Waste Management (NYSE:WM) Trading Up 4.6% on Earnings Beat

Shares of Waste Management, Inc. (NYSE:WM) rose 4.6% during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $218.85 and last traded at $217.90. Approximately 721,884 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 1,608,221 shares. The stock had previously closed at $208.26.

The business services provider reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.07. Waste Management had a return on equity of 39.52% and a net margin of 12.13%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the prior year, the company earned $1.63 EPS. The company’s quarterly revenue was up 7.9% compared to the same quarter last year.

Waste Management Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Friday, September 13th. Waste Management’s dividend payout ratio (DPR) is presently 47.69%.

Analyst Upgrades and Downgrades

WM has been the topic of several analyst reports. Royal Bank of Canada reduced their target price on shares of Waste Management from $215.00 to $204.00 and set a “sector perform” rating on the stock in a report on Friday, July 26th. Truist Financial lowered their price objective on Waste Management from $240.00 to $235.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Robert W. Baird lowered their target price on Waste Management from $226.00 to $216.00 and set a “neutral” rating for the company in a research note on Friday, July 26th. CIBC dropped their target price on Waste Management from $223.00 to $213.00 and set a “neutral” rating on the stock in a research report on Friday, July 26th. Finally, William Blair began coverage on Waste Management in a research note on Thursday, October 3rd. They issued an “outperform” rating on the stock. Eleven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $218.89.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC increased its holdings in shares of Waste Management by 170.5% in the first quarter. Hexagon Capital Partners LLC now owns 119 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 75 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Waste Management in the 2nd quarter worth approximately $31,000. Fairway Wealth LLC raised its holdings in shares of Waste Management by 62.9% during the 2nd quarter. Fairway Wealth LLC now owns 171 shares of the business services provider’s stock worth $36,000 after acquiring an additional 66 shares during the period. Fairscale Capital LLC acquired a new position in shares of Waste Management in the 2nd quarter valued at $39,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Waste Management during the second quarter worth about $36,000. Hedge funds and other institutional investors own 80.40% of the company’s stock.

Waste Management Trading Up 4.5 %

The company’s 50 day simple moving average is $208.81 and its 200 day simple moving average is $208.58. The company has a debt-to-equity ratio of 2.21, a current ratio of 1.07 and a quick ratio of 1.03. The firm has a market cap of $87.38 billion, a price-to-earnings ratio of 34.64, a P/E/G ratio of 2.29 and a beta of 0.74.

Waste Management Company Profile

Waste Management, Inc, through its subsidiaries, engages in the provision of environmental solutions to residential, commercial, industrial, and municipal customers in the United States and Canada. It offers 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 and operates transfer stations, as well as owns, develops, and operates landfill facilities that produce landfill gas used as renewable natural gas for generating electricity.