Empowered Funds LLC Buys Shares of 14,759 Waste Connections, Inc. $WCN

Key Points

• Empowered Funds LLC purchased 14,759 shares of Waste Connections in the second quarter, valued at approximately $2.46 million. Institutional investors collectively own 86.09% of the company.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in EPS versus the $1.35 consensus estimate and $2.56 billion in revenue, up 6.4% year over year.
• The company pays a quarterly dividend of $0.35, equivalent to $1.40 annually and a 0.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $200.89, above the reported share price of $164.06.

Empowered Funds LLC purchased a new stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,759 shares of the business services provider's stock, valued at approximately $2,460,000.

Other institutional investors have also modified their holdings of the company. United Capital Financial Advisors LLC acquired a new stake in Waste Connections in the second quarter valued at approximately $311,000. Centaurus Financial Inc. acquired a new position in shares of Waste Connections during the second quarter worth $5,521,000. Brasada Capital Management LP acquired a new position in shares of Waste Connections during the second quarter worth $14,426,000. Jefferies Financial Group Inc. purchased a new stake in shares of Waste Connections during the 2nd quarter valued at $987,000. Finally, PenderFund Capital Management Ltd. purchased a new stake in shares of Waste Connections during the 2nd quarter valued at $500,000. 86.09% of the stock is currently owned by institutional investors.

Waste Connections Price Performance

NYSE:WCN opened at $164.06 on Thursday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.17. Waste Connections, Inc. has a 52 week low of $146.89 and a 52 week high of $182.92. The stock's 50-day moving average price is $168.01 and its 200-day moving average price is $163.00. The stock has a market capitalization of $41.27 billion, a PE ratio of 39.53, a price-to-earnings-growth ratio of 2.81 and a beta of 0.48.

Waste Connections (NYSE:WCN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $1.50 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 analyst estimates of $2.51 billion. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The firm's revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.29 EPS. As a group, equities analysts expect that Waste Connections, Inc. will post 5.62 EPS for the current fiscal year.

Waste Connections Dividend Announcement

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

Insider Buying and Selling

In related news, COO Jason Craft sold 1,500 shares of Waste Connections stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $156.59, for a total transaction of $234,885.00. Following the transaction, the chief operating officer owned 32,861 shares in the company, valued at approximately $5,145,703.99. This trade represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Philip Rivard sold 2,500 shares of the firm's stock in a transaction on 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 directly owned 734 shares of the company's stock, valued at $122,262.38. This trade represents a 77.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 14,311 shares of company stock valued at $2,303,997. 0.27% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

WCN has been the topic of several recent analyst reports. Citigroup upped their target price on Waste Connections from $180.00 to $182.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. lowered their price target on Waste Connections from $210.00 to $195.00 and set an "overweight" rating for the company in a report on Monday, July 13th. Weiss Ratings restated a "hold (c)" rating on shares of Waste Connections in a research note on Friday, August 7th. UBS Group restated a "neutral" rating and set a $176.00 price objective (up from $170.00) on shares of Waste Connections in a report on Tuesday, August 4th. Finally, TD Cowen reaffirmed a "buy" rating and issued a $210.00 price objective (up from $200.00) on shares of Waste Connections in a research report on Friday, July 24th. Two 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 company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $200.89.

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.

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