Sumitomo Life Insurance Co. Decreases Stake in Waste Management, Inc. (WM)

Sumitomo Life Insurance Co. lowered its position in shares of Waste Management, Inc. (NYSE:WM) by 10.2% in the first quarter, HoldingsChannel.com reports. The firm owned 22,114 shares of the business services provider’s stock after selling 2,512 shares during the period. Sumitomo Life Insurance Co.’s holdings in Waste Management were worth $2,298,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Washington Trust Bank acquired a new stake in Waste Management during the 1st quarter worth about $28,000. Larson Financial Group LLC purchased a new stake in shares of Waste Management during the fourth quarter worth $26,000. Executive Wealth Management LLC purchased a new stake in shares of Waste Management during the fourth quarter worth $26,000. We Are One Seven LLC purchased a new stake in shares of Waste Management during the fourth quarter worth $26,000. Finally, Altshuler Shaham Ltd purchased a new stake in shares of Waste Management during the fourth quarter worth $27,000. Institutional investors and hedge funds own 75.74% of the company’s stock.

In other Waste Management news, Director Patrick W. Gross sold 365 shares of the company’s stock in a transaction that occurred on Thursday, January 17th. The stock was sold at an average price of $93.03, for a total value of $33,955.95. Following the transaction, the director now directly owns 53,058 shares of the company’s stock, valued at approximately $4,935,985.74. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Tara J. Hmmer sold 472 shares of the company’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $98.81, for a total value of $46,638.32. Following the completion of the transaction, the senior vice president now directly owns 17,208 shares in the company, valued at $1,700,322.48. The disclosure for this sale can be found here. Insiders sold a total of 4,092 shares of company stock valued at $402,648 in the last 90 days. 0.14% of the stock is owned by company insiders.

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus raised shares of Waste Management from a “hold” rating to a “buy” rating in a report on Monday. UBS Group lowered shares of Waste Management from a “buy” rating to a “neutral” rating and upped their target price for the stock from $103.00 to $106.00 in a report on Thursday, April 4th. Oppenheimer upped their price objective on shares of Waste Management from $95.00 to $108.00 and gave the company an “outperform” rating in a report on Friday, February 15th. KeyCorp began coverage on shares of Waste Management in a report on Monday, February 4th. They issued an “overweight” rating and a $96.00 price objective for the company. Finally, Zacks Investment Research lowered shares of Waste Management from a “buy” rating to a “hold” rating in a report on Saturday, January 19th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $101.71.

Shares of WM opened at $104.65 on Wednesday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.82 and a current ratio of 0.85. The company has a market cap of $44.28 billion, a PE ratio of 24.92, a price-to-earnings-growth ratio of 2.75 and a beta of 0.67. Waste Management, Inc. has a 12-month low of $79.96 and a 12-month high of $105.68.

Waste Management (NYSE:WM) last released its quarterly earnings results on Thursday, February 14th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.07. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.78 billion. Waste Management had a return on equity of 29.43% and a net margin of 12.91%. The business’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.85 EPS. Analysts anticipate that Waste Management, Inc. will post 4.35 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were issued a $0.5125 dividend. This is a boost from Waste Management’s previous quarterly dividend of $0.47. The ex-dividend date was Thursday, March 7th. This represents a $2.05 annualized dividend and a yield of 1.96%. Waste Management’s payout ratio is 48.81%.

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Waste Management Profile

Waste Management, Inc, through its subsidiaries, provides waste management environmental services to residential, commercial, industrial, and municipal customers in North America. It provides collection services, including picking up and transporting waste and recyclable materials from where it was generated to a transfer station, material recovery facility (MRF), or disposal site; and owns, develops, and operates landfill gas-to-energy facilities in the United States, as well as owns and operates transfer stations.

Further Reading: What is a Call Option?

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Institutional Ownership by Quarter for Waste Management (NYSE:WM)

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