Granite Bay Wealth Management LLC Makes New $853,000 Investment in Waste Management, Inc. (NYSE:WM)

Granite Bay Wealth Management LLC purchased a new position in Waste Management, Inc. (NYSE:WM) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 4,107 shares of the business services provider’s stock, valued at approximately $853,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Waste Management in the 4th quarter valued at $784,486,000. Sustainable Growth Advisers LP purchased a new stake in shares of Waste Management in the 1st quarter valued at $300,594,000. Capital World Investors boosted its stake in shares of Waste Management by 44.6% in the 1st quarter. Capital World Investors now owns 4,226,869 shares of the business services provider’s stock valued at $900,957,000 after purchasing an additional 1,303,466 shares in the last quarter. Mirova US LLC boosted its stake in shares of Waste Management by 26,116.4% in the 4th quarter. Mirova US LLC now owns 913,904 shares of the business services provider’s stock valued at $163,680,000 after purchasing an additional 910,418 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of Waste Management in the 1st quarter valued at $193,955,000. Hedge funds and other institutional investors own 80.40% of the company’s stock.

Waste Management Stock Down 1.0 %

Shares of Waste Management stock traded down $2.15 during trading on Monday, hitting $203.11. The company’s stock had a trading volume of 2,392,193 shares, compared to its average volume of 1,711,241. 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 company has a fifty day simple moving average of $208.66 and a two-hundred day simple moving average of $206.53. The company has a market capitalization of $81.51 billion, a PE ratio of 33.20, a P/E/G ratio of 2.30 and a beta of 0.74. Waste Management, Inc. has a 52 week low of $149.71 and a 52 week high of $225.00.

Waste Management (NYSE:WM) last issued its quarterly earnings results on Wednesday, July 24th. The business services provider reported $1.82 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.82. The company had revenue of $5.40 billion during the quarter, compared to analyst estimates of $5.43 billion. Waste Management had a net margin of 12.13% and a return on equity of 39.52%. Waste Management’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period last year, the business earned $1.51 EPS. Equities research analysts predict that Waste Management, Inc. will post 7.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

WM has been the subject of a number of research reports. Royal Bank of Canada cut their price objective on shares of Waste Management from $215.00 to $204.00 and set a “sector perform” rating for the company in a research note on Friday, July 26th. Truist Financial lowered their price target on shares of Waste Management from $240.00 to $235.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Oppenheimer lowered their price target on shares of Waste Management from $229.00 to $224.00 and set an “outperform” rating for the company in a report on Friday, July 26th. BMO Capital Markets lowered their price target on shares of Waste Management from $215.00 to $213.00 and set a “market perform” rating for the company in a report on Friday, July 26th. Finally, Erste Group Bank reiterated a “hold” rating on shares of Waste Management in a report on Friday, June 14th. Eleven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $215.83.

Insider Buying and Selling

In related news, VP Michael J. Watson sold 4,208 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $204.28, for a total value of $859,610.24. Following the completion of the transaction, the vice president now directly owns 45,644 shares in the company, valued at approximately $9,324,156.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Michael J. Watson sold 4,208 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $204.28, for a total transaction of $859,610.24. Following the sale, the vice president now directly owns 45,644 shares of the company’s stock, valued at approximately $9,324,156.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael J. Watson sold 1,500 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $220.00, for a total transaction of $330,000.00. Following the sale, the vice president now directly owns 44,144 shares in the company, valued at $9,711,680. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

About Waste Management

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.