SouthState Corp Sells 65 Shares of Waste Management, Inc. (NYSE:WM)

SouthState Corp trimmed its stake in Waste Management, Inc. (NYSE:WM) by 1.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,524 shares of the business services provider’s stock after selling 65 shares during the quarter. SouthState Corp’s holdings in Waste Management were worth $676,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Ninety One UK Ltd lifted its position in shares of Waste Management by 24.7% in the third quarter. Ninety One UK Ltd now owns 2,106,513 shares of the business services provider’s stock valued at $314,629,000 after buying an additional 416,806 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in Waste Management by 14,904.2% during the 2nd quarter. 1832 Asset Management L.P. now owns 72,020 shares of the business services provider’s stock worth $10,028,000 after purchasing an additional 71,540 shares during the last quarter. Deutsche Bank AG lifted its holdings in Waste Management by 5.2% during the 3rd quarter. Deutsche Bank AG now owns 2,711,227 shares of the business services provider’s stock worth $404,948,000 after purchasing an additional 134,185 shares during the last quarter. Taylor Wealth Management Partners lifted its holdings in Waste Management by 8.2% during the 3rd quarter. Taylor Wealth Management Partners now owns 49,822 shares of the business services provider’s stock worth $7,441,000 after purchasing an additional 3,793 shares during the last quarter. Finally, Financial Counselors Inc. lifted its holdings in Waste Management by 1.8% during the 3rd quarter. Financial Counselors Inc. now owns 89,898 shares of the business services provider’s stock worth $13,427,000 after purchasing an additional 1,554 shares during the last quarter. Hedge funds and other institutional investors own 74.02% of the company’s stock.

Waste Management stock opened at $155.85 on Friday. The stock’s fifty day moving average price is $162.85 and its two-hundred day moving average price is $155.29. Waste Management, Inc. has a one year low of $109.11 and a one year high of $168.04. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.78 and a quick ratio of 0.74. The firm has a market cap of $65.19 billion, a PE ratio of 38.12, a price-to-earnings-growth ratio of 2.34 and a beta of 0.82.

Waste Management (NYSE:WM) last posted its quarterly earnings data on Tuesday, October 26th. The business services provider reported $1.26 EPS for the quarter, missing the Zacks’ consensus estimate of $1.36 by ($0.10). Waste Management had a return on equity of 27.19% and a net margin of 10.09%. The company had revenue of $4.67 billion for the quarter, compared to the consensus estimate of $4.55 billion. During the same quarter last year, the business earned $1.09 EPS. Waste Management’s revenue was up 20.8% on a year-over-year basis. Sell-side analysts expect that Waste Management, Inc. will post 4.84 earnings per share for the current fiscal year.

Waste Management declared that its Board of Directors has initiated a stock buyback plan on Thursday, December 9th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the business services provider to buy up to 2.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 17th. Stockholders of record on Friday, December 3rd were paid a $0.575 dividend. The ex-dividend date was Thursday, December 2nd. This represents a $2.30 annualized dividend and a dividend yield of 1.48%. Waste Management’s payout ratio is 55.69%.

Separately, Raymond James lifted their price target on Waste Management from $157.00 to $167.00 and gave the stock an “outperform” rating in a report on Wednesday, October 27th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $148.00.

About Waste Management

Waste Management, Inc is a holding company, which engages in the provision of waste management environmental services. It operates through the following segments: Tier 1, Tier 2 and Tier 3. The Tier 1 segment comprises of areas in the Southern United States. The Tier 2 segment comprises of areas located in the Midwest and Northeast United States.

Further Reading: Quiet Period Expirations Explained

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

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