CIBC Asset Management Inc Sells 28,642 Shares of Waste Connections, Inc. $WCN

Key Points

• CIBC Asset Management trimmed its Waste Connections stake by 1.4% in the fourth quarter, selling 28,642 shares and ending with about 1.96 million shares worth roughly $345.3 million.
• Insider activity was mixed: VP James Little sold shares in late April, while CEO Ronald J. Mittelstaedt bought 50,000 shares in mid-May, boosting his ownership nearly 20%.
• Analysts remain bullish on Waste Connections, with a consensus Buy rating and average price target of $203.35, even as the stock traded near its 52-week low and fell 0.4% on the day.

CIBC Asset Management Inc reduced its holdings in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,962,470 shares of the business services provider's stock after selling 28,642 shares during the quarter. Waste Connections accounts for 0.8% of CIBC Asset Management Inc's portfolio, making the stock its 28th biggest holding. CIBC Asset Management Inc owned about 0.77% of Waste Connections worth $345,313,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Waste Connections

In other Waste Connections news, VP James Little sold 2,605 shares of the company's stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $163.98, for a total value of $427,167.90. Following the completion of the sale, the vice president owned 34,395 shares in the company, valued at $5,640,092.10. This represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ronald J. Mittelstaedt acquired 50,000 shares of the firm's stock in a transaction dated Tuesday, May 12th. The stock was bought at an average cost of $152.24 per share, for a total transaction of $7,612,000.00. Following the purchase, the chief executive officer directly owned 301,017 shares of the company's stock, valued at approximately $45,826,828.08. This trade represents a 19.92% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on WCN. Wolfe Research assumed coverage on shares of Waste Connections in a research report on Friday, March 13th. They set an "outperform" rating and a $199.00 price objective on the stock. BMO Capital Markets reaffirmed an "outperform" rating and issued a $208.00 target price (up from $206.00) on shares of Waste Connections in a research report on Friday, April 24th. JPMorgan Chase & Co. boosted their target price on shares of Waste Connections from $195.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. Stifel Nicolaus set a $213.00 price target on Waste Connections and gave the company a "buy" rating in a report on Friday, February 13th. Finally, Deutsche Bank Aktiengesellschaft set a $212.00 price objective on Waste Connections in a report on Friday, February 13th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $203.35.

Waste Connections Stock Down 0.4%

WCN opened at $148.93 on Wednesday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.13. Waste Connections, Inc. has a 1-year low of $146.89 and a 1-year high of $195.82. The company has a market capitalization of $37.79 billion, a PE ratio of 36.33, a PEG ratio of 2.65 and a beta of 0.51. The firm's 50 day simple moving average is $158.66 and its two-hundred day simple moving average is $166.17.

Waste Connections (NYSE:WCN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.04. The business had revenue of $2.33 billion for the quarter, compared to analysts' expectations of $2.50 billion. Waste Connections had a net margin of 10.97% and a return on equity of 16.49%. The company's revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.13 EPS. As a group, equities analysts forecast that Waste Connections, Inc. will post 5.5 EPS for the current year.

Waste Connections Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, May 6th. Waste Connections's payout ratio is currently 34.15%.

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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