Wall Street brokerages expect Waste Management, Inc. (NYSE:WM) to report sales of $3.56 billion for the current quarter, according to Zacks. Three analysts have made estimates for Waste Management’s earnings. The highest sales estimate is $3.64 billion and the lowest is $3.51 billion. Waste Management posted sales of $3.46 billion during the same quarter last year, which would indicate a positive year over year growth rate of 2.9%. The company is expected to announce its next quarterly earnings results before the market opens on Thursday, February 15th.
On average, analysts expect that Waste Management will report full-year sales of $3.56 billion for the current financial year, with estimates ranging from $14.35 billion to $14.47 billion. For the next financial year, analysts forecast that the company will report sales of $14.81 billion per share, with estimates ranging from $14.62 billion to $15.08 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Waste Management.
Several equities analysts have weighed in on WM shares. Zacks Investment Research lowered Waste Management from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Credit Suisse Group set a $90.00 target price on Waste Management and gave the company a “buy” rating in a report on Monday, October 30th. Oppenheimer raised their target price on Waste Management from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Friday, October 27th. KeyCorp raised their target price on Waste Management from $80.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 13th. Finally, BMO Capital Markets restated a “buy” rating and set a $85.00 target price on shares of Waste Management in a report on Friday, October 13th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $86.78.
Waste Management announced that its Board of Directors has initiated a stock buyback plan on Thursday, December 14th that allows the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization allows the business services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
In other news, SVP Barry H. Caldwell sold 1,650 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $81.10, for a total value of $133,815.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Patrick W. Gross sold 387 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $88.30, for a total value of $34,172.10. Following the completion of the sale, the director now directly owns 30,673 shares in the company, valued at $2,708,425.90. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.
Large investors have recently modified their holdings of the company. California Public Employees Retirement System grew its position in shares of Waste Management by 6.2% in the third quarter. California Public Employees Retirement System now owns 1,466,158 shares of the business services provider’s stock valued at $114,756,000 after purchasing an additional 85,636 shares during the last quarter. Yellowstone Partners LLC acquired a new stake in shares of Waste Management in the third quarter valued at about $449,000. Personal Capital Advisors Corp grew its position in shares of Waste Management by 24.0% in the third quarter. Personal Capital Advisors Corp now owns 163,337 shares of the business services provider’s stock valued at $12,784,000 after purchasing an additional 31,585 shares during the last quarter. Moody Lynn & Lieberson LLC grew its position in shares of Waste Management by 20.1% in the third quarter. Moody Lynn & Lieberson LLC now owns 171,716 shares of the business services provider’s stock valued at $13,440,000 after purchasing an additional 28,760 shares during the last quarter. Finally, Monetta Financial Services Inc. acquired a new stake in shares of Waste Management in the third quarter valued at about $3,835,000. 75.47% of the stock is currently owned by institutional investors.
About Waste Management
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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