76,663 Shares in Waste Connections, Inc. $WCN Purchased by Cornerstone Advisors LLC

Key Points

• Cornerstone Advisors purchased 76,663 shares of Waste Connections in the second quarter, valued at approximately $12.8 million. Institutional investors collectively own 86.09% of the company, with several major firms also increasing or initiating positions.
• Waste Connections reported quarterly earnings of $1.50 per share, beating estimates by $0.15, while revenue rose 6.4% year over year to $2.56 billion. The company also declared a quarterly dividend of $0.35 per share, representing a 0.8% annual yield.
• The stock opened at $165.13, down 0.7%, while analysts maintained an overall “Moderate Buy” consensus and an average price target of $200.89. Insiders sold 11,811 shares worth about $1.89 million over the prior 90 days.

Cornerstone Advisors LLC bought a new stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 76,663 shares of the business services provider's stock, valued at approximately $12,779,000.

Several other institutional investors and hedge funds have also recently modified their holdings of WCN. BlackRock Inc. purchased a new stake in Waste Connections during the 2nd quarter valued at about $1,061,947,000. Norges Bank purchased a new position in Waste Connections in the fourth quarter worth about $697,519,000. Capital International Investors lifted its stake in shares of Waste Connections by 28.2% in the fourth quarter. Capital International Investors now owns 6,468,259 shares of the business services provider's stock worth $1,134,781,000 after buying an additional 1,420,921 shares in the last quarter. Deutsche Bank AG bought a new position in shares of Waste Connections in the second quarter worth approximately $235,075,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Waste Connections by 37.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider's stock valued at $835,370,000 after buying an additional 1,289,042 shares during the last quarter. 86.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Robert Michael Cloninger sold 2,811 shares of the company's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $171.02, for a total transaction of $480,737.22. Following the completion of the sale, the senior vice president owned 11,666 shares in the company, valued at approximately $1,995,119.32. This represents a 19.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jason Craft sold 1,500 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $156.59, for a total value of $234,885.00. Following the completion of the transaction, the chief operating officer directly owned 32,861 shares in the company, valued at approximately $5,145,703.99. This represents a 4.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 11,811 shares of company stock valued at $1,887,572 over the last 90 days. Company insiders own 0.27% of the company's stock.

Waste Connections Stock Down 0.7%

WCN opened at $165.13 on Tuesday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.17. The firm has a 50 day moving average price of $165.64 and a 200-day moving average price of $163.12. Waste Connections, Inc. has a twelve month low of $146.89 and a twelve month high of $188.75. The stock has a market capitalization of $41.54 billion, a price-to-earnings ratio of 39.79, a PEG ratio of 2.86 and a beta of 0.48.

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

Waste Connections Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Thursday, August 6th. Waste Connections's dividend payout ratio (DPR) is 33.73%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $199.00 price target on shares of Waste Connections in a research report on Friday, July 24th. BMO Capital Markets reiterated an "outperform" rating and set a $208.00 target price (up from $206.00) on shares of Waste Connections in a research note on Friday, April 24th. JPMorgan Chase & Co. reduced their target price on Waste Connections from $210.00 to $195.00 and set an "overweight" rating for the company in a report on Monday, July 13th. Barclays boosted their price target on Waste Connections from $180.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 28th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $218.00 price target (up from $210.00) on shares of Waste Connections in a report on Friday, April 24th. Two equities 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 stock. According to data from MarketBeat.com, the stock presently 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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