Geode Capital Management LLC Buys 49,618 Shares of Waste Connections, Inc. $WCN

Key Points

• Geode Capital Management increased its stake in Waste Connections by 6.0% in the fourth quarter, buying 49,618 shares and bringing its total holdings to 873,578 shares worth about $160.5 million.
• Waste Connections reported better-than-expected EPS of $1.23 for the quarter, though revenue of $2.33 billion came in below analyst estimates. Revenue still rose 6.4% year over year, and analysts currently expect full-year EPS of 5.5.
• The company paid a quarterly dividend of $0.35 per share, implying an annualized yield of about 0.9%, while Wall Street maintains a consensus Buy rating with a price target of $203.35.

Geode Capital Management LLC raised its holdings in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 6.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 873,578 shares of the business services provider's stock after purchasing an additional 49,618 shares during the quarter. Geode Capital Management LLC owned approximately 0.34% of Waste Connections worth $160,481,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. City Holding Co. purchased a new stake in Waste Connections during the fourth quarter valued at about $26,000. Measured Wealth Private Client Group LLC purchased a new stake in Waste Connections during the third quarter valued at about $26,000. KERR FINANCIAL PLANNING Corp purchased a new stake in Waste Connections during the third quarter valued at about $30,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in Waste Connections during the fourth quarter valued at about $36,000. Finally, Entrust Financial LLC purchased a new stake in Waste Connections during the fourth quarter valued at about $37,000. 86.09% of the stock is owned by hedge funds and other institutional investors.

Waste Connections Price Performance

WCN stock opened at $150.87 on Thursday. The firm has a 50 day moving average of $158.15 and a 200-day moving average of $165.91. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.13. Waste Connections, Inc. has a 12 month low of $146.89 and a 12 month high of $193.62. The firm has a market capitalization of $38.28 billion, a P/E ratio of 36.80, a price-to-earnings-growth ratio of 2.65 and a beta of 0.51.

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

Waste Connections Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Wednesday, May 6th. Waste Connections's dividend payout ratio (DPR) is 34.15%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on WCN shares. Scotiabank set a $197.00 price objective on shares of Waste Connections and gave the company a "sector outperform" rating in a report on Friday, February 13th. TD Cowen dropped their price objective on shares of Waste Connections from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Friday, February 13th. Weiss Ratings downgraded shares of Waste Connections from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 13th. Stifel Nicolaus set a $213.00 price objective on shares of Waste Connections and gave the company a "buy" rating in a report on Friday, February 13th. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $208.00 price target (up from $206.00) on shares of Waste Connections in a report on Friday, April 24th. Four 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. Based on data from MarketBeat.com, Waste Connections currently has a consensus rating of "Buy" and a consensus price target of $203.35.

Insider Buying and Selling

In related news, VP James Little sold 2,605 shares of the company's stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $163.98, for a total value of $427,167.90. Following the transaction, the vice president directly owned 34,395 shares in the company, valued at approximately $5,640,092.10. This represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Eric Hansen sold 6,000 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $164.82, for a total transaction of $988,920.00. Following the completion of the transaction, the senior vice president owned 13,350 shares in the company, valued at approximately $2,200,347. This trade represents a 31.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.27% of the stock is owned by company insiders.

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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