Bank of Nova Scotia Purchases 51,810 Shares of Waste Connections, Inc. $WCN

Key Points

• Bank of Nova Scotia boosted its Waste Connections stake by 19.3% in the first quarter, buying 51,810 additional shares and bringing its total holding to 320,808 shares worth about $52.1 million.
• Waste Connections reported better-than-expected quarterly results, with EPS of $1.50 versus the $1.35 consensus and revenue of $2.56 billion, up 6.4% year over year.
• The company also announced a quarterly dividend of $0.35 per share, while analysts currently rate the stock a consensus Moderate Buy with an average price target of $202.05.

Bank of Nova Scotia increased its position in Waste Connections, Inc. (NYSE:WCN - Free Report) by 19.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 320,808 shares of the business services provider's stock after purchasing an additional 51,810 shares during the quarter. Bank of Nova Scotia owned approximately 0.13% of Waste Connections worth $52,112,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. City Holding Co. acquired a new position in Waste Connections during the fourth quarter worth approximately $26,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Waste Connections in the third quarter valued at approximately $26,000. Whipplewood Advisors LLC lifted its position in shares of Waste Connections by 1,166.7% in the first quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider's stock valued at $31,000 after buying an additional 175 shares during the last quarter. Transamerica Financial Advisors LLC boosted its stake in shares of 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 period. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Waste Connections during the 4th quarter worth approximately $36,000. 86.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Waste Connections

In other news, VP Patrick James Shea sold 7,500 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $156.26, for a total value of $1,171,950.00. Following the completion of the sale, the vice president owned 19,737 shares in the company, valued at $3,084,103.62. This represents a 27.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Jason Craft sold 1,500 shares of Waste Connections 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 transaction, the chief operating officer directly owned 32,861 shares in the company, valued at approximately $5,145,703.99. This represents a 4.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 17,605 shares of company stock valued at $2,822,923 over the last three months. 0.27% of the stock is currently owned by company insiders.

Waste Connections Stock Up 0.9%

Shares of NYSE:WCN opened at $169.52 on Friday. The company has a fifty day moving average of $161.36 and a 200-day moving average of $163.28. The company has a market capitalization of $42.78 billion, a PE ratio of 40.85, a price-to-earnings-growth ratio of 2.94 and a beta of 0.49. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.69 and a current ratio of 0.66. Waste Connections, Inc. has a 52-week low of $146.89 and a 52-week high of $191.91.

Waste Connections (NYSE:WCN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.15. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The firm had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.51 billion. During the same period in the prior year, the company posted $1.29 EPS. The company's revenue was up 6.4% on a year-over-year basis. On average, equities analysts predict that Waste Connections, Inc. will post 5.5 EPS for the current fiscal year.

Waste Connections Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, August 6th. Waste Connections's dividend payout ratio is presently 33.73%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on WCN shares. JPMorgan Chase & Co. cut their price target on Waste Connections from $210.00 to $195.00 and set an "overweight" rating for the company in a report on Monday, July 13th. Citigroup increased their price objective on shares of Waste Connections from $180.00 to $182.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Barclays set a $180.00 target price on shares of Waste Connections and gave the stock an "equal weight" rating in a research note on Tuesday, April 28th. Weiss Ratings downgraded shares of Waste Connections from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 13th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $218.00 price target (up from $210.00) on shares of Waste Connections in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Waste Connections presently has a consensus rating of "Moderate Buy" and an average price target of $202.05.

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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