3,062,730 Shares in Waste Connections, Inc. $WCN Acquired by Bank of America Corp DE

Bank of America Corp DE bought a new stake in Waste Connections, Inc. (NYSE:WCN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,062,730 shares of the business services provider's stock, valued at approximately $510,526,000. Bank of America Corp DE owned about 1.22% of Waste Connections as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Evolve Private Wealth LLC bought a new stake in Waste Connections in the second quarter valued at approximately $1,022,000. Rathbones Group PLC increased its stake in Waste Connections by 1.2% in the fourth quarter. Rathbones Group PLC now owns 669,442 shares of the business services provider's stock valued at $117,394,000 after purchasing an additional 7,866 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Waste Connections in the 2nd quarter valued at about $12,398,000. Fideuram Asset Management Ireland dac bought a new stake in shares of Waste Connections during the fourth quarter valued at approximately $646,000. Finally, Legacy Wealth Asset Management LLC increased its stake in Waste Connections by 68.1% during the 2nd quarter. Legacy Wealth Asset Management LLC now owns 15,966 shares of the business services provider's stock valued at $2,661,000 after purchasing an additional 6,470 shares in the last quarter. Institutional investors own 86.09% of the company's stock.

Wall Street Analyst Weigh In

WCN has been the topic of a number of recent analyst reports. Citigroup raised their price target on shares of Waste Connections from $180.00 to $182.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and set a $199.00 price target on shares of Waste Connections in a research note on Friday, July 24th. UBS Group reaffirmed a "neutral" rating and issued a $176.00 price objective (up from $170.00) on shares of Waste Connections in a report on Tuesday, August 4th. Wolfe Research assumed coverage on Waste Connections in a report on Tuesday. They set an "outperform" rating and a $204.00 target price for the company. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Waste Connections in a research report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $201.16.

Insider Activity at Waste Connections

In other news, SVP Robert Cloninger sold 2,811 shares of Waste Connections stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $171.02, for a total value of $480,737.22. Following the sale, the senior vice president directly owned 11,666 shares of the company's stock, valued at approximately $1,995,119.32. The trade was a 19.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Philip Rivard sold 2,500 shares of the company's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $166.57, for a total transaction of $416,425.00. Following the sale, the senior vice president directly owned 734 shares in the company, valued at approximately $122,262.38. The trade was a 77.30% decrease in their position. The SEC filing for this sale provides additional information. 0.27% of the stock is owned by insiders.

Waste Connections Stock Performance

Shares of WCN opened at $159.37 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.66. Waste Connections, Inc. has a one year low of $146.89 and a one year high of $179.74. The firm has a market capitalization of $40.09 billion, a PE ratio of 38.40, a price-to-earnings-growth ratio of 2.77 and a beta of 0.48. The company has a 50-day simple moving average of $166.99 and a two-hundred day simple moving average of $162.94.

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

Waste Connections Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Thursday, August 6th. Waste Connections's payout ratio is presently 33.73%.

Waste Connections Company Profile

Waste Connections, Inc is an integrated solid waste services company that provides collection, transfer, disposal, recycling and resource-recovery services across the United States and Canada. The company serves residential, commercial, industrial and municipal customers through a network of collection operations, transfer stations, landfills and recycling facilities.

Its services include curbside and containerized waste collection, construction and demolition debris management, recycling, landfill disposal, and the management of non-hazardous oilfield waste.

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