Waste Management (NYSE:WM) issued its quarterly earnings data on Thursday. The business services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.07, MarketWatch Earnings reports. Waste Management had a net margin of 15.60% and a return on equity of 27.93%. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Waste Management’s revenue for the quarter was up 5.2% on a year-over-year basis. Waste Management updated its FY 2019 guidance to $4.28-4.38 EPS and its FY19 guidance to $4.28-4.38 EPS.
Shares of Waste Management stock opened at $99.06 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 1.53. The firm has a market capitalization of $42.23 billion, a P/E ratio of 30.76, a price-to-earnings-growth ratio of 1.80 and a beta of 0.63. Waste Management has a twelve month low of $79.96 and a twelve month high of $100.16.
In other Waste Management news, Director Patrick W. Gross sold 365 shares of the company’s stock in a transaction on Thursday, January 17th. The shares were sold at an average price of $93.03, for a total transaction of $33,955.95. Following the sale, the director now owns 53,058 shares of the company’s stock, valued at $4,935,985.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Devina A. Rankin sold 8,107 shares of the company’s stock in a transaction on Tuesday, December 4th. The shares were sold at an average price of $94.41, for a total transaction of $765,381.87. Following the sale, the chief financial officer now directly owns 21,373 shares in the company, valued at approximately $2,017,824.93. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Advisory Services Network LLC boosted its position in Waste Management by 2.7% during the fourth quarter. Advisory Services Network LLC now owns 12,078 shares of the business services provider’s stock valued at $1,075,000 after acquiring an additional 317 shares during the last quarter. Orleans Capital Management Corp LA boosted its position in Waste Management by 19.4% during the fourth quarter. Orleans Capital Management Corp LA now owns 9,610 shares of the business services provider’s stock valued at $855,000 after acquiring an additional 1,560 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Waste Management by 13.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 355,836 shares of the business services provider’s stock valued at $31,666,000 after acquiring an additional 41,349 shares during the last quarter. Salem Investment Counselors Inc. boosted its position in Waste Management by 54.3% during the fourth quarter. Salem Investment Counselors Inc. now owns 8,852 shares of the business services provider’s stock valued at $788,000 after acquiring an additional 3,115 shares during the last quarter. Finally, Nalls Sherbakoff Group LLC bought a new stake in Waste Management during the fourth quarter valued at $75,000. 75.68% of the stock is currently owned by institutional investors and hedge funds.
Waste Management announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 13th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the business services provider to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Several analysts recently weighed in on the stock. Zacks Investment Research raised shares of Waste Management from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Friday, December 14th. KeyCorp assumed coverage on shares of Waste Management in a research note on Monday, February 4th. They issued an “overweight” rating and a $96.00 price objective on the stock. Goldman Sachs Group raised shares of Waste Management from a “sell” rating to a “buy” rating and boosted their price objective for the stock from $84.00 to $107.00 in a research note on Tuesday, December 4th. Oppenheimer reissued a “buy” rating and issued a $95.00 price objective on shares of Waste Management in a research note on Thursday, October 25th. Finally, Raymond James reissued a “buy” rating on shares of Waste Management in a research note on Monday, October 29th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Waste Management currently has a consensus rating of “Buy” and a consensus target price of $100.14.
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Waste Management Company 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.
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