Argent Capital Management LLC Sells 26,822 Shares of Waste Connections, Inc. $WCN

Key Points

• Argent Capital Management cut its Waste Connections stake by 7.9%, selling 26,822 shares in the first quarter and retaining 311,473 shares worth approximately $50.6 million. Institutional investors collectively own 86.09% of the company.
• Waste Connections reported a strong quarter, with earnings of $1.50 per share and revenue of $2.56 billion, exceeding analyst estimates; revenue increased 6.4% year over year.
• The company declared a quarterly dividend of $0.35 per share, equal to a $1.40 annualized payout and 0.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $202.42.

Argent Capital Management LLC reduced its stake in Waste Connections, Inc. (NYSE:WCN - Free Report) by 7.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 311,473 shares of the business services provider's stock after selling 26,822 shares during the period. Waste Connections makes up 1.6% of Argent Capital Management LLC's portfolio, making the stock its 21st biggest position. Argent Capital Management LLC owned approximately 0.12% of Waste Connections worth $50,596,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new position in shares of Waste Connections in the first quarter worth $577,000. Invesco Ltd. boosted its position in shares of Waste Connections by 12.8% during the second quarter. Invesco Ltd. now owns 219,290 shares of the business services provider's stock valued at $40,946,000 after buying an additional 24,948 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Waste Connections by 2.9% during the second quarter. First Trust Advisors LP now owns 24,463 shares of the business services provider's stock valued at $4,572,000 after buying an additional 688 shares during the last quarter. Jump Financial LLC bought a new stake in Waste Connections in the 2nd quarter worth about $2,714,000. Finally, State Street Corp increased its holdings in Waste Connections by 1.0% in the 2nd quarter. State Street Corp now owns 1,808,631 shares of the business services provider's stock worth $337,708,000 after buying an additional 17,197 shares in the last quarter. 86.09% of the stock is currently owned by institutional investors.

Waste Connections Stock Up 0.8%

Shares of NYSE:WCN opened at $167.54 on Friday. The business's 50 day moving average is $162.57 and its 200 day moving average is $163.25. The stock has a market cap of $42.28 billion, a P/E ratio of 40.37, a price-to-earnings-growth ratio of 2.85 and a beta of 0.49. Waste Connections, Inc. has a 52-week low of $146.89 and a 52-week high of $191.00. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.17.

Waste Connections (NYSE:WCN - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The business services provider reported $1.50 EPS 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 business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter last year, the firm posted $1.29 EPS. The company's revenue for the quarter was up 6.4% on a year-over-year basis. Sell-side analysts predict that Waste Connections, Inc. will post 5.63 EPS for the current year.

Waste Connections Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, August 6th. Waste Connections's dividend payout ratio (DPR) is 33.73%.

Insider Buying and Selling

In related news, CEO Ronald J. Mittelstaedt purchased 50,000 shares of Waste Connections stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $152.24 per share, with a total value of $7,612,000.00. Following the transaction, the chief executive officer owned 301,017 shares in the company, valued at approximately $45,826,828.08. The trade was a 19.92% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jason Craft sold 1,500 shares of Waste Connections 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 owned 32,861 shares in the company, valued at $5,145,703.99. This trade represents a 4.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 11,811 shares of company stock valued at $1,887,572. 0.27% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $199.00 price objective on shares of Waste Connections in a report on Friday, July 24th. JPMorgan Chase & Co. cut their target price 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. The Goldman Sachs Group reiterated a "buy" rating and set a $211.00 target price on shares of Waste Connections in a research note on Thursday, April 23rd. Royal Bank Of Canada reissued 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. Finally, Barclays raised 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. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $202.42.

Waste Connections Company Profile

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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