Atlas FRM LLC Buys New Holdings in Waste Connections, Inc. $WCN

Key Points

• Atlas FRM LLC acquired 1.51 million Waste Connections shares worth approximately $251.7 million, giving the stock a 10.8% portfolio weighting and making it the fund’s third-largest holding.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $200.89, compared with the stock’s opening price of $169.81.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in earnings per share and $2.56 billion in revenue, while revenue increased 6.4% year over year; the company also paid a quarterly dividend of $0.35 per share.

Atlas FRM LLC purchased 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 Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,510,000 shares of the business services provider's stock, valued at approximately $251,701,900,000. Waste Connections accounts for 10.8% of Atlas FRM LLC's portfolio, making the stock its 3rd largest holding. Atlas FRM LLC owned approximately 0.60% of Waste Connections at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC raised its holdings in Waste Connections by 2.6% in the third quarter. Kestra Private Wealth Services LLC now owns 2,556 shares of the business services provider's stock valued at $449,000 after buying an additional 64 shares during the period. EverSource Wealth Advisors LLC grew its stake in Waste Connections by 1.5% during the first quarter. EverSource Wealth Advisors LLC now owns 4,312 shares of the business services provider's stock worth $701,000 after buying an additional 65 shares during the period. Wilmington Savings Fund Society FSB grew its stake in Waste Connections by 12.4% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 607 shares of the business services provider's stock worth $106,000 after buying an additional 67 shares during the period. TD Private Client Wealth LLC increased its position in shares of Waste Connections by 21.1% in the fourth quarter. TD Private Client Wealth LLC now owns 407 shares of the business services provider's stock worth $71,000 after acquiring an additional 71 shares in the last quarter. Finally, Lido Advisors LLC increased its position in shares of Waste Connections by 2.4% in the fourth quarter. Lido Advisors LLC now owns 3,056 shares of the business services provider's stock worth $537,000 after acquiring an additional 72 shares in the last quarter. 86.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Barclays upped their price target on shares of Waste Connections from $180.00 to $187.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 28th. Citigroup raised their price objective on Waste Connections from $180.00 to $182.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. UBS Group restated a "neutral" rating and set a $176.00 price objective (up from $170.00) on shares of Waste Connections in a research note on Tuesday, August 4th. JPMorgan Chase & Co. decreased their target price on Waste Connections from $210.00 to $195.00 and set an "overweight" rating for the company in a research report on Monday, July 13th. Finally, TD Cowen reiterated a "buy" rating and issued a $210.00 target price (up from $200.00) on shares of Waste Connections in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $200.89.

Waste Connections Stock Performance

Shares of WCN stock opened at $169.81 on Monday. Waste Connections, Inc. has a 12 month low of $146.89 and a 12 month high of $188.09. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $42.72 billion, a P/E ratio of 40.92, a P/E/G ratio of 2.91 and a beta of 0.48. The company's fifty day moving average price is $166.53 and its two-hundred day moving average price is $163.13.

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

Waste Connections Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Thursday, August 6th. Waste Connections's dividend payout ratio (DPR) is 33.73%.

Insiders Place Their Bets

In other news, SVP Philip Rivard sold 2,500 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total transaction of $416,425.00. Following the completion of the transaction, the senior vice president directly owned 734 shares in the company, valued at approximately $122,262.38. This represents a 77.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Robert Michael Cloninger sold 2,811 shares of the firm's stock in a transaction that occurred 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 sale, the senior vice president directly owned 11,666 shares of the company's stock, valued at $1,995,119.32. The trade was a 19.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 14,311 shares of company stock valued at $2,303,997 over the last 90 days. 0.27% of the stock is owned by company 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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