Allstate Corp Decreases Holdings in Waste Management, Inc. (NYSE:WM)

Allstate Corp reduced its position in Waste Management, Inc. (NYSE:WM) by 30.5% in the 4th quarter, Holdings Channel reports. The firm owned 1,378 shares of the business services provider’s stock after selling 604 shares during the period. Allstate Corp’s holdings in Waste Management were worth $247,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Waste Management during the 4th quarter worth approximately $784,486,000. abrdn plc raised its stake in shares of Waste Management by 315.7% during the 3rd quarter. abrdn plc now owns 1,457,393 shares of the business services provider’s stock worth $222,165,000 after buying an additional 1,106,773 shares in the last quarter. Mirova US LLC raised its stake in shares of Waste Management by 26,116.4% during the 4th quarter. Mirova US LLC now owns 913,904 shares of the business services provider’s stock worth $163,680,000 after buying an additional 910,418 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Waste Management by 16.9% during the 3rd quarter. Nordea Investment Management AB now owns 5,366,017 shares of the business services provider’s stock worth $827,815,000 after buying an additional 776,491 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp raised its stake in shares of Waste Management by 128.2% during the 3rd quarter. OMERS ADMINISTRATION Corp now owns 898,796 shares of the business services provider’s stock worth $137,012,000 after buying an additional 504,924 shares in the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WM has been the subject of a number of analyst reports. Morgan Stanley increased their target price on Waste Management from $202.00 to $214.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Oppenheimer upped their price target on Waste Management from $221.00 to $228.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. TD Cowen upped their price target on Waste Management from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, April 29th. UBS Group cut Waste Management from a “buy” rating to a “neutral” rating and upped their price target for the stock from $190.00 to $205.00 in a report on Wednesday, February 14th. Finally, CIBC increased their target price on Waste Management from $207.00 to $220.00 and gave the company a “neutral” rating in a report on Monday, April 29th. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Waste Management presently has an average rating of “Moderate Buy” and an average price target of $217.61.

Waste Management Stock Down 0.1 %

NYSE:WM traded down $0.26 during mid-day trading on Friday, hitting $209.23. The company had a trading volume of 298,576 shares, compared to its average volume of 1,646,038. The business has a fifty day simple moving average of $209.54 and a 200-day simple moving average of $193.39. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 2.23. Waste Management, Inc. has a 1 year low of $149.71 and a 1 year high of $214.54. The firm has a market capitalization of $83.92 billion, a price-to-earnings ratio of 34.19, a PEG ratio of 2.73 and a beta of 0.72.

Waste Management (NYSE:WM) last posted its quarterly earnings results on Wednesday, April 24th. The business services provider reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.52 by $0.23. The business had revenue of $5.16 billion during the quarter, compared to the consensus estimate of $5.22 billion. Waste Management had a return on equity of 38.61% and a net margin of 11.98%. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the firm earned $1.31 earnings per share. Equities analysts forecast that Waste Management, Inc. will post 7.29 earnings per share for the current fiscal year.

Waste Management Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $3.00 dividend on an annualized basis and a yield of 1.43%. Waste Management’s payout ratio is currently 49.10%.

Insider Buying and Selling at Waste Management

In other 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 sale, the executive vice president now owns 29,677 shares of the company’s stock, valued at $6,217,331.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 2,611 shares of company stock worth $546,839 over the last ninety days. Company insiders own 0.18% of the company’s stock.

About Waste Management

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.