Norges Bank Makes New Investment in Waste Connections, Inc. $WCN

Key Points

• Norges Bank disclosed a new position in Waste Connections, buying 3,977,490 shares worth about $697.5 million and ending the quarter with roughly 1.56% ownership of the company.
• Waste Connections reported quarterly EPS of $1.23, topping estimates by $0.04, while revenue rose 6.4% year over year to $2.33 billion even though it came in below Wall Street forecasts.
• The company paid a quarterly dividend of $0.35 per share, and analysts remain broadly bullish with an average Buy rating and a consensus price target of about $203.35.

Norges Bank bought a new position in Waste Connections, Inc. (NYSE:WCN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,977,490 shares of the business services provider's stock, valued at approximately $697,519,000. Norges Bank owned approximately 1.56% of Waste Connections at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. City Holding Co. purchased a new stake in Waste Connections in the fourth quarter worth approximately $26,000. Measured Wealth Private Client Group LLC purchased a new stake in Waste Connections in the third quarter worth approximately $26,000. KERR FINANCIAL PLANNING Corp purchased a new stake in Waste Connections in the third quarter worth approximately $30,000. Greykasell Wealth Strategies Inc. boosted its stake in Waste Connections by 555.2% in the third quarter. Greykasell Wealth Strategies Inc. now owns 190 shares of the business services provider's stock worth $33,000 after buying an additional 161 shares in the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in Waste Connections in the fourth quarter worth approximately $36,000. Hedge funds and other institutional investors own 86.09% of the company's stock.

Waste Connections Stock Performance

Shares of WCN stock opened at $149.13 on Monday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $38.06 billion, a price-to-earnings ratio of 36.37, a PEG ratio of 2.65 and a beta of 0.51. The stock has a fifty day moving average of $158.96 and a 200 day moving average of $166.29. Waste Connections, Inc. has a 52 week low of $148.84 and a 52 week high of $197.35.

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

Waste Connections Announces Dividend

The company also recently disclosed 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 yield of 0.9%. Waste Connections's dividend payout ratio (DPR) is currently 34.15%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $211.00 target price on shares of Waste Connections in a research note on Thursday, April 23rd. JPMorgan Chase & Co. increased their price objective on Waste Connections from $195.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. Wolfe Research initiated coverage on Waste Connections in a research note on Friday, March 13th. They set an "outperform" rating and a $199.00 price objective for the company. Royal Bank Of Canada reissued an "outperform" rating and set a $218.00 price objective (up from $210.00) on shares of Waste Connections in a research note on Friday, April 24th. Finally, TD Cowen dropped their price objective on Waste Connections from $210.00 to $200.00 and set a "buy" rating for the company in a research note on Friday, February 13th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $203.35.

Insider Buying and Selling at Waste Connections

In other Waste Connections news, VP James Little sold 2,605 shares of the firm's stock in a transaction on Monday, April 27th. The stock was sold at an average price of $163.98, for a total transaction of $427,167.90. Following the completion of the transaction, the vice president owned 34,395 shares of the company's stock, valued at approximately $5,640,092.10. This trade represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Eric Hansen sold 6,000 shares of the firm's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $164.82, for a total value of $988,920.00. Following the transaction, the senior vice president directly owned 13,350 shares of the company's stock, valued at $2,200,347. This represents a 31.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.27% of the company's stock.

Waste Connections 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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