296,812 Shares in Waste Connections, Inc. $WCN Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 296,812 shares of Waste Connections worth approximately $49.5 million, while institutional investors collectively own 86.09% of the company.
• Waste Connections reported quarterly EPS of $1.50, beating estimates by $0.15, and revenue of $2.56 billion, up 6.4% year over year. The company also pays a quarterly dividend of $0.35, equivalent to a 0.8% yield.
• The stock opened at $165.88, and analysts maintain a “Moderate Buy” consensus with an average price target of $200.89; however, insiders sold 14,311 shares worth about $2.3 million over the past 90 days.

Bank of New York Mellon Corp purchased a new position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 296,812 shares of the business services provider's stock, valued at approximately $49,476,000. Bank of New York Mellon Corp owned approximately 0.12% of Waste Connections as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Waste Connections in the fourth quarter valued at approximately $697,519,000. Capital International Investors raised its holdings in shares of Waste Connections by 28.2% in the 4th quarter. Capital International Investors now owns 6,468,259 shares of the business services provider's stock valued at $1,134,781,000 after purchasing an additional 1,420,921 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Waste Connections by 37.1% during the 4th quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider's stock worth $835,370,000 after acquiring an additional 1,289,042 shares in the last quarter. Wellington Management Group LLP lifted its stake in Waste Connections by 39.6% during the third quarter. Wellington Management Group LLP now owns 4,455,162 shares of the business services provider's stock worth $783,218,000 after purchasing an additional 1,264,150 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Waste Connections by 48.7% during the first quarter. The Manufacturers Life Insurance Company now owns 3,724,204 shares of the business services provider's stock worth $604,573,000 after purchasing an additional 1,219,056 shares during the last quarter. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Patrick James Shea sold 7,500 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $156.26, for a total value of $1,171,950.00. Following the completion of the sale, the vice president directly owned 19,737 shares in the company, valued at approximately $3,084,103.62. The trade was a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Philip Rivard sold 2,500 shares of the company's 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 transaction, the senior vice president directly owned 734 shares of the company's stock, valued at $122,262.38. This trade represents a 77.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 14,311 shares of company stock worth $2,303,997 over the last ninety days. Company insiders own 0.27% of the company's stock.

Waste Connections Trading Down 0.8%

Shares of Waste Connections stock opened at $165.88 on Friday. Waste Connections, Inc. has a 12-month low of $146.89 and a 12-month high of $185.33. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.17. The stock has a market cap of $41.73 billion, a PE ratio of 39.97, a price-to-earnings-growth ratio of 2.87 and a beta of 0.48. The company has a 50-day moving average of $167.49 and a two-hundred day moving average of $163.09.

Waste Connections (NYSE:WCN - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.15. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.51 billion. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The firm's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the firm posted $1.29 EPS. On average, research analysts anticipate that Waste Connections, Inc. will post 5.62 EPS for the current fiscal year.

Waste Connections Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Thursday, August 6th. Waste Connections's payout ratio is presently 33.73%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Waste Connections in a research note on Friday, August 7th. Citigroup boosted their target price on Waste Connections from $180.00 to $182.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. UBS Group reissued a "neutral" rating and issued a $176.00 target price (up from $170.00) on shares of Waste Connections in a research report on Tuesday, August 4th. JPMorgan Chase & Co. reduced their price target on shares of Waste Connections from $210.00 to $195.00 and set an "overweight" rating for the company in a research report on Monday, July 13th. Finally, Barclays boosted their price target on Waste Connections from $180.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $200.89.

About Waste Connections

Waste Connections NYSE: WCN is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.

The company's operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.

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