Bank of America Corporation Trims Waste Management, Inc. (WM) Target Price to $83.00
Waste Management, Inc. (NYSE:WM) had its price objective lowered by analysts at Bank of America Corporation from $85.00 to $83.00 in a research report issued to clients and investors on Thursday. The brokerage currently has a “buy” rating on the business services provider’s stock. Bank of America Corporation’s price target indicates a potential upside of 8.74% from the company’s current price.
A number of other research firms have also recently weighed in on WM. Zacks Investment Research cut shares of Waste Management from a “hold” rating to a “sell” rating in a research report on Thursday. Oppenheimer Holdings, Inc. increased their price target on shares of Waste Management from $77.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 5th. BMO Capital Markets initiated coverage on shares of Waste Management in a research report on Thursday, June 29th. They set an “outperform” rating and a $81.00 price target on the stock. Stifel Nicolaus increased their price target on shares of Waste Management from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Finally, Credit Suisse Group increased their price target on shares of Waste Management from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $76.74.
Shares of Waste Management (NYSE:WM) traded up 0.45% during mid-day trading on Thursday, reaching $76.67. The company’s stock had a trading volume of 1,334,577 shares. The firm has a market capitalization of $33.74 billion, a PE ratio of 26.26 and a beta of 0.74. Waste Management has a 52 week low of $61.08 and a 52 week high of $79.28. The firm has a 50-day moving average of $77.23 and a 200-day moving average of $74.35.
Waste Management (NYSE:WM) last posted its quarterly earnings data on Wednesday, July 26th. The business services provider reported $0.81 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.81. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.62 billion. Waste Management had a net margin of 9.18% and a return on equity of 25.07%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.74 EPS. Equities research analysts forecast that Waste Management will post $3.19 earnings per share for the current fiscal year.
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In other Waste Management news, Director John C. Pope sold 453 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $74.38, for a total value of $33,694.14. Following the transaction, the director now owns 51,470 shares of the company’s stock, valued at $3,828,338.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patrick W. Gross sold 487 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $74.68, for a total transaction of $36,369.16. Following the completion of the transaction, the director now directly owns 23,222 shares in the company, valued at approximately $1,734,218.96. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Shine Investment Advisory Services Inc. bought a new position in Waste Management in the second quarter worth about $101,000. Northwest Investment Counselors LLC bought a new position in Waste Management in the second quarter worth about $103,000. Bruderman Asset Management LLC bought a new position in Waste Management in the second quarter worth about $110,000. Guardian Life Insurance Co. of America lifted its holdings in Waste Management by 0.9% in the first quarter. Guardian Life Insurance Co. of America now owns 1,568 shares of the business services provider’s stock worth $114,000 after acquiring an additional 14 shares during the last quarter. Finally, FTB Advisors Inc. increased its stake in shares of Waste Management by 4.3% in the second quarter. FTB Advisors Inc. now owns 1,585 shares of the business services provider’s stock valued at $116,000 after purchasing an additional 65 shares during the period. 74.93% of the stock is currently owned by hedge funds and other institutional investors.
Waste Management Company Profile
Waste Management, Inc (WM) is a holding company. The Company, through its subsidiaries, is a provider of waste management environmental services. The Company’s segments include Solid Waste and Other. The Company’s Solid Waste segment includes its solid waste business. The Other segment includes its Strategic Business Solutions (WMSBS) organization; its landfill gas-to-energy operations and third-party subcontract and administration services managed by its Energy and Environmental Services and WM Renewable Energy organizations; its recycling brokerage services, and its service offerings and solutions, such as portable self-storage and long distance moving services, fluorescent lamp recycling and interests it holds in oil and gas producing properties.
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