Mitsubishi UFJ Asset Management Co. Ltd. Takes $50.89 Million Position in Waste Connections, Inc. $WCN

Key Points

• Mitsubishi UFJ Asset Management purchased 305,302 Waste Connections shares worth approximately $50.9 million, while institutional investors collectively own 86.09% of the company.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus rating and an average price target of $200.89, above the reported share price of $169.10.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in EPS and $2.56 billion in revenue, while declaring a quarterly dividend of $0.35 per share, yielding about 0.8% annually.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 305,302 shares of the business services provider's stock, valued at approximately $50,891,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.12% of Waste Connections as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in Waste Connections by 0.9% during the 1st quarter. Royal Bank of Canada now owns 12,210,661 shares of the business services provider's stock valued at $1,983,500,000 after purchasing an additional 106,763 shares during the last quarter. Capital International Investors increased its holdings in shares of Waste Connections by 28.2% in the 4th quarter. Capital International Investors now owns 6,468,259 shares of the business services provider's stock worth $1,134,781,000 after purchasing an additional 1,420,921 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Waste Connections by 37.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider's stock worth $835,370,000 after purchasing an additional 1,289,042 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Waste Connections by 5.0% in the fourth quarter. Wellington Management Group LLP now owns 4,675,737 shares of the business services provider's stock worth $819,939,000 after purchasing an additional 220,575 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Waste Connections during the fourth quarter valued at $697,519,000. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on WCN shares. Barclays lifted their price objective on Waste Connections from $180.00 to $187.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 28th. BMO Capital Markets restated 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. JPMorgan Chase & Co. dropped their price target on shares of Waste Connections from $210.00 to $195.00 and set an "overweight" rating on the stock in a report on Monday, July 13th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $218.00 price target (up from $210.00) on shares of Waste Connections in a research note on Friday, April 24th. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $199.00 price objective on shares of Waste Connections in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $200.89.

Insider Activity

In related news, COO Jason Craft sold 1,500 shares of the firm'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 value of $234,885.00. Following the transaction, the chief operating officer 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Robert Michael Cloninger sold 2,811 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $171.02, for a total transaction of $480,737.22. Following the sale, the senior vice president owned 11,666 shares of the company's stock, valued at $1,995,119.32. This trade represents a 19.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 11,811 shares of company stock valued at $1,887,572 in the last quarter. 0.27% of the stock is currently owned by insiders.

Waste Connections Stock Performance

WCN stock opened at $169.10 on Thursday. The company has a market cap of $42.54 billion, a P/E ratio of 40.75, a price-to-earnings-growth ratio of 2.84 and a beta of 0.48. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $188.75. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.66. The stock's fifty day moving average price is $165.99 and its 200-day moving average price is $163.11.

Waste Connections (NYSE:WCN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $1.50 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 company had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.51 billion. During the same quarter in the prior year, the business earned $1.29 earnings per share. Waste Connections's revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts forecast that Waste Connections, Inc. will post 5.62 earnings per share for the current year.

Waste Connections Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Thursday, August 6th. Waste Connections's 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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