Pettee Investors Inc. Acquires 760 Shares of Waste Management, Inc. (WM)

Pettee Investors Inc. boosted its holdings in Waste Management, Inc. (NYSE:WM) by 4.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,156 shares of the business services provider’s stock after purchasing an additional 760 shares during the period. Waste Management makes up 0.9% of Pettee Investors Inc.’s portfolio, making the stock its 29th largest position. Pettee Investors Inc.’s holdings in Waste Management were worth $1,481,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of WM. FMR LLC lifted its stake in Waste Management by 5.4% in the second quarter. FMR LLC now owns 840,582 shares of the business services provider’s stock worth $61,657,000 after purchasing an additional 43,218 shares during the last quarter. Employees Retirement System of Texas raised its stake in shares of Waste Management by 29.2% during the second quarter. Employees Retirement System of Texas now owns 31,000 shares of the business services provider’s stock valued at $2,274,000 after acquiring an additional 7,000 shares during the last quarter. Shelton Capital Management bought a new position in shares of Waste Management during the second quarter valued at about $307,000. BlueCrest Capital Management Ltd bought a new position in shares of Waste Management during the second quarter valued at about $1,048,000. Finally, Cubist Systematic Strategies LLC raised its stake in shares of Waste Management by 27.4% during the second quarter. Cubist Systematic Strategies LLC now owns 19,394 shares of the business services provider’s stock valued at $1,423,000 after acquiring an additional 4,167 shares during the last quarter. 75.47% of the stock is owned by institutional investors and hedge funds.

In related news, Director Patrick W. Gross sold 387 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $88.30, for a total value of $34,172.10. Following the completion of the transaction, the director now directly owns 30,673 shares of the company’s stock, valued at $2,708,425.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Barry H. Caldwell sold 1,650 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $81.10, for a total transaction of $133,815.00. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

WM has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Waste Management from a “hold” rating to a “buy” rating and set a $99.00 price objective for the company in a research note on Monday, January 8th. Stifel Nicolaus reaffirmed a “buy” rating and set a $100.00 price objective on shares of Waste Management in a research note on Thursday, January 4th. Credit Suisse Group set a $90.00 price objective on shares of Waste Management and gave the company a “buy” rating in a research note on Monday, October 30th. KeyCorp reaffirmed a “buy” rating and set a $88.00 price objective on shares of Waste Management in a research note on Friday, October 27th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $85.00 price objective on shares of Waste Management in a research note on Friday, October 13th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Waste Management currently has a consensus rating of “Buy” and an average price target of $86.78.

Waste Management, Inc. (NYSE:WM) opened at $81.74 on Thursday. Waste Management, Inc. has a one year low of $69.55 and a one year high of $89.73. The stock has a market cap of $35,518.89, a PE ratio of 26.36, a P/E/G ratio of 2.45 and a beta of 0.70. 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 declared that its board has initiated a share buyback program on Thursday, December 14th that authorizes the company to repurchase $1.25 billion in shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

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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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Institutional Ownership by Quarter for Waste Management (NYSE:WM)

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