Waste Management (NYSE:WM) Releases Quarterly Earnings Results, Beats Estimates By $0.23 EPS

Waste Management (NYSE:WM) issued its quarterly earnings data on Wednesday. The business services provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.23, Briefing.com reports. The firm had revenue of $5.16 billion for the quarter, compared to analysts’ expectations of $5.22 billion. Waste Management had a net margin of 11.28% and a return on equity of 36.51%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.31 earnings per share. Waste Management updated its FY 2024 guidance to EPS.

Waste Management Stock Performance

Waste Management stock traded down $1.54 during midday trading on Thursday, reaching $208.89. The stock had a trading volume of 439,937 shares, compared to its average volume of 1,650,125. The firm’s 50-day moving average price is $208.10 and its 200 day moving average price is $186.32. Waste Management has a 12 month low of $149.71 and a 12 month high of $214.54. The company has a quick ratio of 0.86, a current ratio of 0.90 and a debt-to-equity ratio of 2.30. The firm has a market capitalization of $83.83 billion, a PE ratio of 37.18, a P/E/G ratio of 3.17 and a beta of 0.72.

Waste Management Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.75 per share. The ex-dividend date was Thursday, March 14th. This is an increase from Waste Management’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a dividend yield of 1.44%. Waste Management’s payout ratio is presently 53.00%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Oppenheimer increased their price objective on shares of Waste Management from $188.00 to $212.00 and gave the stock an “outperform” rating in a report on Wednesday, February 14th. JPMorgan Chase & Co. raised their price target on shares of Waste Management from $165.00 to $197.00 and gave the stock a “neutral” rating in a research note on Thursday, February 15th. Jefferies Financial Group upped their price target on shares of Waste Management from $230.00 to $256.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. BMO Capital Markets raised their price objective on shares of Waste Management from $184.00 to $196.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 14th. Finally, Stifel Nicolaus boosted their price target on Waste Management from $190.00 to $215.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $204.85.

Insider Activity at Waste Management

In related news, EVP Charles C. Boettcher sold 3,275 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $199.49, for a total transaction of $653,329.75. Following the sale, the executive vice president now directly owns 36,403 shares in the company, valued at approximately $7,262,034.47. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Charles C. Boettcher sold 2,500 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $209.50, for a total value of $523,750.00. Following the completion of the sale, the executive vice president now owns 29,677 shares of the company’s stock, valued at approximately $6,217,331.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Charles C. Boettcher sold 3,275 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $199.49, for a total value of $653,329.75. Following the transaction, the executive vice president now directly owns 36,403 shares in the company, valued at $7,262,034.47. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,007 shares of company stock worth $3,696,520. 0.18% of the stock is owned by corporate insiders.

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.