Canada Pension Plan Investment Board Makes New $284.44 Million Investment in Waste Connections, Inc. $WCN

Key Points

• Canada Pension Plan Investment Board acquired 1.71 million Waste Connections shares worth approximately $284.4 million, giving it a 0.68% stake. Institutional investors collectively own 86.09% of the company.
• Analysts remain broadly positive, with Waste Connections receiving a consensus “Moderate Buy” rating and an average price target of $200.89, compared with shares recently trading around $166.
• The company exceeded quarterly expectations, reporting $1.50 in adjusted EPS and $2.56 billion in revenue, up 6.4% year over year. Waste Connections also declared a quarterly dividend of $0.35 per share, representing a 0.8% annualized yield.

Canada Pension Plan Investment Board bought a new stake in Waste Connections, Inc. (NYSE:WCN - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,708,241 shares of the business services provider's stock, valued at approximately $284,440,000. Canada Pension Plan Investment Board owned about 0.68% of Waste Connections at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in WCN. Measured Wealth Private Client Group LLC acquired a new stake in shares of Waste Connections during the 3rd quarter worth approximately $26,000. Group One Trading LLC acquired a new position in Waste Connections in the second quarter valued at approximately $30,000. Whipplewood Advisors LLC grew its position in Waste Connections by 1,166.7% in the first quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider's stock worth $31,000 after acquiring an additional 175 shares during the period. Transamerica Financial Advisors LLC grew its position in Waste Connections by 346.2% in the fourth 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 stake in Waste Connections during the fourth quarter worth $36,000. Hedge funds and other institutional investors own 86.09% of the company's stock.

Wall Street Analysts Forecast Growth

WCN has been the topic of a number of research analyst reports. Citigroup lifted their target price on Waste Connections from $180.00 to $182.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. TD Cowen reiterated a "buy" rating and set a $210.00 price target (up from $200.00) 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 stock an "equal weight" rating in a research report on Tuesday, July 28th. Canadian Imperial Bank of Commerce restated an "outperform" rating and issued a $199.00 price objective on shares of Waste Connections in a report on Friday, July 24th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Waste Connections from $210.00 to $195.00 and set an "overweight" rating on the stock in a research report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Waste Connections has a consensus rating of "Moderate Buy" and an average target price of $200.89.

Insider Transactions at Waste Connections

In other Waste Connections news, VP Patrick James Shea sold 7,500 shares of the business's stock in a transaction dated 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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Philip Rivard sold 2,500 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total transaction of $416,425.00. Following 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 SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 14,311 shares of company stock valued at $2,303,997. Insiders own 0.27% of the company's stock.

Waste Connections Stock Down 1.5%

Shares of NYSE WCN opened at $166.36 on Wednesday. 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 business's 50 day moving average is $167.00 and its two-hundred day moving average is $163.13. Waste Connections, Inc. has a 52-week low of $146.89 and a 52-week high of $185.33. The firm has a market cap of $41.85 billion, a price-to-earnings ratio of 40.09, a PEG ratio of 2.90 and a beta of 0.48.

Waste Connections (NYSE:WCN - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $1.50 EPS for the quarter, topping the consensus estimate of $1.35 by $0.15. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same period last year, the business posted $1.29 earnings per share. The company's quarterly revenue was up 6.4% on a year-over-year basis. Research analysts predict that Waste Connections, Inc. will post 5.62 EPS for the current year.

Waste Connections Announces Dividend

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

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source