Gabelli Funds LLC Decreases Position in Waste Management, Inc. (NYSE:WM)

Gabelli Funds LLC cut its stake in shares of Waste Management, Inc. (NYSE:WM) by 2.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 210,100 shares of the business services provider’s stock after selling 5,800 shares during the period. Gabelli Funds LLC owned 0.05% of Waste Management worth $44,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its position in Waste Management by 170.5% during the first quarter. Hexagon Capital Partners LLC now owns 119 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 75 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Waste Management during the second quarter valued at approximately $31,000. Opal Wealth Advisors LLC bought a new position in shares of Waste Management during the first quarter valued at approximately $35,000. Fairway Wealth LLC grew its stake in shares of Waste Management by 62.9% during the second quarter. Fairway Wealth LLC now owns 171 shares of the business services provider’s stock valued at $36,000 after buying an additional 66 shares during the last quarter. Finally, DSM Capital Partners LLC bought a new position in shares of Waste Management during the fourth quarter valued at approximately $38,000. 80.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Michael J. Watson sold 1,500 shares of Waste Management stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $220.00, for a total value of $330,000.00. Following the completion of the transaction, the vice president now owns 44,144 shares in the company, valued at approximately $9,711,680. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.18% of the company’s stock.

Waste Management Stock Performance

Shares of WM opened at $204.10 on Friday. The stock has a 50-day moving average of $208.53 and a two-hundred day moving average of $208.69. Waste Management, Inc. has a one year low of $149.71 and a one year high of $225.00. The company has a debt-to-equity ratio of 2.21, a quick ratio of 1.03 and a current ratio of 1.07. The stock has a market cap of $81.86 billion, a P/E ratio of 33.40, a P/E/G ratio of 2.33 and a beta of 0.74.

Waste Management (NYSE:WM) last issued its quarterly earnings data on Wednesday, July 24th. The business services provider reported $1.82 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.82. The business had revenue of $5.40 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Waste Management had a return on equity of 39.52% and a net margin of 12.13%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.51 EPS. As a group, research analysts predict that Waste Management, Inc. will post 7.24 EPS for the current year.

Waste Management Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.75 dividend. The ex-dividend date is Friday, September 13th. This represents a $3.00 annualized dividend and a dividend yield of 1.47%. Waste Management’s dividend payout ratio (DPR) is presently 49.10%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Truist Financial cut their target price on Waste Management from $240.00 to $235.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Royal Bank of Canada reduced their price objective on Waste Management from $215.00 to $204.00 and set a “sector perform” rating on the stock in a report on Friday, July 26th. The Goldman Sachs Group upgraded Waste Management to a “strong-buy” rating in a report on Friday, July 26th. Erste Group Bank restated a “hold” rating on shares of Waste Management in a report on Friday, June 14th. Finally, BMO Capital Markets cut their price target on Waste Management from $215.00 to $213.00 and set a “market perform” rating on the stock in a report on Friday, July 26th. Eleven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $215.83.

Waste Management Profile

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.