Franklin Resources Inc. Sells 2,588 Shares of Waste Management, Inc. (WM)
Franklin Resources Inc. cut its holdings in Waste Management, Inc. (NYSE:WM) by 20.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,142 shares of the business services provider’s stock after selling 2,588 shares during the quarter. Franklin Resources Inc.’s holdings in Waste Management were worth $744,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in WM. Bank of Nova Scotia raised its position in shares of Waste Management by 23.4% during the 1st quarter. Bank of Nova Scotia now owns 411,484 shares of the business services provider’s stock valued at $30,005,000 after acquiring an additional 78,100 shares during the last quarter. Intersect Capital LLC lifted its stake in shares of Waste Management by 33.1% in the 2nd quarter. Intersect Capital LLC now owns 24,186 shares of the business services provider’s stock valued at $1,774,000 after purchasing an additional 6,009 shares during the period. Aviva PLC lifted its stake in shares of Waste Management by 1.0% in the 2nd quarter. Aviva PLC now owns 277,131 shares of the business services provider’s stock valued at $20,328,000 after purchasing an additional 2,710 shares during the period. Global X Management Co. LLC lifted its stake in shares of Waste Management by 28.6% in the 1st quarter. Global X Management Co. LLC now owns 5,037 shares of the business services provider’s stock valued at $367,000 after purchasing an additional 1,121 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of Waste Management by 0.7% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,768,294 shares of the business services provider’s stock valued at $129,703,000 after purchasing an additional 11,668 shares during the period. 74.93% of the stock is currently owned by hedge funds and other institutional investors.
In other Waste Management news, Director John C. Pope sold 453 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $74.38, for a total value of $33,694.14. Following the transaction, the director now directly owns 51,470 shares of the company’s stock, valued at $3,828,338.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Patrick W. Gross sold 487 shares of the stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $74.68, for a total value of $36,369.16. Following the transaction, the director now owns 23,222 shares in the company, valued at $1,734,218.96. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.
Shares of Waste Management, Inc. (NYSE WM) opened at 78.77 on Tuesday. Waste Management, Inc. has a 52 week low of $61.08 and a 52 week high of $78.82. The firm has a market cap of $34.64 billion, a P/E ratio of 29.72 and a beta of 0.74. The company’s 50-day moving average price is $77.11 and its 200 day moving average price is $74.29.
Waste Management (NYSE:WM) last announced its earnings results on Wednesday, July 26th. The business services provider reported $0.81 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.81. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.62 billion. Waste Management had a net margin of 9.18% and a return on equity of 25.07%. Waste Management’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 earnings per share. On average, equities analysts anticipate that Waste Management, Inc. will post $3.19 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Shareholders of record on Friday, September 8th were given a dividend of $0.425 per share. The ex-dividend date was Thursday, September 7th. This represents a $1.70 dividend on an annualized basis and a yield of 2.16%. Waste Management’s dividend payout ratio (DPR) is currently 58.42%.
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Several research firms have recently issued reports on WM. Zacks Investment Research upgraded Waste Management from a “hold” rating to a “buy” rating and set a $82.00 price target on the stock in a research report on Wednesday, June 14th. Credit Suisse Group upped their price objective on Waste Management from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Wednesday, June 28th. BMO Capital Markets assumed coverage on Waste Management in a report on Thursday, June 29th. They issued an “outperform” rating and a $81.00 price objective for the company. Oppenheimer Holdings, Inc. increased their target price on Waste Management from $77.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, July 5th. Finally, Stifel Nicolaus increased their target price on Waste Management from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Waste Management has a consensus rating of “Hold” and a consensus target price of $76.19.
About Waste Management
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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