Waste Management, Inc. (NYSE: WM) is the largest waste collection and environmental services company in North America. Shares recently traded around $216 per share, giving the company a market capitalization of roughly $86.9B.
With its nationwide landfill network, long term municipal contracts, and predictable cash flow profile, Waste Management is often viewed as a defensive infrastructure style business. Looking at who owns Waste Management and recent insider trades helps show how large institutions and hedge funds are positioning around the stock today.
Who Are Waste Management’s Top Shareholders?
Waste Management’s shareholder base is led by major passive institutions. These firms tend to hold through market cycles, which can help keep long term ownership stable. Active managers adjusted positions in both directions, showing a mix of conviction and valuation awareness.
- The Vanguard Group: 38,250,986 shares (9.49%), ~$8.25B value. Added 767,016 shares (+2.05%).
- Cascade Investment (Bill Gates’ family office): 28,934,344 shares (7.18%), ~$6.24B value. Cut 3,300,000 shares (10.24%).
- BlackRock Institutional Trust Company: 19,759,424 shares (4.90%), ~$4.26B value. Added 338,642 shares (+1.74%).
- State Street Investment Management: 17,109,292 shares (4.25%), ~$3.69B value. Cut 1,330,186 shares (7.21%).
- Geode Capital Management: 8,875,530 shares (2.20%), ~$1.91B value. Added 228,384 shares (+2.64%).
- Parnassus Investments: 5,613,315 shares (1.39%), ~$1.21B value. Cut 99,399 shares (1.74%).
- Columbia Threadneedle Investments: 5,373,264 shares (1.33%), ~$1.16B value. Added 228,576 shares (+4.44%).
- Norges Bank Investment Management: 4,650,842 shares (1.15%), ~$1.00B value. Cut 353,004 shares (7.05%).
- Nordea Funds Oy: 3,294,461 shares (0.82%), ~$710.3M value. Cut 535,019 shares (13.97%).
- Sustainable Growth Advisers: 3,262,148 shares (0.81%), ~$703.4M value. Added 364,512 shares (+12.58%).
Taken together, the steady presence of large passive holders supports ownership stability, while selective trimming by several institutions suggests increased valuation sensitivity at current levels, and for investors this reinforces Waste Management’s role as a durable long term compounder rather than a short term trade.
Hedge Fund Highlights
One notable move last quarter came from Balyasny Asset Management, founded by Dmitry Balyasny, which increased its Waste Management position by over 3,200%, now holding roughly $150M value of the stock. The scale of the increase appears to reflect rising confidence in the company’s defensive earnings profile and predictable cash flows.
Another notable increase came from Gotham Asset Management, led by Joel Greenblatt, which lifted its stake by nearly 200% to about $5.7M value, suggesting the firm may be finding Waste Management more attractive on a risk adjusted basis.
Citadel Advisors, founded by Ken Griffin, also boosted its exposure by more than 110% to roughly $191M value, which appears consistent with broader positioning in large, liquid defensive names rather than a concentrated bet.
Meanwhile, Chilton Investment Company, led by Richard Chilton, raised its position by over 90% to approximately $84M value, adding to the pattern of selective hedge fund accumulation, and for investors this points to growing interest without aggressive concentration.
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Waste Management‘s Recent Insider Trades
Insider trades can offer useful context on how executives and directors may be managing personal exposure to the stock. Recent filings for Waste Management show relatively small transactions compared to the company’s nearly 403M shares outstanding.
- Tara J. Hemmer (Officer): Sold 693 shares (~$150K); previously acquired 9,130 shares.
- Rafael Carrasco (Officer): Sold 1,380 shares (~$300K).
- Sean E. Menke (Director): Bought 2,696 shares combined (~$551K).
- David L. Reed (Officer): Bought 2,628 shares (~$517K).
- Kimberly G. Stith (Officer): Sold 355 shares (~$80K).
- Multiple directors: Bought 696 to 1,063 shares each (~$158K to ~$241K).
These transactions represent a very small portion of total shares outstanding, and it appears insider activity is mixed and modest in size, which for investors does not materially change the broader ownership picture.
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What the Ownership & Insider Trade Data Tell Us
Waste Management’s shareholder base remains anchored by large, long term institutions, helping support stability in ownership. Hedge fund activity shows selective accumulation rather than broad consensus, while insider trades appear measured and limited in scale.
Taken together, it appears investors continue to view Waste Management as a high quality, cash flow driven business, though positioning across institutions and insiders suggests a cautious, valuation aware approach at current price levels.
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