Conning Inc. cut its position in shares of Waste Management Inc. (NYSE:WM) by 15.9% during the second quarter, Holdings Channel reports. The fund owned 403,237 shares of the company’s stock after selling 76,253 shares during the period. Waste Management makes up approximately 1.1% of Conning Inc.’s portfolio, making the stock its 29th largest position. Conning Inc.’s holdings in Waste Management were worth $26,723,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in WM. Financial Architects Inc boosted its position in shares of Waste Management by 0.8% in the second quarter. Financial Architects Inc now owns 2,003 shares of the company’s stock worth $132,000 after buying an additional 16 shares during the last quarter. Davis R M Inc. boosted its position in shares of Waste Management by 0.3% in the second quarter. Davis R M Inc. now owns 6,118 shares of the company’s stock worth $405,000 after buying an additional 18 shares during the last quarter. Lodestar Investment Counsel LLC IL boosted its position in shares of Waste Management by 1.2% in the second quarter. Lodestar Investment Counsel LLC IL now owns 4,350 shares of the company’s stock worth $288,000 after buying an additional 50 shares during the last quarter. Financial Strategy Network LLC boosted its position in shares of Waste Management by 1.5% in the first quarter. Financial Strategy Network LLC now owns 3,941 shares of the company’s stock worth $236,000 after buying an additional 57 shares during the last quarter. Finally, Investment House LLC boosted its position in shares of Waste Management by 0.5% in the second quarter. Investment House LLC now owns 12,383 shares of the company’s stock worth $821,000 after buying an additional 58 shares during the last quarter. Institutional investors own 75.21% of the company’s stock.
Shares of Waste Management Inc. (NYSE:WM) traded up 0.02% during mid-day trading on Thursday, reaching $64.01. The company’s stock had a trading volume of 5,233,177 shares. The company’s 50-day moving average is $64.57 and its 200 day moving average is $62.31. Waste Management Inc. has a 12 month low of $48.98 and a 12 month high of $70.50. The firm has a market cap of $28.31 billion, a price-to-earnings ratio of 25.01 and a beta of 0.58.
Waste Management (NYSE:WM) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. Waste Management had a net margin of 8.73% and a return on equity of 23.48%. The company earned $3.43 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same period in the previous year, the firm posted $0.67 EPS. The firm’s revenue was up 3.3% compared to the same quarter last year. On average, equities analysts anticipate that Waste Management Inc. will post $2.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 9th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date is Wednesday, September 7th. Waste Management’s dividend payout ratio is currently 63.81%.
A number of research firms recently weighed in on WM. Zacks Investment Research downgraded Waste Management from a “buy” rating to a “hold” rating in a report on Thursday, August 4th. Barclays PLC downgraded Waste Management from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $66.00 to $70.00 in a report on Tuesday, August 9th. Imperial Capital increased their price objective on Waste Management from $62.00 to $71.00 and gave the company an “in-line” rating in a report on Friday, July 29th. Argus restated a “buy” rating and issued a $72.00 price objective on shares of Waste Management in a report on Wednesday, August 10th. Finally, Wedbush restated an “outperform” rating and issued a $73.00 price objective on shares of Waste Management in a report on Thursday, July 28th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $67.34.
In other news, VP Mark E. Schwartz sold 70,496 shares of Waste Management stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $65.89, for a total transaction of $4,644,981.44. Following the completion of the sale, the vice president now directly owns 67,117 shares of the company’s stock, valued at approximately $4,422,339.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas H. Weidemeyer sold 449 shares of Waste Management stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $67.58, for a total transaction of $30,343.42. Following the sale, the director now directly owns 24,383 shares of the company’s stock, valued at $1,647,803.14. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.
About Waste Management
Waste Management, Inc is a holding company. The Company provides waste management environmental services. The Company’s segments include Solid Waste, which includes its 17 Areas aggregated into three tiers, and Other. The Company’s Solid Waste business is operated and managed locally by its subsidiaries that focuses on geographic areas and provides collection, transfer, recycling and resource recovery, and disposal services.
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