Ellington Management Group LLC purchased a new stake in Waste Management, Inc. (NYSE:WM) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,900 shares of the business services provider’s stock, valued at approximately $1,027,000.
Other large investors also recently made changes to their positions in the company. MHI Funds LLC acquired a new position in Waste Management in the fourth quarter valued at approximately $184,000. Cerebellum GP LLC purchased a new stake in shares of Waste Management in the fourth quarter valued at approximately $186,000. Gradient Investments LLC purchased a new stake in shares of Waste Management in the fourth quarter valued at approximately $197,000. FTB Advisors Inc. increased its position in shares of Waste Management by 44.2% in the fourth quarter. FTB Advisors Inc. now owns 2,285 shares of the business services provider’s stock valued at $197,000 after buying an additional 700 shares in the last quarter. Finally, Wedbush Securities Inc. purchased a new stake in shares of Waste Management in the fourth quarter valued at approximately $203,000. 76.76% of the stock is owned by institutional investors.
Shares of Waste Management, Inc. (NYSE WM) opened at $87.21 on Monday. The company has a market capitalization of $37,820.70, a P/E ratio of 27.08, a PEG ratio of 1.97 and a beta of 0.70. Waste Management, Inc. has a 12-month low of $70.08 and a 12-month high of $89.73. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.80 and a quick ratio of 0.77.
Waste Management announced that its Board of Directors has approved a stock buyback program on Thursday, December 14th that permits the company to buyback $1.25 billion in shares. This buyback authorization permits the business services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 23rd. Investors of record on Friday, March 9th will be given a dividend of $0.465 per share. This represents a $1.86 annualized dividend and a dividend yield of 2.13%. This is a boost from Waste Management’s previous quarterly dividend of $0.43. The ex-dividend date is Thursday, March 8th. Waste Management’s payout ratio is presently 42.18%.
In related news, SVP Barry H. Caldwell sold 1,840 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $84.10, for a total transaction of $154,744.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Patrick W. Gross sold 387 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $88.30, for a total value of $34,172.10. Following the sale, the director now owns 30,673 shares of the company’s stock, valued at $2,708,425.90. The disclosure for this sale can be found here. Insiders have sold 106,291 shares of company stock valued at $9,154,833 over the last quarter. 0.19% of the stock is owned by company insiders.
A number of research firms have recently commented on WM. Zacks Investment Research upgraded Waste Management from a “hold” rating to a “buy” rating and set a $99.00 price objective for the company in a research report on Monday, January 8th. Stifel Nicolaus upgraded Waste Management from a “hold” rating to a “buy” rating and boosted their price objective for the company from $80.00 to $95.00 in a research report on Monday, December 11th. Raymond James Financial upgraded Waste Management from a “market perform” rating to an “outperform” rating and set a $95.00 price objective for the company in a research report on Friday, February 16th. UBS Group upgraded Waste Management from a “market perform” rating to an “outperform” rating in a research report on Friday, February 16th. Finally, Macquarie upgraded Waste Management from a “neutral” rating to an “outperform” rating in a research report on Wednesday, January 3rd. Ten investment analysts have rated the stock with a buy rating, Waste Management has an average rating of “Buy” and a consensus price target of $90.13.
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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