Corient Private Wealth LP Takes $5 Million Position in Waste Connections, Inc. $WCN

Key Points

• Corient Private Wealth LP acquired a new $5 million stake in Waste Connections during the second quarter, purchasing 29,997 shares. Institutional investors and hedge funds collectively own 86.09% of the company.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in EPS versus the $1.35 consensus and $2.56 billion in revenue, up 6.4% year over year. The company also pays a quarterly dividend of $0.35 per share, equivalent to a 0.8% annual yield.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $200.89, compared with the reported share price of $165.28.

Corient Private Wealth LP acquired a new stake in Waste Connections, Inc. (NYSE:WCN - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 29,997 shares of the business services provider's stock, valued at approximately $5,000,000.

A number of other institutional investors also recently bought and sold shares of the stock. Measured Wealth Private Client Group LLC purchased a new stake in Waste Connections during the 3rd quarter worth approximately $26,000. Group One Trading LLC acquired a new stake in shares of Waste Connections during the second quarter worth $30,000. Whipplewood Advisors LLC lifted its stake in shares of Waste Connections by 1,166.7% during the first quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider's stock worth $31,000 after buying an additional 175 shares during the period. Transamerica Financial Advisors LLC grew its holdings in shares of Waste Connections by 346.2% during the fourth quarter. Transamerica Financial Advisors LLC now owns 174 shares of the business services provider's stock valued at $31,000 after buying an additional 135 shares during the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Waste Connections during the fourth quarter valued at $36,000. 86.09% of the stock is currently owned by institutional investors and hedge funds.

Waste Connections Stock Down 0.4%

NYSE:WCN opened at $165.28 on Tuesday. 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's fifty day moving average price is $167.97 and its 200-day moving average price is $163.01. Waste Connections, Inc. has a 1-year low of $146.89 and a 1-year high of $185.33. The firm has a market capitalization of $41.58 billion, a P/E ratio of 39.83, a PEG ratio of 2.85 and a beta of 0.48.

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

Waste Connections Announces Dividend

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

Insider Buying and Selling

In other news, COO Jason Craft sold 1,500 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $156.59, for a total value of $234,885.00. Following the completion of the transaction, the chief operating officer owned 32,861 shares of the company's stock, valued at $5,145,703.99. The trade was a 4.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Philip Rivard sold 2,500 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total value of $416,425.00. Following the completion of the sale, the senior vice president owned 734 shares in the company, valued at $122,262.38. The trade was a 77.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 14,311 shares of company stock worth $2,303,997. Corporate insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

WCN has been the subject of a number of research analyst reports. Canadian Imperial Bank of Commerce restated an "outperform" rating and issued a $199.00 target price on shares of Waste Connections in a research note on Friday, July 24th. JPMorgan Chase & Co. dropped their price target on Waste Connections from $210.00 to $195.00 and set an "overweight" rating on the stock in a research note on Monday, July 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Waste Connections in a report on Friday, August 7th. Citigroup raised their price objective on Waste Connections from $180.00 to $182.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Finally, TD Cowen restated a "buy" rating and issued a $210.00 price objective (up from $200.00) on shares of Waste Connections in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Waste Connections currently has a consensus rating of "Moderate Buy" and a consensus price target of $200.89.

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.

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.