Hsbc Holdings PLC Sells 98,127 Shares of Waste Connections, Inc. $WCN

Key Points

• Hsbc Holdings PLC reduced its Waste Connections position by 44.9% in the fourth quarter, selling 98,127 shares and leaving it with 120,378 shares valued at about $21.1 million.
• Insider activity was mixed: SVP Eric Hansen sold 6,000 shares, while CEO Ronald J. Mittelstaedt bought 50,000 shares, increasing his stake by nearly 20%.
• Analysts remain generally positive on Waste Connections, with a Moderate Buy consensus and an average price target of $202.84; the company also recently beat earnings expectations, reporting $1.23 EPS versus $1.19 expected.

Hsbc Holdings PLC cut its position in Waste Connections, Inc. (NYSE:WCN - Free Report) by 44.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,378 shares of the business services provider's stock after selling 98,127 shares during the period. Hsbc Holdings PLC's holdings in Waste Connections were worth $21,145,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ritholtz Wealth Management boosted its holdings in Waste Connections by 2.1% in the fourth quarter. Ritholtz Wealth Management now owns 3,042 shares of the business services provider's stock worth $533,000 after acquiring an additional 64 shares in the last quarter. Kestra Private Wealth Services LLC increased its holdings in shares of Waste Connections by 2.6% during the third quarter. Kestra Private Wealth Services LLC now owns 2,556 shares of the business services provider's stock valued at $449,000 after acquiring an additional 64 shares in the last quarter. WPG Advisers LLC increased its holdings in shares of Waste Connections by 7.7% during the fourth quarter. WPG Advisers LLC now owns 919 shares of the business services provider's stock valued at $161,000 after acquiring an additional 66 shares in the last quarter. RDA Financial Network raised its position in shares of Waste Connections by 2.8% during the fourth quarter. RDA Financial Network now owns 2,459 shares of the business services provider's stock worth $431,000 after purchasing an additional 67 shares during the period. Finally, Wilmington Savings Fund Society FSB raised its position in shares of Waste Connections by 12.4% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 607 shares of the business services provider's stock worth $106,000 after purchasing an additional 67 shares during the period. 86.09% of the stock is owned by institutional investors.

Insider Transactions at Waste Connections

In related news, SVP Eric Hansen sold 6,000 shares of Waste Connections stock in a transaction 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 sale, the senior vice president directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ronald J. Mittelstaedt acquired 50,000 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was acquired at an average cost of $152.24 per share, for a total transaction of $7,612,000.00. Following the transaction, 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 position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have sold 17,605 shares of company stock worth $2,822,923. 0.27% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have weighed in on WCN shares. JPMorgan Chase & Co. upped their price objective on shares of Waste Connections from $195.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, April 24th. Barclays set a $180.00 price objective on shares of Waste Connections and gave the company an "equal weight" rating in a report on Tuesday, April 28th. Royal Bank Of Canada reissued an "outperform" rating and set a $218.00 target price (up from $210.00) on shares of Waste Connections in a research report on Friday, April 24th. Weiss Ratings lowered shares of Waste Connections from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 13th. Finally, Wolfe Research started coverage on shares of Waste Connections in a research report on Friday, March 13th. They issued an "outperform" rating and a $199.00 price target on the stock. Three analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Waste Connections presently has a consensus rating of "Moderate Buy" and a consensus target price of $202.84.

Waste Connections Stock Performance

NYSE WCN opened at $173.00 on Wednesday. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $191.91. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market cap of $43.89 billion, a price-to-earnings ratio of 42.20, a PEG ratio of 2.98 and a beta of 0.49. The company has a fifty day moving average price of $157.79 and a 200-day moving average price of $163.77.

Waste Connections (NYSE:WCN - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share 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 for the quarter, compared to analyst estimates of $2.50 billion. During the same period last year, the firm earned $1.13 earnings per share. The firm's revenue was up 6.4% on a year-over-year basis. As a group, equities research analysts predict that Waste Connections, Inc. will post 5.49 EPS for the current fiscal year.

Waste Connections Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. Waste Connections's dividend payout ratio (DPR) is currently 34.15%.

Waste Connections Company 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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