Puzo Michael J Makes New $3.54 Million Investment in Waste Connections, Inc. $WCN

Key Points

• Puzo Michael J purchased 21,257 shares of Waste Connections during the second quarter, representing an investment of approximately $3.54 million. Institutional investors collectively own 86.09% of the company.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in EPS versus the $1.35 consensus estimate and $2.56 billion in revenue, up 6.4% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $200.89, while the company declared a quarterly dividend of $0.35 per share, yielding about 0.8% annually.

Puzo Michael J purchased a new position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 21,257 shares of the business services provider's stock, valued at approximately $3,543,000.

A number of other hedge funds have also recently modified their holdings of the company. Kestra Private Wealth Services LLC increased its position in Waste Connections by 2.6% during the third quarter. Kestra Private Wealth Services LLC now owns 2,556 shares of the business services provider's stock worth $449,000 after purchasing an additional 64 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Waste Connections by 1.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,312 shares of the business services provider's stock valued at $701,000 after purchasing an additional 65 shares during the last quarter. WPG Advisers LLC boosted its holdings in Waste Connections by 7.7% in the 4th quarter. WPG Advisers LLC now owns 919 shares of the business services provider's stock valued at $161,000 after purchasing an additional 66 shares during the last quarter. Wilmington Savings Fund Society FSB grew its stake in shares of Waste Connections by 12.4% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 607 shares of the business services provider's stock valued at $106,000 after buying an additional 67 shares during the period. Finally, TD Private Client Wealth LLC grew its stake in shares of Waste Connections by 21.1% in the 4th quarter. TD Private Client Wealth LLC now owns 407 shares of the business services provider's stock valued at $71,000 after buying an additional 71 shares during the period. Hedge funds and other institutional investors own 86.09% of the company's stock.

Waste Connections Price Performance

Waste Connections stock opened at $169.10 on Thursday. The company's 50 day simple moving average is $165.99 and its 200-day simple moving average is $163.11. The company has a market capitalization of $42.54 billion, a price-to-earnings 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 quick ratio of 0.66 and a current ratio of 0.66.

Waste Connections (NYSE:WCN - Get Free Report) last posted its quarterly earnings data 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. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The firm had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.51 billion. During the same quarter last year, the company posted $1.29 EPS. The firm's quarterly revenue was up 6.4% on a year-over-year basis. As a group, equities research analysts expect 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 yield of 0.8%. The ex-dividend date is Thursday, August 6th. Waste Connections's dividend payout ratio is 33.73%.

Analyst Ratings Changes

Several analysts have recently commented on WCN shares. BMO Capital Markets reaffirmed an "outperform" rating and set a $208.00 price target (up from $206.00) on shares of Waste Connections in a research report on Friday, April 24th. Barclays increased their price objective on Waste Connections from $180.00 to $187.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 28th. UBS Group reissued a "neutral" rating and set a $176.00 target price (up from $170.00) on shares of Waste Connections in a research note on Tuesday, August 4th. Citigroup lifted their target price on Waste Connections from $180.00 to $182.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. decreased their price target on Waste Connections from $210.00 to $195.00 and set an "overweight" rating on the stock in a research note on Monday, July 13th. Two equities 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $200.89.

Insider Transactions at Waste Connections

In related news, COO Jason Craft sold 1,500 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $156.59, for a total value of $234,885.00. Following the sale, the chief operating officer owned 32,861 shares in the company, valued at approximately $5,145,703.99. The trade was a 4.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Patrick James Shea sold 7,500 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $156.26, for a total value of $1,171,950.00. Following the transaction, the vice president directly owned 19,737 shares in the company, valued at approximately $3,084,103.62. The trade was a 27.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 11,811 shares of company stock worth $1,887,572 over the last ninety days. Company insiders own 0.27% of the company's stock.

About Waste Connections

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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