Waste Management (WM) to Repurchase $1.25 billion in Stock

Waste Management (NYSE:WM) declared that its Board of Directors has approved a stock repurchase plan, which permits the company to buyback $1.25 billion in shares on Thursday, December 14th, EventVestor reports. This buyback authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

A number of equities analysts recently issued reports on WM shares. BMO Capital Markets reissued a “buy” rating and issued a $82.00 price target on shares of Waste Management in a research note on Friday, September 8th. Stifel Nicolaus downgraded shares of Waste Management from a “buy” rating to a “hold” rating and decreased their price target for the stock from $85.00 to $80.00 in a research note on Wednesday, October 4th. Zacks Investment Research downgraded shares of Waste Management from a “hold” rating to a “sell” rating in a research note on Thursday, October 5th. Bank of America decreased their price target on shares of Waste Management from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Thursday, October 5th. Finally, KeyCorp increased their price target on shares of Waste Management from $80.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 13th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Waste Management presently has a consensus rating of “Buy” and an average target price of $83.31.

Waste Management (WM) opened at $85.87 on Friday. Waste Management has a one year low of $69.00 and a one year high of $86.82. The stock has a market cap of $37,056.01, a PE ratio of 27.35, a P/E/G ratio of 2.77 and a beta of 0.75. The company has a quick ratio of 0.68, a current ratio of 0.71 and a debt-to-equity ratio of 1.60.

Waste Management (NYSE:WM) last released its quarterly earnings results on Thursday, October 26th. The business services provider reported $0.90 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.02. Waste Management had a net margin of 10.44% and a return on equity of 28.77%. The company had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.71 billion. During the same period in the prior year, the firm earned $0.84 earnings per share. Waste Management’s revenue was up 4.7% on a year-over-year basis. analysts anticipate that Waste Management will post 3.2 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were paid a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Thursday, November 30th. Waste Management’s dividend payout ratio is 54.84%.

In other Waste Management news, SVP Barry H. Caldwell sold 1,650 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $81.10, for a total transaction of $133,815.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by company insiders.

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About Waste Management

Waste Management, Inc (WM) is a holding company. The Company, through its subsidiaries, is a provider of waste management environmental services. The Company’s segments include Solid Waste and Other. The Company’s Solid Waste segment includes its solid waste business. The Other segment includes its Strategic Business Solutions (WMSBS) organization; its landfill gas-to-energy operations and third-party subcontract and administration services managed by its Energy and Environmental Services and WM Renewable Energy organizations; its recycling brokerage services, and its service offerings and solutions, such as portable self-storage and long distance moving services, fluorescent lamp recycling and interests it holds in oil and gas producing properties.

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