Nachman Norwood & Parrott Inc lifted its stake in shares of Waste Management, Inc. (NYSE:WM) by 26.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,730 shares of the business services provider’s stock after buying an additional 1,000 shares during the quarter. Nachman Norwood & Parrott Inc’s holdings in Waste Management were worth $491,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. We Are One Seven LLC acquired a new position in Waste Management in the 4th quarter worth about $26,000. Larson Financial Group LLC acquired a new position in Waste Management in the 4th quarter worth about $26,000. Executive Wealth Management LLC purchased a new stake in Waste Management during the 4th quarter worth approximately $26,000. Altshuler Shaham Ltd purchased a new stake in Waste Management during the 4th quarter worth approximately $27,000. Finally, Washington Trust Bank purchased a new stake in Waste Management during the 1st quarter worth approximately $28,000. 75.74% of the stock is owned by institutional investors.
Several equities research analysts have commented on WM shares. Zacks Investment Research lowered Waste Management from a “buy” rating to a “hold” rating in a research note on Wednesday, December 12th. UBS Group upgraded Waste Management from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $90.00 to $103.00 in a research note on Thursday, January 10th. KeyCorp began coverage on Waste Management in a research note on Monday, February 4th. They set an “overweight” rating and a $96.00 price objective for the company. Oppenheimer upped their price target on Waste Management from $95.00 to $108.00 and gave the company an “outperform” rating in a research report on Friday, February 15th. Finally, Stifel Nicolaus lowered Waste Management from a “buy” rating to a “hold” rating and set a $103.00 price target for the company. in a research report on Thursday. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $101.71.
Waste Management (NYSE:WM) last announced its quarterly earnings data on Thursday, February 14th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.07. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Waste Management had a return on equity of 29.43% and a net margin of 12.91%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the firm earned $0.85 earnings per share. On average, sell-side analysts expect that Waste Management, Inc. will post 4.37 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a $0.5125 dividend. This is a boost from Waste Management’s previous quarterly dividend of $0.47. This represents a $2.05 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Thursday, March 7th. Waste Management’s dividend payout ratio (DPR) is presently 48.81%.
Waste Management announced that its Board of Directors has initiated a stock repurchase plan on Thursday, December 13th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other news, Director Patrick W. Gross sold 365 shares of the stock in a transaction on Thursday, January 17th. The stock was sold at an average price of $93.03, for a total value of $33,955.95. Following the sale, the director now directly owns 53,058 shares in the company, valued at $4,935,985.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Devina A. Rankin sold 692 shares of the stock in a transaction on Friday, February 15th. The shares were sold at an average price of $98.80, for a total value of $68,369.60. Following the completion of the sale, the chief financial officer now owns 22,128 shares in the company, valued at $2,186,246.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,092 shares of company stock worth $402,648. Insiders own 0.30% of the company’s stock.
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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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