Ieq Capital LLC Buys New Stake in Waste Connections, Inc. $WCN

Key Points

• Ieq Capital LLC acquired 154,204 Waste Connections shares worth approximately $25.7 million during the second quarter, giving it a 0.06% stake. Institutional investors collectively own 86.09% of the company.
• Analysts maintain a broadly positive view, with a consensus “Moderate Buy” rating and an average price target of $200.89, above the reported share price of $169.81.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in earnings per share and $2.56 billion in revenue, up 6.4% year over year. The company also paid a quarterly dividend of $0.35, equivalent to a 0.8% annualized yield.

Ieq Capital LLC purchased a new position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 154,204 shares of the business services provider's stock, valued at approximately $25,704,000. Ieq Capital LLC owned approximately 0.06% of Waste Connections as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Measured Wealth Private Client Group LLC purchased a new stake in shares of Waste Connections in the 3rd quarter valued at $26,000. Transamerica Financial Advisors LLC lifted its stake in Waste Connections by 346.2% during the 4th quarter. Transamerica Financial Advisors LLC now owns 174 shares of the business services provider's stock worth $31,000 after acquiring an additional 135 shares in the last quarter. Whipplewood Advisors LLC boosted its holdings in Waste Connections by 1,166.7% during the 1st quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider's stock valued at $31,000 after acquiring an additional 175 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Waste Connections during the 4th quarter valued at about $36,000. Finally, Entrust Financial LLC acquired a new position in Waste Connections in the 4th quarter valued at about $37,000. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on WCN shares. 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. TD Cowen restated a "buy" rating and issued a $210.00 price objective (up from $200.00) on shares of Waste Connections in a report on Friday, July 24th. BMO Capital Markets reaffirmed an "outperform" rating and set a $208.00 target price (up from $206.00) on shares of Waste Connections in a research note on Friday, April 24th. Citigroup upped their target price on shares of Waste Connections from $180.00 to $182.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Waste Connections in a report on Friday, August 7th. Two 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, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $200.89.

Insider Activity

In other news, VP Patrick James Shea sold 7,500 shares of Waste Connections stock in a transaction on Friday, June 5th. The shares were sold at an average price of $156.26, for a total transaction of $1,171,950.00. Following the completion of the sale, the vice president directly owned 19,737 shares of the company's stock, valued at approximately $3,084,103.62. The trade was a 27.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Philip Rivard sold 2,500 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total transaction of $416,425.00. Following the transaction, the senior vice president owned 734 shares of the company's stock, valued at approximately $122,262.38. The trade was a 77.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 14,311 shares of company stock valued at $2,303,997. 0.27% of the stock is currently owned by company insiders.

Waste Connections Stock Performance

Shares of WCN opened at $169.81 on Friday. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $188.09. The stock has a market capitalization of $42.72 billion, a PE ratio of 40.92, a PEG ratio of 2.89 and a beta of 0.48. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a 50-day simple moving average of $166.53 and a 200-day simple moving average of $163.17.

Waste Connections (NYSE:WCN - Get Free Report) last released its earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share for the quarter, topping analysts' consensus estimates of $1.35 by $0.15. The firm had revenue of $2.56 billion for 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 business's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 earnings per share. On average, analysts predict that Waste Connections, Inc. will post 5.62 earnings per share for the current fiscal year.

Waste Connections Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were given a $0.35 dividend. The ex-dividend date of this dividend 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 is currently 33.73%.

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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