Wedge Capital Management L L P NC reduced its position in Waste Management, Inc. (NYSE:WM) by 29.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 106,049 shares of the business services provider’s stock after selling 44,476 shares during the period. Wedge Capital Management L L P NC’s holdings in Waste Management were worth $12,235,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Joseph P. Lucia & Associates LLC bought a new stake in shares of Waste Management during the 1st quarter worth about $31,000. Hanson McClain Inc. boosted its stake in shares of Waste Management by 51.0% during the 1st quarter. Hanson McClain Inc. now owns 302 shares of the business services provider’s stock worth $31,000 after acquiring an additional 102 shares in the last quarter. Financial Gravity Wealth Inc. boosted its stake in shares of Waste Management by 133.1% during the 2nd quarter. Financial Gravity Wealth Inc. now owns 282 shares of the business services provider’s stock worth $33,000 after acquiring an additional 161 shares in the last quarter. Personal Wealth Partners bought a new stake in shares of Waste Management during the 2nd quarter worth about $35,000. Finally, Acima Private Wealth LLC bought a new stake in shares of Waste Management during the 1st quarter worth about $39,000. 73.43% of the stock is currently owned by institutional investors.
NYSE:WM traded up $0.92 during mid-day trading on Thursday, hitting $116.92. 23,188 shares of the company’s stock traded hands, compared to its average volume of 1,648,394. The firm’s 50 day moving average price is $117.09. Waste Management, Inc. has a 12 month low of $83.22 and a 12 month high of $119.56. The company has a market capitalization of $49.94 billion, a price-to-earnings ratio of 27.89, a price-to-earnings-growth ratio of 3.18 and a beta of 0.62. The company has a quick ratio of 1.66, a current ratio of 1.70 and a debt-to-equity ratio of 1.95.
WM has been the subject of several recent analyst reports. Raymond James set a $127.00 price target on Waste Management and gave the stock a “buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. initiated coverage on Waste Management in a research note on Wednesday, August 7th. They set a “neutral” rating and a $120.00 price target for the company. Argus upped their price target on Waste Management from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Oppenheimer reiterated a “market perform” rating on shares of Waste Management in a research note on Thursday, July 18th. Finally, Royal Bank of Canada set a $126.00 price target on Waste Management and gave the stock a “buy” rating in a research note on Friday, July 26th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Waste Management currently has a consensus rating of “Buy” and a consensus price target of $113.91.
In other Waste Management news, CEO James C. Fish, Jr. sold 84,314 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $116.51, for a total value of $9,823,424.14. Following the completion of the transaction, the chief executive officer now owns 282,921 shares of the company’s stock, valued at approximately $32,963,125.71. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Patrick W. Gross sold 289 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $118.61, for a total value of $34,278.29. Following the completion of the transaction, the director now directly owns 53,378 shares of the company’s stock, valued at approximately $6,331,164.58. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.
Waste Management Company Profile
Waste Management, Inc, through its subsidiaries, provides waste management environmental services to residential, commercial, industrial, and municipal customers in North America. It provides 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, develops, and operates landfill gas-to-energy facilities in the United States, as well as owns and operates transfer stations.
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