Arrowstreet Capital Limited Partnership Has $123.29 Million Stake in Waste Connections, Inc. $WCN

Key Points

• Arrowstreet Capital cut its Waste Connections stake by 16% in the fourth quarter, but still held 703,033 shares valued at about $123.3 million.
• Analysts remain generally positive on WCN, with a Moderate Buy consensus and an average price target of $202.84; several firms recently reiterated buy/outperform ratings.
• Waste Connections reported better-than-expected EPS of $1.23 for the quarter, while revenue came in below estimates; the stock was also down about 0.9% and recently traded at $154.76.

Arrowstreet Capital Limited Partnership trimmed its holdings in Waste Connections, Inc. (NYSE:WCN - Free Report) by 16.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 703,033 shares of the business services provider's stock after selling 134,302 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.27% of Waste Connections worth $123,293,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WCN. Norges Bank acquired a new position in Waste Connections in the fourth quarter valued at about $697,519,000. Capital International Investors grew its holdings in shares of Waste Connections by 28.2% during 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. 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 worth $835,370,000 after buying an additional 1,289,042 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of 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 buying an additional 1,264,150 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Waste Connections by 58.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,900,321 shares of the business services provider's stock worth $508,600,000 after buying an additional 1,065,653 shares in the last quarter. 86.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $211.00 target price on shares of Waste Connections in a research report on Thursday, April 23rd. Barclays set a $180.00 target price on Waste Connections and gave the company an "equal weight" rating in a research report on Tuesday, April 28th. BMO Capital Markets reiterated an "outperform" rating and issued a $208.00 price target (up from $206.00) on shares of Waste Connections in a research note on Friday, April 24th. Weiss Ratings cut Waste Connections from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 13th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $218.00 target price (up from $210.00) on shares of Waste Connections in a research note on Friday, April 24th. Three analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $202.84.

Waste Connections Stock Down 0.9%

Shares of NYSE:WCN opened at $154.76 on Tuesday. The company has a fifty day moving average of $157.46 and a 200-day moving average of $164.94. The company has a market capitalization of $39.26 billion, a PE ratio of 37.75, a price-to-earnings-growth ratio of 2.77 and a beta of 0.51. 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, Inc. has a 52-week low of $146.89 and a 52-week high of $191.91.

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

Waste Connections Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend 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%.

Insider Buying and Selling at Waste Connections

In related news, CEO Ronald J. Mittelstaedt bought 50,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired 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 directly owned 301,017 shares in the company, valued at approximately $45,826,828.08. This trade represents a 19.92% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Patrick James Shea sold 7,500 shares of the firm's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $156.26, for a total value of $1,171,950.00. Following the transaction, the vice president directly owned 19,737 shares of the company's stock, valued at approximately $3,084,103.62. This represents a 27.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 17,605 shares of company stock worth $2,822,923 over the last 90 days. Company insiders own 0.27% of the company's stock.

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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