Cadence Capital Management LLC reduced its stake in shares of Waste Management, Inc. (NYSE:WM) by 2.3% during the 4th quarter, HoldingsChannel reports. The fund owned 42,407 shares of the business services provider’s stock after selling 1,017 shares during the quarter. Cadence Capital Management LLC’s holdings in Waste Management were worth $3,660,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. MHI Funds LLC acquired a new stake in Waste Management during the 4th quarter worth $184,000. Cerebellum GP LLC acquired a new stake in Waste Management during the 4th quarter worth $186,000. FTB Advisors Inc. raised its stake in Waste Management by 44.2% during the 4th quarter. FTB Advisors Inc. now owns 2,285 shares of the business services provider’s stock worth $197,000 after acquiring an additional 700 shares in the last quarter. Court Place Advisors LLC acquired a new stake in Waste Management during the 4th quarter worth $204,000. Finally, Horan Capital Advisors LLC. acquired a new stake in Waste Management during the 3rd quarter worth $186,000. Hedge funds and other institutional investors own 75.47% of the company’s stock.
WM has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of Waste Management from a “hold” rating to a “buy” rating and set a $96.00 price target on the stock in a research note on Tuesday, December 26th. Stifel Nicolaus upgraded shares of Waste Management from a “hold” rating to a “buy” rating and lifted their price target for the stock from $80.00 to $95.00 in a research note on Monday, December 11th. Macquarie upgraded shares of Waste Management from a “neutral” rating to an “outperform” rating in a research note on Wednesday, January 3rd. KeyCorp raised their price objective on shares of Waste Management from $80.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday, October 13th. Finally, BMO Capital Markets reissued a “buy” rating and set a $85.00 price objective on shares of Waste Management in a research 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 has an average rating of “Buy” and an average price target of $86.78.
Waste Management announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 14th that permits the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization permits the business services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other Waste Management news, SVP Barry H. Caldwell sold 1,650 shares of the firm’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $81.10, for a total transaction of $133,815.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Patrick W. Gross sold 387 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $88.30, for a total transaction of $34,172.10. Following the transaction, 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.
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Waste Management 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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