Waste Management (NYSE:WM) Downgraded to “Sector Perform” Rating by Scotiabank

Waste Management (NYSE:WM) was downgraded by stock analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Wednesday,Finviz reports. They presently have a $250.00 price objective on the business services provider’s stock. Scotiabank’s target price indicates a potential upside of 12.98% from the stock’s current price.

A number of other equities analysts have also recently weighed in on WM. CIBC reduced their price objective on shares of Waste Management from $235.00 to $231.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. National Bankshares cut their price target on Waste Management from $250.00 to $243.00 and set a “sector perform” rating for the company in a report on Tuesday, October 7th. Oppenheimer raised their price target on shares of Waste Management from $262.00 to $263.00 and gave the stock an “outperform” rating in a report on Tuesday, December 16th. DZ Bank initiated coverage on shares of Waste Management in a research note on Tuesday, November 25th. They set a “buy” rating and a $250.00 target price for the company. Finally, Morgan Stanley decreased their target price on Waste Management from $232.00 to $230.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 17th. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $250.23.

Waste Management Price Performance

NYSE WM opened at $221.29 on Wednesday. Waste Management has a 12-month low of $194.11 and a 12-month high of $242.58. The firm’s fifty day simple moving average is $216.51 and its two-hundred day simple moving average is $219.08. The company has a current ratio of 0.84, a quick ratio of 0.80 and a debt-to-equity ratio of 2.36. The firm has a market capitalization of $89.15 billion, a P/E ratio of 34.85, a P/E/G ratio of 2.48 and a beta of 0.59.

Waste Management (NYSE:WM) last announced its quarterly earnings data on Monday, October 27th. The business services provider reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $6.51 billion. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.96 earnings per share. Analysts forecast that Waste Management will post 7.7 EPS for the current fiscal year.

Insider Activity at Waste Management

In other news, SVP Rafael Carrasco sold 1,380 shares of Waste Management stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $217.06, for a total value of $299,542.80. Following the completion of the sale, the senior vice president owned 15,540 shares of the company’s stock, valued at $3,373,112.40. The trade was a 8.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WM. Syntegra Private Wealth Group LLC raised its stake 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 worth $524,000 after buying an additional 44 shares during the period. Harbour Trust & Investment Management Co increased its position in Waste Management by 1.1% in the second quarter. Harbour Trust & Investment Management Co now owns 4,120 shares of the business services provider’s stock worth $943,000 after purchasing an additional 45 shares during the last quarter. Old Port Advisors lifted its stake in shares of Waste Management by 0.3% in the 4th quarter. Old Port Advisors now owns 16,963 shares of the business services provider’s stock valued at $3,727,000 after purchasing an additional 46 shares during the last quarter. KWB Wealth increased its position in Waste Management by 1.3% during the second quarter. KWB Wealth now owns 3,607 shares of the business services provider’s stock valued at $835,000 after acquiring an additional 47 shares during the last quarter. Finally, D.B. Root & Company LLC lifted its position in shares of Waste Management by 3.0% during the second quarter. D.B. Root & Company LLC now owns 1,603 shares of the business services provider’s stock worth $367,000 after purchasing an additional 47 shares during the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.

About Waste Management

Waste Management, Inc (NYSE: WM) is a leading provider of integrated waste management and environmental services in North America. The company offers end-to-end solutions that span collection, transfer, disposal and recycling, along with landfill operations and related infrastructure. Headquartered in Houston, Texas, Waste Management serves a broad customer base that includes residential, commercial, industrial and municipal clients.

Core services include curbside and commercial waste collection, roll-off and temporary container services, materials recovery and recycling, and engineered landfill disposal.