider reported $1.26 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.36 by ($0.10). Waste Management had a net margin of 10.09% and a return on equity of 27.19%. The firm had revenue of $4.67 billion for the quarter, compared to analyst estimates of $4.55 billion. During the same quarter in the prior year, the firm earned $1.09 earnings per share. The firm’s quarterly revenue was up 20.8% compared to the same quarter last year. On average, equities research analysts anticipate that Waste Management, Inc. will post 4.84 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 17th. Shareholders of record on Friday, December 3rd were given a $0.575 dividend. This represents a $2.30 annualized dividend and a yield of 1.47%. The ex-dividend date was Thursday, December 2nd. Waste Management’s dividend payout ratio is currently 55.69%.
Waste Management declared that its Board of Directors has approved a stock buyback program on Thursday, December 9th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows 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 leadership believes its stock is undervalued.
Waste Management Profile
Waste Management, Inc is a holding company, which engages in the provision of waste management environmental services. It operates through the following segments: Tier 1, Tier 2 and Tier 3. The Tier 1 segment comprises of areas in the Southern United States. The Tier 2 segment comprises of areas located in the Midwest and Northeast United States.
Further Reading: How is the S&P 500 index different from the DJIA?