BlackRock Inc. purchased a new position in Waste Connections, Inc. (NYSE:WCN - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,370,788 shares of the business services provider's stock, valued at approximately $1,061,947,000. BlackRock Inc. owned about 2.52% of Waste Connections at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new stake in shares of Waste Connections during the fourth quarter valued at $697,519,000. Capital International Investors grew its stake in Waste Connections by 28.2% during the 4th quarter. Capital International Investors now owns 6,468,259 shares of the business services provider's stock valued at $1,134,781,000 after purchasing an additional 1,420,921 shares during the last quarter. Deutsche Bank AG acquired a new position in shares of Waste Connections in the second quarter valued at about $235,075,000. JPMorgan Chase & Co. raised its stake in shares of Waste Connections by 37.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider's stock worth $835,370,000 after purchasing an additional 1,289,042 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Waste Connections by 39.6% in the third quarter. Wellington Management Group LLP now owns 4,455,162 shares of the business services provider's stock worth $783,218,000 after purchasing an additional 1,264,150 shares during the last quarter. Hedge funds and other institutional investors own 86.09% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have commented on WCN. Canadian Imperial Bank of Commerce restated an "outperform" rating and set a $199.00 price objective on shares of Waste Connections in a research note on Friday, July 24th. JPMorgan Chase & Co. decreased their price objective on Waste Connections from $210.00 to $195.00 and set an "overweight" rating for the company in a report on Monday, July 13th. TD Cowen restated 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. BMO Capital Markets reaffirmed an "outperform" rating and set a $208.00 target price (up from $206.00) on shares of Waste Connections in a report on Friday, April 24th. Finally, UBS Group reiterated a "neutral" rating and set a $176.00 price target (up from $170.00) on shares of Waste Connections in a research report on Tuesday, August 4th. Two 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $200.89.
View Our Latest Report on WCN
Waste Connections Price Performance
Waste Connections stock opened at $169.81 on Friday. The company's 50 day simple moving average is $166.53 and its 200-day simple moving average is $163.17. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.66 and a current ratio of 0.66. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $188.09. The company has a market capitalization of $42.72 billion, a price-to-earnings ratio of 40.92, a price-to-earnings-growth ratio of 2.89 and a beta of 0.48.
Waste Connections (NYSE:WCN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $1.50 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 company had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.51 billion. During the same quarter last year, the company posted $1.29 EPS. The firm's revenue was up 6.4% compared to the same quarter last year. As a group, equities research analysts expect that Waste Connections, Inc. will post 5.62 earnings per share for the current year.
Waste Connections Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a $0.35 dividend. The ex-dividend date was Thursday, August 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Waste Connections's payout ratio is currently 33.73%.
Insider Transactions at Waste Connections
In other Waste Connections 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 sale, the senior vice president directly owned 734 shares of the company's stock, valued at approximately $122,262.38. This trade represents a 77.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Patrick James Shea sold 7,500 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $156.26, for a total transaction of $1,171,950.00. Following the completion of the transaction, the vice president directly owned 19,737 shares in the company, valued at $3,084,103.62. This represents a 27.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 14,311 shares of company stock valued at $2,303,997 over the last ninety days. 0.27% of the stock is owned by insiders.
About Waste Connections
(
Free Report)
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.
Further Reading
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