Bank of Nova Scotia Invests $60.63 Million in Waste Connections, Inc. $WCN

Key Points

• Bank of Nova Scotia acquired 363,810 shares of Waste Connections worth approximately $60.63 million, representing a 0.14% stake. Institutional investors collectively own 86.09% of the company.
• Waste Connections reported quarterly earnings of $1.50 per share, beating estimates by $0.15, while revenue rose 6.4% year over year to $2.56 billion.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $200.89, compared with the stock’s reported price of $169.81; the company also pays a $0.35 quarterly dividend.

Bank of Nova Scotia purchased a new stake in Waste Connections, Inc. (NYSE:WCN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 363,810 shares of the business services provider's stock, valued at approximately $60,635,000. Bank of Nova Scotia owned 0.14% of Waste Connections as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of WCN. Integrated Wealth Concepts LLC bought a new position in shares of Waste Connections in the first quarter valued at approximately $577,000. Invesco Ltd. boosted its stake in Waste Connections by 12.8% during the second quarter. Invesco Ltd. now owns 219,290 shares of the business services provider's stock valued at $40,946,000 after buying an additional 24,948 shares during the period. First Trust Advisors LP grew its position in Waste Connections by 2.9% during the second quarter. First Trust Advisors LP now owns 24,463 shares of the business services provider's stock worth $4,572,000 after buying an additional 688 shares in the last quarter. Jump Financial LLC bought a new position in shares of Waste Connections in the second quarter worth approximately $2,714,000. Finally, State Street Corp raised its stake in Waste Connections by 1.0% in the second quarter. State Street Corp now owns 1,808,631 shares of the business services provider's stock valued at $337,708,000 after purchasing an additional 17,197 shares in the last quarter. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Waste Connections

In other news, 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 completion of the sale, the senior vice president directly owned 734 shares in the company, valued at $122,262.38. This represents a 77.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Jason Craft sold 1,500 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $156.59, for a total transaction of $234,885.00. Following the completion of the sale, the chief operating officer directly owned 32,861 shares of the company's stock, valued at $5,145,703.99. This represents a 4.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 14,311 shares of company stock worth $2,303,997. 0.27% of the stock is currently owned by insiders.

Waste Connections Price Performance

Shares of WCN stock opened at $169.81 on Friday. The business's fifty day moving average is $166.53 and its 200 day moving average is $163.17. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.17. The stock has a market cap of $42.72 billion, a price-to-earnings ratio of 40.92, a PEG ratio of 2.91 and a beta of 0.48. Waste Connections, Inc. has a twelve month low of $146.89 and a twelve month high of $188.09.

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 analysts' consensus estimates of $1.35 by $0.15. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter last year, the firm earned $1.29 earnings per share. The business's revenue for the quarter was up 6.4% on a year-over-year basis. Research analysts expect that Waste Connections, Inc. will post 5.62 EPS for the current fiscal year.

Waste Connections Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Waste Connections's dividend payout ratio is currently 33.73%.

Analyst Ratings Changes

WCN has been the subject of a number of research analyst reports. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating and set a $199.00 price objective on shares of Waste Connections in a report on Friday, July 24th. Barclays raised their price objective on Waste Connections from $180.00 to $187.00 and gave the company an "equal weight" rating in a report on Tuesday, July 28th. JPMorgan Chase & Co. dropped 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. Citigroup lifted their price target on shares of Waste Connections from $180.00 to $182.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Waste Connections in a research report on Friday, August 7th. Two equities research 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $200.89.

Waste Connections Company 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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