Allstate Corp Purchases 10,571 Shares of Waste Connections, Inc. $WCN

Key Points

• Allstate Corp nearly doubled its stake in Waste Connections during the fourth quarter, adding 10,571 shares to bring its total holdings to 21,556 shares valued at about $3.78 million.
• Wall Street remains generally bullish on WCN, with an average analyst rating of “Buy” and an average price target of $203.35, though individual targets range from $180 to $218.
• Recent insider activity was mixed: VP James Little sold shares, while CEO Ronald J. Mittelstaedt bought 50,000 shares, signaling continued executive engagement in the stock.

Allstate Corp boosted its position in Waste Connections, Inc. (NYSE:WCN - Free Report) by 96.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,556 shares of the business services provider's stock after acquiring an additional 10,571 shares during the period. Allstate Corp's holdings in Waste Connections were worth $3,780,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in WCN. City Holding Co. bought a new position in Waste Connections during the fourth quarter worth about $26,000. Measured Wealth Private Client Group LLC bought a new position in Waste Connections during the third quarter worth about $26,000. KERR FINANCIAL PLANNING Corp bought a new position in Waste Connections during the third quarter worth about $30,000. Greykasell Wealth Strategies Inc. boosted its holdings in Waste Connections by 555.2% during the third quarter. Greykasell Wealth Strategies Inc. now owns 190 shares of the business services provider's stock worth $33,000 after buying an additional 161 shares during the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Waste Connections during the fourth quarter worth about $36,000. Institutional investors own 86.09% of the company's stock.

Analysts Set New Price Targets

WCN has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $213.00 target price on Waste Connections and gave the stock a "buy" rating in a report on Friday, February 13th. Deutsche Bank Aktiengesellschaft set a $212.00 target price on Waste Connections in a report on Friday, February 13th. 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 research report on Friday, April 24th. TD Cowen dropped their price target on Waste Connections from $210.00 to $200.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Finally, Barclays set a $180.00 price target on Waste Connections and gave the stock an "equal weight" rating in a research report on Tuesday, April 28th. Four analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $203.35.

Insider Activity at Waste Connections

In related news, VP James Little sold 2,605 shares of Waste Connections stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $163.98, for a total value of $427,167.90. Following the sale, the vice president owned 34,395 shares of the company's stock, valued at approximately $5,640,092.10. This trade represents a 7.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ronald J. Mittelstaedt bought 50,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average cost of $152.24 per share, for a total transaction of $7,612,000.00. Following the transaction, the chief executive officer owned 301,017 shares in the company, valued at $45,826,828.08. The trade was a 19.92% increase in their position. The SEC filing for this purchase provides additional information. 0.27% of the stock is owned by insiders.

Waste Connections Stock Down 1.2%

Shares of Waste Connections stock opened at $151.81 on Thursday. The business's 50 day simple moving average is $159.57 and its 200 day simple moving average is $166.52. Waste Connections, Inc. has a 52-week low of $148.84 and a 52-week high of $197.35. The firm has a market cap of $38.75 billion, a PE ratio of 37.03, a P/E/G ratio of 2.73 and a beta of 0.55. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.69 and a current ratio of 0.69.

Waste Connections (NYSE:WCN - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.04. Waste Connections had a return on equity of 16.49% and a net margin of 10.97%.The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the firm earned $1.13 EPS. Waste Connections's revenue for the quarter was up 6.4% compared to the same quarter last year. On average, analysts predict that Waste Connections, Inc. will post 5.5 earnings per share for the current fiscal year.

Waste Connections Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, May 6th. Waste Connections's dividend payout ratio (DPR) is currently 34.15%.

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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