Cidel Asset Management Inc. Has $33.01 Million Holdings in Waste Connections, Inc. $WCN

Key Points

• Cidel Asset Management increased its Waste Connections stake by 4.2% in the second quarter, holding 198,091 shares worth approximately $33.01 million. Institutional investors collectively own 86.09% of the company.
• Analysts maintain a generally positive outlook, with Waste Connections receiving a consensus “Moderate Buy” rating and an average price target of $200.89, despite some mixed target-price revisions.
• Waste Connections exceeded quarterly expectations, reporting $1.50 EPS versus a $1.35 estimate and $2.56 billion in revenue. The company also paid a quarterly dividend of $0.35 per share, equal to a 0.9% annualized yield.

Cidel Asset Management Inc. boosted its position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 4.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 198,091 shares of the business services provider's stock after purchasing an additional 8,025 shares during the period. Waste Connections comprises 1.6% of Cidel Asset Management Inc.'s holdings, making the stock its 16th largest position. Cidel Asset Management Inc. owned approximately 0.08% of Waste Connections worth $33,006,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. Pinnacle Wealth Management Advisory Group LLC bought a new stake in Waste Connections in the 2nd quarter valued at approximately $397,000. Integrated Wealth Concepts LLC raised its holdings in shares of Waste Connections by 124.7% in the second quarter. Integrated Wealth Concepts LLC now owns 17,359 shares of the business services provider's stock valued at $2,894,000 after purchasing an additional 9,634 shares during the last quarter. Maven Securities LTD acquired a new stake in shares of Waste Connections in the second quarter valued at approximately $2,976,000. NewEdge Advisors LLC lifted its position in shares of Waste Connections by 43.5% in the second quarter. NewEdge Advisors LLC now owns 12,900 shares of the business services provider's stock worth $2,150,000 after purchasing an additional 3,912 shares in the last quarter. Finally, IFP Advisors Inc boosted its holdings in Waste Connections by 124.2% during the second quarter. IFP Advisors Inc now owns 2,179 shares of the business services provider's stock worth $363,000 after purchasing an additional 1,207 shares during the last quarter. 86.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on WCN. UBS Group reissued 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. JPMorgan Chase & Co. lowered their price target on Waste Connections from $210.00 to $195.00 and set an "overweight" rating on the stock in a research report on Monday, July 13th. Barclays lifted their price objective on shares of Waste Connections from $180.00 to $187.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 28th. Weiss Ratings reissued a "hold (c)" rating on shares of Waste Connections in a research report on Friday, August 7th. Finally, Citigroup raised their target price on shares of Waste Connections from $180.00 to $182.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Waste Connections has a consensus rating of "Moderate Buy" and a consensus target price of $200.89.

Insider Transactions at Waste Connections

In related news, SVP Robert Cloninger sold 2,811 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $171.02, for a total value of $480,737.22. Following the completion of the transaction, the senior vice president owned 11,666 shares in the company, valued at $1,995,119.32. This trade represents a 19.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Philip Rivard sold 2,500 shares of Waste Connections 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 sale, the senior vice president owned 734 shares in the company, valued at approximately $122,262.38. This represents a 77.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.27% of the company's stock.

Waste Connections Price Performance

WCN stock opened at $163.15 on Wednesday. The stock has a market cap of $41.04 billion, a price-to-earnings ratio of 39.31, a P/E/G ratio of 2.83 and a beta of 0.48. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.66. The company has a 50 day simple moving average of $167.84 and a 200 day simple moving average of $163.11. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $179.74.

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, topping the consensus estimate of $1.35 by $0.15. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.51 billion. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The company's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.29 earnings per share. Research analysts anticipate that Waste Connections, Inc. will post 5.62 EPS for the current fiscal year.

Waste Connections Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Thursday, August 6th. Waste Connections's dividend payout ratio (DPR) is presently 33.73%.

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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