Cidel Asset Management Inc. Increases Stock Holdings in Waste Connections, Inc. $WCN

Key Points

• Cidel Asset Management increased its stake in Waste Connections by 180.5% in the first quarter, buying 122,313 additional shares to bring its total to 190,066 shares.
• Waste Connections reported Q1 earnings of $1.23 per share, topping analyst estimates, though revenue of $2.33 billion came in below expectations; the company also maintained a quarterly dividend of $0.35 per share.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $202.84, while CEO Ronald J. Mittelstaedt recently bought 50,000 shares in an insider purchase.

Cidel Asset Management Inc. raised its position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 180.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 190,066 shares of the business services provider's stock after purchasing an additional 122,313 shares during the quarter. Waste Connections accounts for approximately 1.7% of Cidel Asset Management Inc.'s holdings, making the stock its 17th biggest position. Cidel Asset Management Inc. owned about 0.07% of Waste Connections worth $30,783,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Krilogy Financial LLC raised its holdings in Waste Connections by 42.6% in the 1st quarter. Krilogy Financial LLC now owns 2,931 shares of the business services provider's stock worth $469,000 after purchasing an additional 875 shares during the period. Athena Wealth Management LLC lifted its holdings in shares of Waste Connections by 11.8% in the first quarter. Athena Wealth Management LLC now owns 1,607 shares of the business services provider's stock worth $261,000 after buying an additional 170 shares in the last quarter. SG Americas Securities LLC lifted its stake in Waste Connections by 19.1% in the 1st quarter. SG Americas Securities LLC now owns 277,968 shares of the business services provider's stock worth $45,153,000 after purchasing an additional 44,491 shares in the last quarter. Fisher Funds Management LTD lifted its stake in Waste Connections by 23.1% in the 1st quarter. Fisher Funds Management LTD now owns 196,508 shares of the business services provider's stock worth $31,921,000 after purchasing an additional 36,895 shares in the last quarter. Finally, Diversified Trust Co boosted its holdings in shares of Waste Connections by 55.5% during the 1st quarter. Diversified Trust Co now owns 6,717 shares of the business services provider's stock valued at $1,091,000 after purchasing an additional 2,396 shares during the last quarter. Hedge funds and other institutional investors own 86.09% of the company's stock.

Waste Connections Stock Up 4.0%

NYSE WCN opened at $159.58 on Wednesday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 1.13. Waste Connections, Inc. has a 52 week low of $146.89 and a 52 week high of $191.91. The firm has a market capitalization of $40.49 billion, a price-to-earnings ratio of 38.92, a PEG ratio of 2.72 and a beta of 0.51. The company has a fifty day moving average of $156.44 and a two-hundred day moving average of $164.11.

Waste Connections (NYSE:WCN - Get Free Report) last released its earnings results on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.04. Waste Connections had a net margin of 10.97% and a return on equity of 16.49%. The firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the business earned $1.13 EPS. The business's revenue was up 6.4% on a year-over-year basis. On average, analysts predict that Waste Connections, Inc. will post 5.5 earnings per share for the current year.

Waste Connections Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were paid a $0.35 dividend. 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 presently 34.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on WCN shares. Weiss Ratings cut Waste Connections from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 13th. JPMorgan Chase & Co. increased their price target on Waste Connections from $195.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. Royal Bank Of Canada restated an "outperform" rating and set a $218.00 price target (up from $210.00) on shares of Waste Connections in a report on Friday, April 24th. Wolfe Research started 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 for the company. Finally, Barclays set a $180.00 price objective on Waste Connections and gave the stock an "equal weight" rating in a research note on Tuesday, April 28th. Three research 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $202.84.

Insider Buying and Selling at Waste Connections

In other Waste Connections news, CEO Ronald J. Mittelstaedt purchased 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased 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 owned 301,017 shares of the company's stock, valued at approximately $45,826,828.08. The trade was a 19.92% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Eric Hansen sold 6,000 shares of the business's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $164.82, for a total value of $988,920.00. Following the transaction, the senior vice president owned 13,350 shares of the company's stock, valued at approximately $2,200,347. The trade was a 31.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 17,605 shares of company stock valued at $2,822,923. 0.27% of the stock is owned by company insiders.

Waste Connections 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.

Want to see what other hedge funds are holding WCN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Waste Connections, Inc. (NYSE:WCN - Free Report).

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.