Old Port Advisors purchased a new stake in shares of Waste Management, Inc. (NYSE:WM) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 38,942 shares of the business services provider’s stock, valued at approximately $3,168,000. Waste Management comprises 1.7% of Old Port Advisors’ investment portfolio, making the stock its 8th biggest holding.
A number of other institutional investors have also recently bought and sold shares of the business. Neuberger Berman Group LLC raised its stake in shares of Waste Management by 42.6% in the 1st quarter. Neuberger Berman Group LLC now owns 66,515 shares of the business services provider’s stock valued at $5,689,000 after purchasing an additional 19,885 shares in the last quarter. Toronto Dominion Bank increased its holdings in shares of Waste Management by 24.0% in the first quarter. Toronto Dominion Bank now owns 220,331 shares of the business services provider’s stock valued at $18,529,000 after purchasing an additional 42,683 shares during the last quarter. Natixis Advisors L.P. increased its holdings in shares of Waste Management by 7.8% in the first quarter. Natixis Advisors L.P. now owns 34,673 shares of the business services provider’s stock valued at $2,917,000 after purchasing an additional 2,509 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Waste Management by 60.1% in the first quarter. JPMorgan Chase & Co. now owns 2,488,298 shares of the business services provider’s stock valued at $209,315,000 after purchasing an additional 934,344 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Waste Management by 11.4% in the first quarter. Franklin Resources Inc. now owns 14,416 shares of the business services provider’s stock valued at $1,213,000 after purchasing an additional 1,481 shares during the last quarter. Institutional investors and hedge funds own 74.55% of the company’s stock.
Shares of NYSE:WM traded down $0.92 on Monday, hitting $90.50. The company had a trading volume of 81,437 shares, compared to its average volume of 1,485,095. The company has a debt-to-equity ratio of 1.48, a current ratio of 0.75 and a quick ratio of 0.72. Waste Management, Inc. has a 1-year low of $75.86 and a 1-year high of $92.85. The company has a market cap of $39.19 billion, a P/E ratio of 28.39, a P/E/G ratio of 1.88 and a beta of 0.70.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Friday, September 7th were issued a dividend of $0.465 per share. The ex-dividend date of this dividend was Thursday, September 6th. This represents a $1.86 dividend on an annualized basis and a dividend yield of 2.06%. Waste Management’s dividend payout ratio is presently 57.76%.
Several equities analysts have commented on the stock. Zacks Investment Research upgraded shares of Waste Management from a “hold” rating to a “buy” rating and set a $104.00 price objective on the stock in a report on Thursday. BMO Capital Markets reiterated a “buy” rating and issued a $93.00 price objective on shares of Waste Management in a report on Thursday, July 26th. Finally, ValuEngine upgraded shares of Waste Management from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Waste Management has an average rating of “Buy” and a consensus target price of $92.56.
In related news, Director Patrick W. Gross sold 406 shares of the company’s stock in a transaction that occurred on Wednesday, July 18th. The stock was sold at an average price of $83.22, for a total transaction of $33,787.32. Following the completion of the transaction, the director now owns 24,149 shares in the company, valued at $2,009,679.78. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.
About Waste Management
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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