Stock Buyback Plan Approved by Waste Management (WM) Board

Waste Management (NYSE:WM) declared that its board has initiated a stock repurchase plan, which authorizes the company to repurchase $1.25 billion in outstanding shares on Thursday, December 14th, EventVestor reports. This repurchase authorization authorizes the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

WM has been the topic of several analyst reports. Stifel Nicolaus upgraded Waste Management from a “hold” rating to a “buy” rating and lifted their target price for the company from $80.00 to $95.00 in a research note on Monday, December 11th. Credit Suisse Group set a $90.00 target price on Waste Management and gave the company a “buy” rating in a research note on Monday, October 30th. Bank of America cut their target price on Waste Management from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Thursday, October 5th. BMO Capital Markets reiterated a “buy” rating and issued a $82.00 target price on shares of Waste Management in a research note on Friday, September 8th. Finally, KeyCorp reiterated a “buy” rating and issued a $88.00 target price on shares of Waste Management in a research note on Friday, October 27th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $83.31.

Shares of Waste Management (NYSE:WM) opened at $85.87 on Monday. The company has a quick ratio of 0.68, a current ratio of 0.71 and a debt-to-equity ratio of 1.60. The firm has a market capitalization of $37,290.00, a PE ratio of 27.54, a price-to-earnings-growth ratio of 2.79 and a beta of 0.75. Waste Management has a twelve month low of $69.00 and a twelve month high of $86.82.

Waste Management (NYSE:WM) last issued its quarterly earnings results on Thursday, October 26th. The business services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.02. The business had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.71 billion. Waste Management had a return on equity of 25.61% and a net margin of 9.66%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company earned $0.84 earnings per share. sell-side analysts forecast that Waste Management will post 3.2 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were issued a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 1.98%. The ex-dividend date was Thursday, November 30th. Waste Management’s dividend payout ratio is presently 54.66%.

In other Waste Management 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 Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is currently owned by company insiders.

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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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