267,399 Waste Connections, Inc. $WCN Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Waste Connections stake by 13.9%, selling 267,399 shares in the third quarter; it retained 1.65 million shares, valued at about $254.2 million. Institutional investors and hedge funds own 86.09% of the stock.
• Waste Connections beat quarterly earnings and revenue estimates, reporting EPS of $1.58 and revenue of $2.64 billion; revenue increased 23.8% year over year. The company also raised its quarterly dividend to $0.385 per share from $0.35.
• Analysts hold a consensus “Moderate Buy” rating and an average price target of $203.22, with several firms maintaining or issuing Buy ratings.

Pictet Asset Management Holding SA cut its position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 13.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,651,257 shares of the business services provider's stock after selling 267,399 shares during the period. Pictet Asset Management Holding SA owned 0.66% of Waste Connections worth $254,200,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Ascent Group LLC lifted its stake in Waste Connections by 4.1% in the 3rd quarter. Ascent Group LLC now owns 1,516 shares of the business services provider's stock valued at $233,000 after purchasing an additional 60 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Waste Connections by 1.5% during the first quarter. EverSource Wealth Advisors LLC now owns 4,312 shares of the business services provider's stock worth $701,000 after buying an additional 65 shares during the last quarter. AA Financial Advisors LLC increased its position in Waste Connections by 3.9% during the third quarter. AA Financial Advisors LLC now owns 2,219 shares of the business services provider's stock worth $342,000 after buying an additional 84 shares during the last quarter. GAMMA Investing LLC raised its stake in Waste Connections by 2.0% in the second quarter. GAMMA Investing LLC now owns 5,030 shares of the business services provider's stock valued at $838,000 after buying an additional 99 shares during the period. Finally, Athena Wealth Management LLC raised its stake in Waste Connections by 6.7% in the third quarter. Athena Wealth Management LLC now owns 1,829 shares of the business services provider's stock valued at $282,000 after buying an additional 115 shares during the period. 86.09% of the stock is currently owned by institutional investors and hedge funds.

Waste Connections Stock Down 1.5%

Shares of WCN opened at $188.87 on Friday. Waste Connections, Inc. has a 52 week low of $146.89 and a 52 week high of $195.34. The firm has a market cap of $47.32 billion, a P/E ratio of 42.25, a price-to-earnings-growth ratio of 3.46 and a beta of 0.43. The firm's 50-day simple moving average is $165.53 and its 200 day simple moving average is $164.12. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.67 and a current ratio of 0.67.

Waste Connections (NYSE:WCN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The business services provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.06. The firm had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.60 billion. Waste Connections had a net margin of 11.40% and a return on equity of 17.76%. Waste Connections's revenue for the quarter was up 23.8% compared to the same quarter last year. On average, analysts forecast that Waste Connections, Inc. will post 5.70 earnings per share for the current year.

Waste Connections Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 5th will be paid a dividend of $0.3850 per share. This represents a $1.54 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Waste Connections's previous quarterly dividend of $0.35. The ex-dividend date is Thursday, November 5th. Waste Connections's dividend payout ratio is 34.45%.

Insider Transactions at Waste Connections

In related news, SVP Philip Rivard sold 2,500 shares of Waste Connections stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total transaction of $416,425.00. Following the completion of the sale, the senior vice president directly owned 734 shares of the company's stock, valued at approximately $122,262.38. This trade represents a 77.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Matthew Black sold 11,000 shares of the business's stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $180.60, for a total value of $1,986,600.00. Following the completion of the sale, the senior vice president owned 32,530 shares of the company's stock, valued at $5,874,918. This trade represents a 25.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,500 shares of company stock worth $2,960,235 in the last ninety days. 0.27% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on WCN. Deutsche Bank Aktiengesellschaft lifted their target price on Waste Connections from $191.00 to $205.00 and gave the stock a "buy" rating in a research note on Friday, October 23rd. The Goldman Sachs Group restated a "buy" rating and issued a $205.00 price target on shares of Waste Connections in a research note on Thursday, October 22nd. Raymond James Financial set a $189.00 price target on Waste Connections in a research note on Friday, October 9th. Citigroup reaffirmed a "neutral" rating and set a $192.00 price target (up from $175.00) on shares of Waste Connections in a report on Friday, October 23rd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $221.00 price objective (up from $218.00) on shares of Waste Connections in a research report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Waste Connections presently has a consensus rating of "Moderate Buy" and a consensus price target of $203.22.

Waste Connections Company Profile

Waste Connections, Inc is a North American provider of non-hazardous solid waste services. The company serves residential, commercial, industrial and municipal customers, with operations across the United States and Canada, particularly in secondary markets and rural communities.

Its services include waste collection, transfer and disposal, as well as recycling and resource recovery. In select regions, Waste Connections also provides treatment, recovery and disposal services for waste generated by oil and gas exploration and production.

Founded in 1997, the company has grown through acquisitions and expansion of its operating network.

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