Summit Asset Management LLC Reduces Stock Position in Waste Management, Inc. $WM

Summit Asset Management LLC cut its stake in Waste Management, Inc. (NYSE:WM) by 20.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,395 shares of the business services provider’s stock after selling 362 shares during the quarter. Summit Asset Management LLC’s holdings in Waste Management were worth $319,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. McAdam LLC boosted its stake in Waste Management by 3.1% in the 1st quarter. McAdam LLC now owns 1,482 shares of the business services provider’s stock worth $343,000 after purchasing an additional 44 shares during the period. Syntegra Private Wealth Group LLC boosted its position in shares of Waste Management by 2.0% in the second quarter. Syntegra Private Wealth Group LLC now owns 2,291 shares of the business services provider’s stock valued at $524,000 after acquiring an additional 44 shares during the period. Formidable Asset Management LLC grew its stake in Waste Management by 2.0% during the first quarter. Formidable Asset Management LLC now owns 2,317 shares of the business services provider’s stock valued at $536,000 after acquiring an additional 45 shares in the last quarter. Harbour Trust & Investment Management Co increased its holdings in Waste Management by 1.1% during the 2nd quarter. Harbour Trust & Investment Management Co now owns 4,120 shares of the business services provider’s stock worth $943,000 after acquiring an additional 45 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its stake in Waste Management by 3.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,509 shares of the business services provider’s stock worth $349,000 after purchasing an additional 46 shares in the last quarter. 80.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WM. William Blair reaffirmed an “outperform” rating on shares of Waste Management in a report on Tuesday, July 29th. Weiss Ratings lowered Waste Management from a “buy (b)” rating to a “hold (c+)” rating in a research note on Friday. Citigroup lifted their price target on Waste Management from $268.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Royal Bank Of Canada decreased their price objective on shares of Waste Management from $234.00 to $223.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 29th. Finally, Truist Financial set a $260.00 target price on shares of Waste Management in a research report on Wednesday, October 29th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $248.44.

Waste Management Trading Up 1.1%

Shares of WM opened at $201.87 on Friday. The company has a debt-to-equity ratio of 2.36, a quick ratio of 0.82 and a current ratio of 0.84. Waste Management, Inc. has a fifty-two week low of $194.11 and a fifty-two week high of $242.58. The firm has a 50 day moving average price of $214.88 and a 200-day moving average price of $225.24. The firm has a market cap of $81.33 billion, a price-to-earnings ratio of 31.79, a PEG ratio of 2.51 and a beta of 0.62.

Waste Management (NYSE:WM) last announced its quarterly earnings results on Monday, October 27th. The business services provider reported $1.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.03). Waste Management had a return on equity of 33.00% and a net margin of 10.35%.The firm had revenue of $6.44 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period last year, the business earned $1.96 EPS. Waste Management’s revenue was up 14.9% on a year-over-year basis. Waste Management has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Waste Management, Inc. will post 7.7 earnings per share for the current year.

Waste Management Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were issued a dividend of $0.825 per share. The ex-dividend date was Friday, September 12th. This represents a $3.30 dividend on an annualized basis and a dividend yield of 1.6%. Waste Management’s dividend payout ratio is 51.97%.

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.