SouthState Corp Lowers Holdings in Waste Management, Inc. (NYSE:WM)

SouthState Corp cut its holdings in shares of Waste Management, Inc. (NYSE:WM) by 2.3% during the second quarter, Holdings Channel.com reports. The institutional investor owned 5,205 shares of the business services provider’s stock after selling 122 shares during the period. SouthState Corp’s holdings in Waste Management were worth $1,110,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC lifted its stake in Waste Management by 170.5% in the first quarter. Hexagon Capital Partners LLC now owns 119 shares of the business services provider’s stock worth $25,000 after acquiring an additional 75 shares during the last quarter. Sachetta LLC purchased a new stake in shares of Waste Management during the 4th quarter worth $27,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Waste Management during the second quarter worth $31,000. Opal Wealth Advisors LLC purchased a new position in Waste Management in the first quarter valued at $35,000. Finally, DSM Capital Partners LLC acquired a new stake in Waste Management in the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 80.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on WM shares. Truist Financial dropped their price objective on Waste Management from $240.00 to $235.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. The Goldman Sachs Group raised shares of Waste Management to a “strong-buy” rating in a report on Friday, July 26th. Royal Bank of Canada lowered their target price on shares of Waste Management from $215.00 to $204.00 and set a “sector perform” rating for the company in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Waste Management in a research note on Wednesday, May 22nd. They set a “buy” rating and a $241.00 price target on the stock. Finally, BMO Capital Markets decreased their price objective on shares of Waste Management from $215.00 to $213.00 and set a “market perform” rating for the company in a research note on Friday, July 26th. Eleven analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $215.83.

Waste Management Stock Performance

NYSE:WM opened at $208.40 on Friday. The firm has a market cap of $83.64 billion, a price-to-earnings ratio of 34.11, a price-to-earnings-growth ratio of 2.37 and a beta of 0.74. The company has a debt-to-equity ratio of 2.21, a current ratio of 1.07 and a quick ratio of 1.03. Waste Management, Inc. has a 1-year low of $149.71 and a 1-year high of $225.00. The firm’s fifty day moving average price is $209.60 and its 200 day moving average price is $208.66.

Waste Management (NYSE:WM) last issued its quarterly earnings results on Wednesday, July 24th. The business services provider reported $1.82 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.82. The business had revenue of $5.40 billion for the quarter, compared to analyst estimates of $5.43 billion. Waste Management had a net margin of 12.13% and a return on equity of 39.52%. The business’s revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.51 earnings per share. On average, sell-side analysts expect that Waste Management, Inc. will post 7.24 EPS for the current year.

Waste Management Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $3.00 annualized dividend and a dividend yield of 1.44%. Waste Management’s dividend payout ratio is currently 49.10%.

Insider Activity at Waste Management

In other Waste Management news, VP Michael J. Watson sold 1,500 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $220.00, for a total transaction of $330,000.00. Following the sale, the vice president now directly owns 44,144 shares in the company, valued at approximately $9,711,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.18% of the company’s stock.

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.