Legacy Wealth Asset Management LLC Increases Holdings in Waste Connections, Inc. $WCN

Key Points

• Legacy Wealth Asset Management increased its Waste Connections stake by 68.1% in the second quarter, bringing its holdings to 15,966 shares valued at approximately $2.66 million. Institutional investors collectively own 86.09% of the company.
• Waste Connections reported quarterly EPS of $1.50, beating consensus estimates of $1.35, while revenue rose 6.4% year over year to $2.56 billion. Analysts expect full-year EPS of $5.62.
• The company declared a quarterly dividend of $0.35 per share, 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.

Legacy Wealth Asset Management LLC increased its position in Waste Connections, Inc. (NYSE:WCN - Free Report) by 68.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,966 shares of the business services provider's stock after acquiring an additional 6,470 shares during the period. Waste Connections comprises about 0.6% of Legacy Wealth Asset Management LLC's investment portfolio, making the stock its 28th biggest holding. Legacy Wealth Asset Management LLC's holdings in Waste Connections were worth $2,661,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Integrated Wealth Concepts LLC purchased a new stake in Waste Connections in the first quarter worth about $577,000. Invesco Ltd. lifted its position in shares of Waste Connections by 12.8% during the 2nd quarter. Invesco Ltd. now owns 219,290 shares of the business services provider's stock valued at $40,946,000 after buying an additional 24,948 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Waste Connections by 2.9% during the 2nd quarter. First Trust Advisors LP now owns 24,463 shares of the business services provider's stock valued at $4,572,000 after buying an additional 688 shares in the last quarter. Jump Financial LLC bought a new position in shares of Waste Connections during the 2nd quarter valued at approximately $2,714,000. Finally, State Street Corp grew its stake in shares of Waste Connections by 1.0% during the 2nd quarter. State Street Corp now owns 1,808,631 shares of the business services provider's stock valued at $337,708,000 after acquiring an additional 17,197 shares during the period. Hedge funds and other institutional investors own 86.09% of the company's stock.

Waste Connections Trading Down 0.0%

WCN stock opened at $166.66 on Monday. The firm has a fifty day moving average price of $163.99 and a 200 day moving average price of $163.24. Waste Connections, Inc. has a fifty-two week low of $146.89 and a fifty-two week high of $191.00. The firm has a market cap of $41.93 billion, a PE ratio of 40.16, a price-to-earnings-growth ratio of 2.86 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.

Waste Connections (NYSE:WCN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.35 by $0.15. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the prior year, the business posted $1.29 earnings per share. The company's quarterly revenue was up 6.4% compared to the same quarter last year. Sell-side analysts anticipate that Waste Connections, Inc. will post 5.62 earnings per share for the current fiscal year.

Waste Connections Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, August 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Waste Connections's dividend payout ratio (DPR) is presently 33.73%.

Analyst Ratings Changes

A number of analysts have recently issued reports on WCN shares. Barclays increased their price objective on shares of Waste Connections from $180.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 28th. Citigroup lifted their target price on shares of Waste Connections from $180.00 to $182.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $218.00 target price (up from $210.00) on shares of Waste Connections in a report on Friday, April 24th. Weiss Ratings lowered Waste Connections from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 13th. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $199.00 price target on shares of Waste Connections in a report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $200.89.

Insider Activity at Waste Connections

In related news, CEO Ronald J. Mittelstaedt purchased 50,000 shares of the firm's stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average price of $152.24 per share, with a total value of $7,612,000.00. Following the completion of the purchase, 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. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Jason Craft sold 1,500 shares of Waste Connections stock in a transaction on Friday, June 5th. The shares were sold at an average price of $156.59, for a total value of $234,885.00. Following the sale, the chief operating officer directly owned 32,861 shares of the company's stock, valued at approximately $5,145,703.99. This trade represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 11,811 shares of company stock valued at $1,887,572 in the last quarter. Corporate insiders own 0.27% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source