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.