Pinnacle Associates Ltd. Reduces Stock Holdings in Waste Management, Inc. $WM

Pinnacle Associates Ltd. lessened its stake in shares of Waste Management, Inc. (NYSE:WM) by 0.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,914 shares of the business services provider’s stock after selling 307 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Waste Management were worth $16,684,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Saudi Central Bank purchased a new position in shares of Waste Management during the first quarter worth about $37,000. GKV Capital Management Co. Inc. purchased a new stake in shares of Waste Management during the first quarter worth approximately $38,000. Wealth Watch Advisors INC purchased a new position in Waste Management in the 2nd quarter valued at $43,000. New Age Alpha Advisors LLC acquired a new position in Waste Management in the 1st quarter valued at $45,000. Finally, Clal Insurance Enterprises Holdings Ltd boosted its holdings in shares of Waste Management by 381.0% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 202 shares of the business services provider’s stock valued at $47,000 after acquiring an additional 160 shares in the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. William Blair reissued an “outperform” rating on shares of Waste Management in a research note on Tuesday, July 29th. JPMorgan Chase & Co. cut their price target on Waste Management from $277.00 to $255.00 and set an “overweight” rating for the company in a research note on Wednesday. Royal Bank Of Canada lowered their price objective on shares of Waste Management from $234.00 to $223.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Waste Management in a report on Wednesday, October 8th. Finally, National Bankshares cut their price target on Waste Management from $250.00 to $243.00 and set a “sector perform” rating for the company in a report on Tuesday, October 7th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $249.44.

Waste Management Stock Performance

NYSE WM opened at $200.61 on Friday. The business’s 50-day simple moving average is $217.96 and its 200-day simple moving average is $226.54. The firm has a market capitalization of $80.81 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.51 and a beta of 0.64. Waste Management, Inc. has a 1-year low of $197.02 and a 1-year high of $242.58. The company has a debt-to-equity ratio of 2.36, a current ratio of 0.84 and a quick ratio of 0.82.

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 the consensus estimate of $2.01 by ($0.03). The business had revenue of $6.44 billion for the quarter, compared to analyst estimates of $6.51 billion. Waste Management had a net margin of 10.35% and a return on equity of 33.00%. The business’s revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.96 EPS. Waste Management has set its FY 2025 guidance at EPS. Equities analysts predict that Waste Management, Inc. will post 7.7 EPS for the current year.

Waste Management Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 12th were paid a dividend of $0.825 per share. This represents a $3.30 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Friday, September 12th. Waste Management’s dividend payout ratio is presently 51.97%.

Waste Management Company 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.