Evolve Private Wealth LLC Purchases New Holdings in Waste Connections, Inc. $WCN

Key Points

• Evolve Private Wealth LLC initiated a position in Waste Connections during the second quarter, purchasing 6,131 shares valued at approximately $1.02 million. Institutional investors collectively own 86.09% of the company.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in earnings per share versus the $1.35 consensus estimate and revenue of $2.56 billion, up 6.4% year over year.
• The company declared a quarterly dividend of $0.35, equivalent to $1.40 annually and a 0.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $200.89.

Evolve Private Wealth LLC bought a new position in Waste Connections, Inc. (NYSE:WCN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,131 shares of the business services provider's stock, valued at approximately $1,022,000.

A number of other institutional investors have also recently modified their holdings of WCN. Kestra Private Wealth Services LLC increased its holdings in shares of Waste Connections by 2.6% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 2,556 shares of the business services provider's stock valued at $449,000 after purchasing an additional 64 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Waste Connections by 1.5% during the first quarter. EverSource Wealth Advisors LLC now owns 4,312 shares of the business services provider's stock worth $701,000 after purchasing an additional 65 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in shares of Waste Connections by 12.4% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 607 shares of the business services provider's stock worth $106,000 after buying an additional 67 shares in the last quarter. TD Private Client Wealth LLC raised its position in Waste Connections by 21.1% during the fourth quarter. TD Private Client Wealth LLC now owns 407 shares of the business services provider's stock worth $71,000 after acquiring an additional 71 shares during the last quarter. Finally, Lido Advisors LLC grew its position in shares of Waste Connections by 2.4% in the fourth quarter. Lido Advisors LLC now owns 3,056 shares of the business services provider's stock valued at $537,000 after purchasing an additional 72 shares during the last quarter. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, COO Jason Craft sold 1,500 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $156.59, for a total transaction of $234,885.00. Following the sale, the chief operating officer owned 32,861 shares in the company, valued at $5,145,703.99. The trade was a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Robert Michael Cloninger sold 2,811 shares of the stock in a transaction 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 sale, the senior vice president owned 11,666 shares of the company's stock, valued at $1,995,119.32. The trade was a 19.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 14,311 shares of company stock valued at $2,303,997. 0.27% of the stock is owned by insiders.

Waste Connections Stock Performance

Shares of NYSE WCN opened at $169.81 on Monday. Waste Connections, Inc. has a 12-month low of $146.89 and a 12-month high of $188.09. The company has a market cap of $42.72 billion, a PE ratio of 40.92, a P/E/G ratio of 2.91 and a beta of 0.48. The stock has a 50 day simple moving average of $166.53 and a 200-day simple moving average of $163.13. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.17.

Waste Connections (NYSE:WCN - Get Free Report) last announced its 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 firm had revenue of $2.56 billion for the quarter, compared to analysts' expectations of $2.51 billion. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The firm's quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.29 earnings per share. On average, equities research analysts forecast that Waste Connections, Inc. will post 5.62 EPS for the current year.

Waste Connections Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. Waste Connections's dividend payout ratio is currently 33.73%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Waste Connections in a research report on Friday, August 7th. TD Cowen restated a "buy" rating and set a $210.00 price objective (up from $200.00) on shares of Waste Connections in a report on Friday, July 24th. Barclays lifted their price target on shares of Waste Connections from $180.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 28th. Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $199.00 price target on shares of Waste Connections in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Waste Connections from $210.00 to $195.00 and set an "overweight" rating for the company in a research report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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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