Assenagon Asset Management S.A. Buys 87,569 Shares of Waste Connections, Inc. $WCN

Key Points

• Assenagon Asset Management S.A. boosted its stake in Waste Connections by 823.2% in the first quarter, buying 87,569 additional shares and bringing its total holding to 98,207 shares worth about $15.95 million.
• Waste Connections reported better-than-expected quarterly EPS of $1.23, though revenue came in below analyst forecasts at $2.33 billion despite rising 6.4% year over year.
• Analysts remain broadly positive on the stock, with an average rating of “Moderate Buy” and an average price target of $202.84, even as insiders have recently sold shares.

Assenagon Asset Management S.A. increased its stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 823.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 98,207 shares of the business services provider's stock after acquiring an additional 87,569 shares during the period. Assenagon Asset Management S.A.'s holdings in Waste Connections were worth $15,953,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in WCN. City Holding Co. bought a new stake in shares of Waste Connections during the 4th quarter worth $26,000. Measured Wealth Private Client Group LLC bought a new position in Waste Connections in the 3rd quarter worth $26,000. KERR FINANCIAL PLANNING Corp acquired a new position in Waste Connections during the 3rd quarter worth $30,000. Transamerica Financial Advisors LLC lifted its position in Waste Connections by 346.2% during the 4th quarter. Transamerica Financial Advisors LLC now owns 174 shares of the business services provider's stock worth $31,000 after acquiring an additional 135 shares during the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in Waste Connections during the fourth quarter valued at about $36,000. 86.09% of the stock is owned by institutional investors.

Waste Connections Stock Up 1.1%

WCN stock opened at $168.07 on Friday. Waste Connections, Inc. has a twelve month low of $146.89 and a twelve month high of $191.91. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 1.13. The company has a market cap of $42.64 billion, a PE ratio of 40.99, a price-to-earnings-growth ratio of 2.98 and a beta of 0.51. The business's 50-day simple moving average is $156.83 and its 200 day simple moving average is $164.04.

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

Waste Connections Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were paid a dividend of $0.35 per share. The ex-dividend date was Wednesday, May 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Waste Connections's payout ratio is currently 34.15%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on WCN. Wolfe Research started coverage on Waste Connections in a research report on Friday, March 13th. They issued an "outperform" rating and a $199.00 price target on the stock. Barclays set a $180.00 price objective on Waste Connections and gave the stock an "equal weight" rating in a research report on Tuesday, April 28th. 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. Weiss Ratings downgraded Waste Connections from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. upped their price target on Waste Connections from $195.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, April 24th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $202.84.

Insider Activity

In related news, COO Jason Craft sold 1,500 shares of the company's 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 sale, the chief operating officer owned 32,861 shares of the company's stock, valued at $5,145,703.99. The trade was a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Eric Hansen sold 6,000 shares of the company's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $164.82, for a total transaction of $988,920.00. Following the completion of the sale, the senior vice president directly owned 13,350 shares in the company, valued at approximately $2,200,347. The trade was a 31.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 17,605 shares of company stock valued at $2,822,923. 0.27% of the stock is owned by insiders.

Waste Connections 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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