Kornitzer Capital Management Inc. KS Reduces Position in Waste Management, Inc. $WM

Kornitzer Capital Management Inc. KS reduced its position in shares of Waste Management, Inc. (NYSE:WM) by 0.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 304,793 shares of the business services provider’s stock after selling 2,596 shares during the quarter. Waste Management makes up about 1.5% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 11th biggest holding. Kornitzer Capital Management Inc. KS’s holdings in Waste Management were worth $70,038,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Elevated Capital Advisors LLC bought a new stake in shares of Waste Management in the fourth quarter worth about $25,000. RHL Group LLC bought a new position in Waste Management during the 4th quarter valued at approximately $29,000. Financial Network Wealth Advisors LLC lifted its holdings in Waste Management by 55.3% in the 4th quarter. Financial Network Wealth Advisors LLC now owns 132 shares of the business services provider’s stock worth $29,000 after buying an additional 47 shares during the period. Mcguire Capital Advisors Inc. purchased a new stake in Waste Management in the 4th quarter worth approximately $29,000. Finally, JPL Wealth Management LLC bought a new stake in shares of Waste Management in the 3rd quarter worth approximately $30,000. Hedge funds and other institutional investors own 80.40% of the company’s stock.

Waste Management Stock Up 0.8%

Shares of NYSE:WM traded up $1.83 during midday trading on Friday, reaching $233.50. The company’s stock had a trading volume of 1,033,338 shares, compared to its average volume of 2,243,656. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 2.22. The firm has a 50 day moving average of $220.79 and a 200-day moving average of $225.93. The firm has a market capitalization of $93.77 billion, a P/E ratio of 33.79, a PEG ratio of 2.43 and a beta of 0.44. Waste Management, Inc. has a 12-month low of $194.11 and a 12-month high of $248.13.

Waste Management (NYSE:WM) last issued its quarterly earnings results on Tuesday, April 28th. The business services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.06. Waste Management had a net margin of 10.99% and a return on equity of 31.90%. The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same period last year, the company posted $1.67 EPS. Waste Management’s revenue was up 3.5% on a year-over-year basis. On average, research analysts anticipate that Waste Management, Inc. will post 8.14 earnings per share for the current year.

Waste Management Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, June 5th were issued a dividend of $0.945 per share. This represents a $3.78 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Friday, June 5th. Waste Management’s dividend payout ratio (DPR) is presently 54.70%.

Analysts Set New Price Targets

WM has been the subject of a number of research analyst reports. Weiss Ratings lowered Waste Management from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, June 11th. Wolfe Research initiated coverage on shares of Waste Management in a research report on Friday, March 13th. They issued a “peer perform” rating for the company. Royal Bank Of Canada boosted their price target on shares of Waste Management from $235.00 to $240.00 and gave the company a “sector perform” rating in a research report on Thursday, April 30th. JPMorgan Chase & Co. increased their price target on shares of Waste Management from $265.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, April 10th. Finally, Canadian Imperial Bank of Commerce raised Waste Management from a “hold” rating to an “outperformer” rating and set a $244.00 price objective on the stock in a research report on Tuesday. Sixteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, Waste Management has a consensus rating of “Moderate Buy” and a consensus price target of $256.20.

Waste Management Company Profile

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.