Waste Management (NYSE:WM) Issues Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Waste Management (NYSE:WM) released its earnings results on Wednesday. The business services provider reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.23, Briefing.com reports. The company had revenue of $5.16 billion during the quarter, compared to analyst estimates of $5.22 billion. Waste Management had a net margin of 11.28% and a return on equity of 36.51%. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.31 EPS. Waste Management updated its FY 2024 guidance to EPS.

Waste Management Stock Up 0.2 %

WM traded up $0.32 on Thursday, hitting $210.75. The company had a trading volume of 1,058,318 shares, compared to its average volume of 1,658,179. The stock has a fifty day moving average price of $208.10 and a 200-day moving average price of $186.32. Waste Management has a 12-month low of $149.71 and a 12-month high of $214.54. The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.86 and a current ratio of 0.90. The stock has a market capitalization of $84.57 billion, a price-to-earnings ratio of 37.02, a P/E/G ratio of 3.17 and a beta of 0.72.

Waste Management Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.00 annualized dividend and a dividend yield of 1.42%. This is a positive change from Waste Management’s previous quarterly dividend of $0.70. Waste Management’s dividend payout ratio (DPR) is currently 53.00%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target on Waste Management from $165.00 to $197.00 and gave the stock a “neutral” rating in a research note on Thursday, February 15th. HSBC downgraded Waste Management from a “buy” rating to a “hold” rating and set a $210.00 price target for the company. in a research note on Thursday, February 15th. Citigroup increased their target price on Waste Management from $215.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, February 15th. Oppenheimer increased their target price on Waste Management from $188.00 to $212.00 and gave the company an “outperform” rating in a research report on Wednesday, February 14th. Finally, Jefferies Financial Group increased their target price on Waste Management from $230.00 to $256.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Waste Management currently has an average rating of “Moderate Buy” and a consensus target price of $204.85.

Insider Buying and Selling at Waste Management

In other Waste Management news, EVP Charles C. Boettcher sold 2,500 shares of Waste Management stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $209.50, for a total value of $523,750.00. Following the transaction, the executive vice president now owns 29,677 shares in the company, valued at $6,217,331.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Charles C. Boettcher sold 2,500 shares of Waste Management stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $209.50, for a total transaction of $523,750.00. Following the completion of the transaction, the executive vice president now directly owns 29,677 shares in the company, valued at $6,217,331.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Christopher P. Desantis sold 346 shares of Waste Management stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $199.64, for a total value of $69,075.44. Following the transaction, the senior vice president now owns 8,218 shares of the company’s stock, valued at $1,640,641.52. The disclosure for this sale can be found here. Insiders have sold 18,007 shares of company stock worth $3,696,520 over the last quarter. Insiders own 0.18% of the company’s stock.

Waste Management Company Profile

Waste Management, Inc, through its subsidiaries, engages in the provision of environmental solutions to residential, commercial, industrial, and municipal customers in the United States and Canada. It offers 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 and operates transfer stations, as well as owns, develops, and operates landfill facilities that produce landfill gas used as renewable natural gas for generating electricity.