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

Pinnacle Associates Ltd. reduced its stake in Waste Management, Inc. (NYSE:WM) by 6.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,800 shares of the business services provider’s stock after selling 4,414 shares during the period. Pinnacle Associates Ltd.’s holdings in Waste Management were worth $15,334,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Waste Management in the fourth quarter valued at approximately $1,022,916,000. Corient Private Wealth LLC increased its holdings in Waste Management by 279.0% during the 4th quarter. Corient Private Wealth LLC now owns 1,075,906 shares of the business services provider’s stock worth $236,387,000 after purchasing an additional 792,037 shares during the period. Diamant Asset Management Inc. raised its position in Waste Management by 23,051.5% during the 1st quarter. Diamant Asset Management Inc. now owns 770,945 shares of the business services provider’s stock valued at $17,716,000 after purchasing an additional 767,615 shares in the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of Waste Management by 3,209.2% in the 3rd quarter. Balyasny Asset Management L.P. now owns 681,366 shares of the business services provider’s stock worth $150,466,000 after buying an additional 660,776 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Waste Management by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 38,990,067 shares of the business services provider’s stock worth $8,566,508,000 after buying an additional 553,605 shares in the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.

Waste Management Stock Performance

Shares of Waste Management stock opened at $224.73 on Monday. The company has a 50 day moving average price of $227.62 and a 200 day moving average price of $227.86. The firm has a market capitalization of $89.83 billion, a P/E ratio of 31.83, a PEG ratio of 2.76 and a beta of 0.44. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.24. Waste Management, Inc. has a 52 week low of $194.11 and a 52 week high of $248.13.

Waste Management (NYSE:WM) last released its earnings results on Tuesday, July 28th. The business services provider reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.04. Waste Management had a net margin of 11.11% and a return on equity of 31.68%. The company had revenue of $6.68 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter in the previous year, the firm earned $1.92 EPS. Waste Management’s revenue was up 4.0% compared to the same quarter last year. Sell-side analysts expect that Waste Management, Inc. will post 8.14 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on WM shares. Oppenheimer decreased their price objective on Waste Management from $264.00 to $263.00 and set an “outperform” rating for the company in a report on Wednesday, July 8th. Stifel Nicolaus increased their target price on shares of Waste Management from $252.00 to $261.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. UBS Group raised their target price on shares of Waste Management from $265.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Royal Bank Of Canada increased their price objective on shares of Waste Management from $240.00 to $244.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce lowered shares of Waste Management from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $258.89.

Waste Management Profile

Waste Management, Inc (NYSE: WM) is a leading provider of integrated waste management and environmental services in North America. The company offers end-to-end solutions that span collection, transfer, disposal and recycling, along with landfill operations and related infrastructure. Headquartered in Houston, Texas, Waste Management serves a broad customer base that includes residential, commercial, industrial and municipal clients.

Core services include curbside and commercial waste collection, roll-off and temporary container services, materials recovery and recycling, and engineered landfill disposal.