Old Port Advisors Takes $3.17 Million Position in Waste Management, Inc. (WM)
Old Port Advisors purchased a new position in Waste Management, Inc. (NYSE:WM) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 38,942 shares of the business services provider’s stock, valued at approximately $3,168,000. Waste Management accounts for about 1.7% of Old Port Advisors’ investment portfolio, making the stock its 8th largest position.
A number of other hedge funds have also recently modified their holdings of WM. Macquarie Group Ltd. lifted its holdings in Waste Management by 7.8% in the second quarter. Macquarie Group Ltd. now owns 9,258,582 shares of the business services provider’s stock valued at $753,094,000 after acquiring an additional 669,355 shares during the period. Wells Fargo & Company MN raised its stake in shares of Waste Management by 0.6% in the second quarter. Wells Fargo & Company MN now owns 6,704,452 shares of the business services provider’s stock worth $545,340,000 after buying an additional 42,469 shares during the period. Janus Henderson Group PLC raised its stake in shares of Waste Management by 0.3% in the second quarter. Janus Henderson Group PLC now owns 4,158,613 shares of the business services provider’s stock worth $338,262,000 after buying an additional 11,474 shares during the period. Morgan Stanley grew its position in shares of Waste Management by 87.4% during the second quarter. Morgan Stanley now owns 3,969,666 shares of the business services provider’s stock worth $322,893,000 after purchasing an additional 1,851,169 shares in the last quarter. Finally, Voya Investment Management LLC grew its position in shares of Waste Management by 1.4% during the second quarter. Voya Investment Management LLC now owns 3,588,265 shares of the business services provider’s stock worth $291,870,000 after purchasing an additional 51,080 shares in the last quarter. 74.55% of the stock is currently owned by institutional investors.
Several analysts recently issued reports on the company. Zacks Investment Research upgraded Waste Management from a “hold” rating to a “buy” rating and set a $104.00 target price for the company in a research report on Thursday. ValuEngine upgraded Waste Management from a “hold” rating to a “buy” rating in a research report on Tuesday, September 18th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $93.00 target price on shares of Waste Management in a research report on Thursday, July 26th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $92.56.
Waste Management (NYSE:WM) last released its quarterly earnings results on Wednesday, July 25th. The business services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. The business had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Waste Management had a return on equity of 27.38% and a net margin of 14.94%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. analysts anticipate that Waste Management, Inc. will post 4.08 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 21st. Shareholders of record on Friday, September 7th were issued a dividend of $0.465 per share. This represents a $1.86 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend was Thursday, September 6th. Waste Management’s dividend payout ratio is presently 57.76%.
In other Waste Management news, Director Patrick W. Gross sold 406 shares of the firm’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 approximately $2,009,679.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.
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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