Osterweis Capital Management Inc. Purchases Shares of 278,498 Waste Connections, Inc. $WCN

Key Points

• Osterweis Capital Management initiated a position in Waste Connections by purchasing 278,498 shares valued at approximately $46.4 million, making WCN about 2.2% of its portfolio. Institutional investors collectively own 86.09% of the company.
• Analysts maintain a positive outlook, with Waste Connections carrying a consensus “Moderate Buy” rating and an average price target of $200.89, above its reported trading price of $168.98.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in earnings per share versus the $1.35 consensus estimate and $2.56 billion in revenue, up 6.4% year over year. The company also paid a quarterly dividend of $0.35 per share, while insiders sold 14,311 shares worth about $2.3 million over the prior 90 days.

Osterweis Capital Management Inc. purchased a new position in Waste Connections, Inc. (NYSE:WCN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 278,498 shares of the business services provider's stock, valued at approximately $46,423,000. Waste Connections makes up about 2.2% of Osterweis Capital Management Inc.'s portfolio, making the stock its 12th largest holding. Osterweis Capital Management Inc. owned about 0.11% of Waste Connections as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Measured Wealth Private Client Group LLC acquired a new stake in shares of Waste Connections in the third quarter valued at $26,000. Transamerica Financial Advisors LLC grew 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 purchasing an additional 135 shares in the last quarter. Group One Trading LLC purchased a new stake in Waste Connections during the 2nd quarter worth about $30,000. Whipplewood Advisors LLC increased 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 worth $31,000 after purchasing an additional 175 shares during the period. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in Waste Connections in the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 86.09% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. TD Cowen reiterated a "buy" rating and issued a $210.00 price objective (up from $200.00) on shares of Waste Connections in a research note on Friday, July 24th. Barclays raised their target price on shares of Waste Connections from $180.00 to $187.00 and gave the company an "equal weight" rating in a report on Tuesday, July 28th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and issued a $199.00 price target on shares of Waste Connections in a research note on Friday, July 24th. Citigroup boosted their price target on shares of Waste Connections from $180.00 to $182.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Finally, UBS Group reissued a "neutral" rating and issued a $176.00 price objective (up from $170.00) on shares of Waste Connections in a research report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Waste Connections presently has a consensus rating of "Moderate Buy" and an average target price of $200.89.

Insider Activity at Waste Connections

In other news, 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 completion of the sale, the senior vice president owned 11,666 shares in the company, valued at approximately $1,995,119.32. The trade was a 19.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Philip Rivard sold 2,500 shares of the company's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $166.57, for a total transaction of $416,425.00. Following the completion of 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. Insiders sold a total of 14,311 shares of company stock worth $2,303,997 in the last ninety days. Company insiders own 0.27% of the company's stock.

Waste Connections Trading Down 0.2%

NYSE:WCN opened at $168.98 on Tuesday. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $185.33. The stock has a market cap of $42.51 billion, a P/E ratio of 40.72, a P/E/G ratio of 2.91 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 $166.82 and a 200-day simple moving average of $163.15.

Waste Connections (NYSE:WCN - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.15. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.51 billion. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The business's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the company earned $1.29 EPS. As a group, 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 declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.8%. The ex-dividend date was Thursday, August 6th. 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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