Summit Asset Management LLC Cuts Position in Waste Management, Inc. $WM

Summit Asset Management LLC decreased its holdings in shares of Waste Management, Inc. (NYSE:WM) by 20.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,395 shares of the business services provider’s stock after selling 362 shares during the period. Summit Asset Management LLC’s holdings in Waste Management were worth $319,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in WM. Valeo Financial Advisors LLC raised its stake in Waste Management by 15,782.4% during the second quarter. Valeo Financial Advisors LLC now owns 1,728,486 shares of the business services provider’s stock valued at $395,512,000 after buying an additional 1,717,603 shares during the last quarter. Nuveen LLC purchased a new stake in Waste Management during the 1st quarter valued at about $333,089,000. Ameriprise Financial Inc. increased its stake in Waste Management by 30.4% during the 1st quarter. Ameriprise Financial Inc. now owns 5,316,443 shares of the business services provider’s stock valued at $1,233,240,000 after purchasing an additional 1,239,996 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Waste Management by 26.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,343,267 shares of the business services provider’s stock worth $774,000,000 after buying an additional 709,557 shares during the last quarter. Finally, Voya Investment Management LLC lifted its stake in shares of Waste Management by 738.2% in the first quarter. Voya Investment Management LLC now owns 759,217 shares of the business services provider’s stock worth $175,766,000 after buying an additional 668,637 shares in the last quarter. Hedge funds and other institutional investors own 80.40% of the company’s stock.

Analyst Ratings Changes

WM has been the subject of several analyst reports. UBS Group reduced their price target on shares of Waste Management from $240.00 to $225.00 and set a “neutral” rating for the company in a research report on Friday, October 31st. William Blair reiterated an “outperform” rating on shares of Waste Management in a research note on Tuesday, July 29th. Weiss Ratings downgraded Waste Management from a “buy (b)” rating to a “hold (c+)” rating in a report on Friday. Robert W. Baird upgraded Waste Management from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $238.00 to $242.00 in a report on Tuesday, November 4th. Finally, BMO Capital Markets upped their target price on shares of Waste Management from $245.00 to $248.00 and gave the company a “market perform” rating in a research note on Wednesday, July 30th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $248.44.

Waste Management Stock Up 1.1%

WM stock opened at $201.87 on Friday. The company has a market cap of $81.33 billion, a price-to-earnings ratio of 31.79, a P/E/G ratio of 2.51 and a beta of 0.62. The company has a debt-to-equity ratio of 2.36, a quick ratio of 0.82 and a current ratio of 0.84. The business’s 50-day moving average is $214.88 and its two-hundred day moving average is $225.24. Waste Management, Inc. has a fifty-two week low of $194.11 and a fifty-two week high of $242.58.

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

Waste Management Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were given a $0.825 dividend. The ex-dividend date was Friday, September 12th. This represents a $3.30 annualized dividend and a yield of 1.6%. Waste Management’s dividend payout ratio (DPR) is presently 51.97%.

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.