"Shares of Waste Management Inc. ( NYSE: WM) have retreated from a $242.58 all-time high in June and are down 7.3% since then. Year to date, the stock is 11.5% higher, narrowly outperforming the S&P 500. As the market continues to run higher after a significant downturn earlier in the year, the industrials sector staple maintains its position as a defensive stock, with the company currently boasting 84% institutional ownership."
"Although Waste Management is a trash-hauling behemoth today, it had humble beginnings. Harm Huizenga began picking up garbage in Chicago in 1893 for $1.25 per wagonload. About 75 years later, his grandson Wayne Huizenga resurrected the family business, founded Waste Management, and quickly undertook a growth-by-acquisition strategy, buying up hundreds of small trash collection services across the country. Those days are long gone."
"U.S. Waste Services, which had been a publicly traded company since 1987, acquired Waste Management in 1998 and assumed the Waste Management name. The stock has generated total returns of more than 1,050% over three decades, compared to an almost 990% return by the S&P 500. The trash hauler began paying a dividend when the two companies merged, and it has consistently increased the payout every year since 2004. Since then, the dividend has grown from $0.75 per share to $3.30 per share, and it has raised the payout by a compound growth rate of 7.2% annually for the past 10 years."
Shares of Waste Management retreated from a $242.58 all-time high in June and are down 7.3% since then while remaining 11.5% higher year-to-date. The company holds 84% institutional ownership and serves as a defensive industrials staple because trash collection is essential. The business traces roots to Harm Huizenga in 1893 and was rebuilt by Wayne Huizenga through extensive acquisitions. U.S. Waste Services acquired Waste Management in 1998 and assumed its name. The stock delivered more than 1,050% total return over three decades versus roughly 990% for the S&P 500. The dividend began after the merger and has grown from $0.75 to $3.30, rising at a 7.2% annual compound rate over the past decade.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]