Cibc World Market Inc. Buys 214,176 Shares of Waste Connections, Inc. $WCN

Key Points

• CIBC World Markets increased its stake in Waste Connections by 11.7% in the fourth quarter, buying 214,176 additional shares and bringing its total holding to 2,044,769 shares worth about $358.7 million.
• Insider activity was mixed: VP James Little sold 2,605 shares, while CEO Ronald J. Mittelstaedt bought 50,000 shares, a sizable increase in his ownership.
• Wall Street remains broadly positive on WCN, with a consensus “Buy” rating and an average price target of $203.35, even as the stock traded around $150.87 and the company reported earnings that beat estimates but missed revenue expectations.

Cibc World Market Inc. grew its stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 11.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 2,044,769 shares of the business services provider's stock after acquiring an additional 214,176 shares during the quarter. Cibc World Market Inc. owned about 0.80% of Waste Connections worth $358,652,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Dynamic Technology Lab Private Ltd bought a new stake in shares of Waste Connections during the 3rd quarter worth $1,911,000. Cidel Asset Management Inc. lifted its position in shares of Waste Connections by 19.5% during the 3rd quarter. Cidel Asset Management Inc. now owns 163,675 shares of the business services provider's stock worth $28,780,000 after buying an additional 26,684 shares during the last quarter. Procyon Advisors LLC bought a new stake in shares of Waste Connections during the 4th quarter worth $1,908,000. Trium Capital LLP bought a new stake in shares of Waste Connections during the 4th quarter worth $1,995,000. Finally, Thrivent Financial for Lutherans lifted its position in shares of Waste Connections by 770.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 57,519 shares of the business services provider's stock worth $10,112,000 after buying an additional 50,911 shares during the last quarter. 86.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP James Little sold 2,605 shares of the firm's stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $163.98, for a total transaction of $427,167.90. Following the completion of the sale, the vice president owned 34,395 shares of the company's stock, valued at $5,640,092.10. This trade represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ronald J. Mittelstaedt bought 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average cost of $152.24 per share, with a total value of $7,612,000.00. Following the purchase, the chief executive officer directly owned 301,017 shares of the company's stock, valued at $45,826,828.08. This trade represents a 19.92% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.27% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on WCN. Barclays set a $180.00 price objective on Waste Connections and gave the stock an "equal weight" rating in a research report on Tuesday, April 28th. The Goldman Sachs Group restated a "buy" rating and set a $211.00 price objective on shares of Waste Connections in a research report on Thursday, April 23rd. Morgan Stanley set a $205.00 price objective on Waste Connections and gave the stock an "overweight" rating in a research report on Friday, February 13th. Weiss Ratings downgraded Waste Connections from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft set a $212.00 target price on Waste Connections in a research report on Friday, February 13th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $203.35.

Waste Connections Trading Up 1.2%

Shares of WCN stock opened at $150.87 on Thursday. The stock has a market cap of $38.28 billion, a price-to-earnings ratio of 36.80, a PEG ratio of 2.65 and a beta of 0.51. The stock has a 50-day moving average of $158.15 and a 200-day moving average of $165.91. 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 $193.62.

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, beating the consensus estimate of $1.19 by $0.04. Waste Connections had a return on equity of 16.49% and a net margin of 10.97%.The company had revenue of $2.33 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter in the prior year, the firm posted $1.13 earnings per share. The business's quarterly revenue was up 6.4% on a year-over-year basis. On average, equities research analysts forecast that Waste Connections, Inc. will post 5.5 earnings per share for the current year.

Waste Connections Dividend Announcement

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

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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