Burney Co. Invests $500,000 in Waste Management, Inc. (WM) Stock
Burney Co. acquired a new stake in Waste Management, Inc. (NYSE:WM) in the second quarter, HoldingsChannel.com reports. The firm acquired 6,152 shares of the business services provider’s stock, valued at approximately $500,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Kiley Juergens Wealth Management LLC bought a new stake in shares of Waste Management in the 2nd quarter valued at $100,000. Gables Capital Management Inc. bought a new stake in shares of Waste Management in the 1st quarter valued at $102,000. Braun Bostich & Associates Inc. increased its stake in shares of Waste Management by 546.0% in the 2nd quarter. Braun Bostich & Associates Inc. now owns 1,447 shares of the business services provider’s stock valued at $118,000 after acquiring an additional 1,223 shares in the last quarter. Bruderman Asset Management LLC bought a new stake in shares of Waste Management in the 1st quarter valued at $127,000. Finally, Rainier Group Investment Advisory LLC bought a new stake in shares of Waste Management in the 1st quarter valued at $135,000. Institutional investors and hedge funds own 74.69% of the company’s stock.
In related news, Director Patrick W. Gross sold 406 shares of Waste Management stock in a transaction on Wednesday, July 18th. The shares were sold at an average price of $83.22, for a total value of $33,787.32. Following the completion of the sale, the director now owns 24,149 shares of the company’s stock, valued at approximately $2,009,679.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.
Waste Management (NYSE:WM) last posted its quarterly earnings results on Wednesday, July 25th. The business services provider reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. Waste Management had a net margin of 14.94% and a return on equity of 27.38%. The business had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter last year, the firm posted $0.81 EPS. Waste Management’s revenue was up 1.7% compared to the same quarter last year. sell-side analysts expect that Waste Management, Inc. will post 4.08 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be given a $0.465 dividend. This represents a $1.86 annualized dividend and a yield of 2.03%. The ex-dividend date is Thursday, September 6th. Waste Management’s payout ratio is currently 57.76%.
Several research firms have recently weighed in on WM. ValuEngine lowered shares of Waste Management from a “buy” rating to a “hold” rating in a research note on Wednesday, August 29th. BMO Capital Markets reiterated a “buy” rating and issued a $93.00 price objective on shares of Waste Management in a research note on Thursday, July 26th. Finally, Zacks Investment Research lowered shares of Waste Management from a “hold” rating to a “sell” rating in a research note on Saturday, June 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $91.22.
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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