Allspring Global Investments Holdings LLC Boosts Stock Position in Waste Management, Inc. (NYSE:WM)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Waste Management, Inc. (NYSE:WM) by 10.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 347,361 shares of the business services provider’s stock after buying an additional 31,538 shares during the period. Allspring Global Investments Holdings LLC owned about 0.09% of Waste Management worth $74,040,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Hexagon Capital Partners LLC grew its holdings in Waste Management by 170.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 119 shares of the business services provider’s stock valued at $25,000 after buying an additional 75 shares during the last quarter. Sachetta LLC acquired a new stake in shares of Waste Management during the fourth quarter worth $27,000. Gilfoyle & Co LLC acquired a new stake in shares of Waste Management during the fourth quarter worth $30,000. Opal Wealth Advisors LLC acquired a new stake in shares of Waste Management during the first quarter worth $35,000. Finally, Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of Waste Management during the fourth quarter worth $36,000. Institutional investors and hedge funds own 80.40% of the company’s stock.

Waste Management Stock Performance

WM stock traded down $0.61 during trading on Tuesday, reaching $208.75. 104,084 shares of the company’s stock were exchanged, compared to its average volume of 1,719,738. The firm has a market cap of $83.73 billion, a PE ratio of 34.27, a P/E/G ratio of 2.48 and a beta of 0.74. Waste Management, Inc. has a 1-year low of $149.71 and a 1-year high of $214.54. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 2.23. The company’s fifty day moving average price is $208.06 and its 200-day moving average price is $200.00.

Waste Management (NYSE:WM) last announced its earnings results on Wednesday, April 24th. The business services provider reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.23. Waste Management had a return on equity of 38.61% and a net margin of 11.98%. The firm had revenue of $5.16 billion during the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter in the prior year, the company earned $1.31 EPS. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, research analysts expect that Waste Management, Inc. will post 7.31 EPS for the current fiscal year.

Waste Management Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were given a $0.75 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.44%. Waste Management’s dividend payout ratio is currently 49.10%.

Insiders Place Their Bets

In other news, VP Michael J. Watson sold 4,208 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $204.28, for a total value of $859,610.24. Following the completion of the transaction, the vice president now directly owns 45,644 shares of the company’s stock, valued at approximately $9,324,156.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on WM shares. Truist Financial increased their target price on Waste Management from $220.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. CIBC increased their target price on Waste Management from $207.00 to $220.00 and gave the stock a “neutral” rating in a research report on Monday, April 29th. Morgan Stanley raised their price objective on Waste Management from $202.00 to $214.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. Deutsche Bank Aktiengesellschaft started coverage on Waste Management in a research report on Wednesday, May 22nd. They issued a “buy” rating and a $241.00 price objective on the stock. Finally, Erste Group Bank reissued a “hold” rating on shares of Waste Management in a research report on Friday, June 14th. Eleven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $217.61.

About Waste Management

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.