Bank of New York Mellon Corp Sells 178,687 Shares of Waste Management, Inc. $WM

Bank of New York Mellon Corp reduced its position in shares of Waste Management, Inc. (NYSE:WM) by 6.6% during the second quarter, Holdings Channel reports. The firm owned 2,544,721 shares of the business services provider’s stock after selling 178,687 shares during the period. Bank of New York Mellon Corp’s holdings in Waste Management were worth $582,283,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Machina Capital S.A.S. purchased a new position in Waste Management in the second quarter valued at about $4,361,000. Westside Investment Management Inc. boosted its stake in Waste Management by 73.8% in the second quarter. Westside Investment Management Inc. now owns 299 shares of the business services provider’s stock valued at $69,000 after acquiring an additional 127 shares during the last quarter. Burney Co. boosted its stake in Waste Management by 4.0% in the second quarter. Burney Co. now owns 4,265 shares of the business services provider’s stock valued at $976,000 after acquiring an additional 164 shares during the last quarter. Sigma Planning Corp boosted its stake in Waste Management by 1.5% in the second quarter. Sigma Planning Corp now owns 40,647 shares of the business services provider’s stock valued at $9,301,000 after acquiring an additional 583 shares during the last quarter. Finally, State of Michigan Retirement System boosted its stake in Waste Management by 0.5% in the second quarter. State of Michigan Retirement System now owns 99,588 shares of the business services provider’s stock valued at $22,788,000 after acquiring an additional 500 shares during the last quarter. 80.40% of the stock is owned by institutional investors.

Waste Management Stock Performance

Waste Management stock opened at $196.63 on Tuesday. The firm’s 50 day simple moving average is $216.88 and its 200 day simple moving average is $226.02. The company has a current ratio of 0.84, a quick ratio of 0.82 and a debt-to-equity ratio of 2.36. The firm has a market capitalization of $79.22 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 2.51 and a beta of 0.64. Waste Management, Inc. has a 1-year low of $194.11 and a 1-year high of $242.58.

Waste Management (NYSE:WM) last posted its earnings results on Monday, October 27th. The business services provider reported $1.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.03). Waste Management had a return on equity of 33.00% and a net margin of 10.35%.The firm had revenue of $6.44 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period last year, the company posted $1.96 EPS. The business’s revenue was up 14.9% on a year-over-year basis. Waste Management has set its FY 2025 guidance at EPS. As a group, analysts expect that Waste Management, Inc. will post 7.7 earnings per share for the current fiscal year.

Waste Management Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were paid a $0.825 dividend. This represents a $3.30 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, September 12th. Waste Management’s payout ratio is currently 51.97%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on WM shares. Stifel Nicolaus dropped their target price on shares of Waste Management from $252.00 to $236.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. William Blair reiterated an “outperform” rating on shares of Waste Management in a research note on Tuesday, July 29th. Scotiabank lowered their price target on shares of Waste Management from $264.00 to $254.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Waste Management in a research report on Wednesday, October 8th. Finally, CIBC lowered their price target on shares of Waste Management from $235.00 to $231.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $248.61.

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.