Waste Management, Inc. (WM) Expected to Announce Quarterly Sales of $3.56 Billion
Wall Street brokerages expect Waste Management, Inc. (NYSE:WM) to post $3.56 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Waste Management’s earnings. The highest sales estimate is $3.64 billion and the lowest is $3.51 billion. Waste Management reported sales of $3.46 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 2.9%. The firm is scheduled to announce its next earnings report before the market opens on Thursday, February 15th.
According to Zacks, analysts expect that Waste Management will report full-year sales of $3.56 billion for the current year, with estimates ranging from $14.35 billion to $14.47 billion. For the next financial year, analysts forecast that the company will report sales of $14.81 billion per share, with estimates ranging from $14.62 billion to $15.08 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Waste Management.
Several equities analysts have recently issued reports on the company. Zacks Investment Research upgraded Waste Management from a “hold” rating to a “buy” rating and set a $99.00 price objective for the company in a research note on Sunday, January 21st. Stifel Nicolaus reiterated a “buy” rating and issued a $100.00 price objective on shares of Waste Management in a research note on Thursday, January 4th. Macquarie upgraded Waste Management from a “neutral” rating to an “outperform” rating in a research note on Wednesday, January 3rd. Credit Suisse Group set a $90.00 price objective on Waste Management and gave the company a “buy” rating in a research note on Monday, October 30th. Finally, Oppenheimer lifted their price objective on Waste Management from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Friday, October 27th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $86.78.
Waste Management announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 14th that allows the company to buyback $1.25 billion in outstanding shares. This buyback authorization allows the business services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, SVP Barry H. Caldwell sold 1,650 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $81.10, for a total transaction of $133,815.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Patrick W. Gross sold 387 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $88.30, for a total value of $34,172.10. Following the sale, the director now directly owns 30,673 shares in the company, valued at approximately $2,708,425.90. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Ecofin Ltd. increased its position in Waste Management by 5.9% during the fourth quarter. Ecofin Ltd. now owns 376,996 shares of the business services provider’s stock worth $32,535,000 after buying an additional 20,925 shares during the period. Sentry Investment Management LLC increased its position in Waste Management by 11.1% during the fourth quarter. Sentry Investment Management LLC now owns 32,295 shares of the business services provider’s stock worth $2,787,000 after buying an additional 3,237 shares during the period. Ffcm LLC increased its position in Waste Management by 22.1% during the fourth quarter. Ffcm LLC now owns 23,117 shares of the business services provider’s stock worth $1,995,000 after buying an additional 4,182 shares during the period. AGF Investments America Inc. increased its position in Waste Management by 2.8% during the fourth quarter. AGF Investments America Inc. now owns 67,782 shares of the business services provider’s stock worth $5,850,000 after buying an additional 1,833 shares during the period. Finally, Doyle Wealth Management acquired a new position in Waste Management during the fourth quarter worth approximately $210,000. 75.47% of the stock is currently owned by institutional investors and hedge funds.
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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