Axiom Investment Management LLC Acquires Shares of 8,400 Waste Connections, Inc. $WCN

Key Points

• Axiom Investment Management acquired 8,400 Waste Connections shares valued at approximately $1.36 million, making the stock its 25th-largest holding. Institutional investors collectively own 86.09% of the company.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in adjusted earnings per share versus the $1.35 consensus and $2.56 billion in revenue, up 6.4% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $202.42, while the company declared a $0.35 quarterly dividend, representing a 0.8% yield.

Axiom Investment Management LLC acquired a new position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 8,400 shares of the business services provider's stock, valued at approximately $1,364,000. Waste Connections comprises approximately 1.0% of Axiom Investment Management LLC's investment portfolio, making the stock its 25th biggest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vestor Capital LLC increased its position in Waste Connections by 368.0% during the first quarter. Vestor Capital LLC now owns 351 shares of the business services provider's stock worth $57,000 after buying an additional 276 shares during the period. Western Wealth Management LLC acquired a new position in shares of Waste Connections in the 1st quarter valued at $41,000. Janus Henderson Group PLC increased its holdings in shares of Waste Connections by 4.2% in the 1st quarter. Janus Henderson Group PLC now owns 210,541 shares of the business services provider's stock valued at $34,191,000 after acquiring an additional 8,437 shares during the period. Centaurus Financial Inc. raised its holdings in shares of Waste Connections by 3.0% in the first quarter. Centaurus Financial Inc. now owns 31,958 shares of the business services provider's stock valued at $5,190,000 after buying an additional 918 shares during the last quarter. Finally, Bull Harbor Capital LLC purchased a new stake in Waste Connections during the 1st quarter valued at approximately $362,000. Institutional investors and hedge funds own 86.09% of the company's stock.

Waste Connections Price Performance

Waste Connections stock opened at $167.54 on Friday. Waste Connections, Inc. has a 12-month low of $146.89 and a 12-month high of $191.00. The stock has a market capitalization of $42.28 billion, a P/E ratio of 40.37, a P/E/G ratio of 2.85 and a beta of 0.49. The firm's 50-day moving average is $162.57 and its two-hundred day moving average is $163.25. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.66.

Waste Connections (NYSE:WCN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share for the quarter, beating analysts' consensus estimates of $1.35 by $0.15. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.51 billion. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The company's revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.29 earnings per share. Equities analysts predict that Waste Connections, Inc. will post 5.63 earnings per share for the current year.

Waste Connections Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be issued a $0.35 dividend. The ex-dividend date is Thursday, August 6th. This represents a $1.40 annualized dividend and a yield of 0.8%. Waste Connections's payout ratio is 33.73%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. JPMorgan Chase & Co. reduced 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 note on Monday, July 13th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating and set a $199.00 price target on shares of Waste Connections in a research note on Friday, July 24th. TD Cowen reiterated a "buy" rating and issued a $210.00 price target (up from $200.00) on shares of Waste Connections in a research report on Friday, July 24th. BMO Capital Markets reissued an "outperform" rating and set a $208.00 price objective (up from $206.00) on shares of Waste Connections in a research note on Friday, April 24th. Finally, Citigroup lifted their price objective on Waste Connections from $180.00 to $182.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Two 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, Waste Connections presently has an average rating of "Moderate Buy" and a consensus price target of $202.42.

Insiders Place Their Bets

In other Waste Connections news, SVP Robert Michael Cloninger sold 2,811 shares of the stock in a transaction 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 transaction, the senior vice president owned 11,666 shares of the company's stock, valued at $1,995,119.32. This represents a 19.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 sale, the vice president owned 19,737 shares in the company, valued at $3,084,103.62. This trade represents a 27.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 11,811 shares of company stock valued at $1,887,572. 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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