Baird Financial Group Inc. Boosts Holdings in Waste Connections, Inc. $WCN

Key Points

• Baird Financial Group increased its Waste Connections holdings by 5.9% in the second quarter, bringing its position to 807,983 shares valued at approximately $134.7 million. Institutional investors collectively own 86.09% of the company.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in EPS versus the $1.35 consensus and revenue of $2.56 billion, up 6.4% year over year.
• The company declared a quarterly dividend of $0.35, equivalent to $1.40 annually and a 0.9% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $200.89.

Baird Financial Group Inc. boosted its holdings in Waste Connections, Inc. (NYSE:WCN - Free Report) by 5.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 807,983 shares of the business services provider's stock after purchasing an additional 45,018 shares during the quarter. Baird Financial Group Inc. owned approximately 0.32% of Waste Connections worth $134,683,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. California State Teachers Retirement System grew its position in shares of Waste Connections by 17,242.8% during the second quarter. California State Teachers Retirement System now owns 48,936,350 shares of the business services provider's stock valued at $8,157,200,000 after purchasing an additional 48,654,179 shares in the last quarter. XXEC Inc. purchased a new position in Waste Connections during the 2nd quarter valued at approximately $164,870,000. BlackRock Inc. purchased a new position in Waste Connections during the 2nd quarter valued at approximately $1,061,947,000. Norges Bank bought a new stake in Waste Connections in the 4th quarter worth approximately $697,519,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Waste Connections in the 2nd quarter worth approximately $589,671,000. Institutional investors own 86.09% of the company's stock.

Insider Transactions at Waste Connections

In other Waste Connections news, SVP Robert Cloninger sold 2,811 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $171.02, for a total value of $480,737.22. Following the completion of the sale, the senior vice president directly owned 11,666 shares in the company, valued at $1,995,119.32. This trade represents a 19.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Philip Rivard sold 2,500 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total value of $416,425.00. Following the transaction, the senior vice president directly owned 734 shares in the company, valued at approximately $122,262.38. The trade was a 77.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.27% of the company's stock.

Waste Connections Stock Performance

WCN stock opened at $163.15 on Wednesday. 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, Inc. has a 1-year low of $146.89 and a 1-year high of $179.74. The business has a 50-day moving average price of $167.84 and a 200 day moving average price of $163.11. The company has a market capitalization of $41.04 billion, a P/E ratio of 39.31, a PEG ratio of 2.83 and a beta of 0.48.

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. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.29 EPS. As a group, equities research analysts forecast that Waste Connections, Inc. will post 5.62 EPS for the current fiscal year.

Waste Connections Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Thursday, August 6th. Waste Connections's payout ratio is presently 33.73%.

Analyst Ratings Changes

WCN has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective 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. UBS Group reiterated a "neutral" rating and issued a $176.00 target price (up from $170.00) on shares of Waste Connections in a report on Tuesday, August 4th. Weiss Ratings reiterated a "hold (c)" rating on shares of Waste Connections in a research report on Friday, August 7th. Barclays raised their target price on shares of Waste Connections from $180.00 to $187.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 28th. Finally, TD Cowen reissued a "buy" rating and set a $210.00 price target (up from $200.00) on shares of Waste Connections in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Waste Connections currently has an average rating of "Moderate Buy" and a consensus price target of $200.89.

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.

Want to see what other hedge funds are holding WCN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Waste Connections, Inc. (NYSE:WCN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.