Rakuten Investment Management Inc. Buys New Position in Waste Connections, Inc. $WCN

Key Points

• Rakuten Investment Management purchased 14,712 Waste Connections shares worth approximately $2.46 million in the second quarter. Institutional investors collectively own 86.09% of the company.
• Analysts maintain a generally positive outlook, with Waste Connections receiving a consensus “Moderate Buy” rating and an average price target of $200.89.
• The company exceeded quarterly expectations, reporting $1.50 in adjusted earnings per share and $2.56 billion in revenue, while revenue grew 6.4% year over year. Waste Connections also declared a quarterly dividend of $0.35 per share, representing a 0.8% yield.

Rakuten Investment Management Inc. bought a new stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 14,712 shares of the business services provider's stock, valued at approximately $2,459,000.

Other institutional investors have also added to or reduced their stakes in the company. XXEC Inc. purchased a new position in shares of Waste Connections during the 2nd quarter worth $164,870,000. Royal Bank of Canada increased its stake in shares of Waste Connections by 0.9% in the 1st quarter. Royal Bank of Canada now owns 12,210,661 shares of the business services provider's stock worth $1,983,500,000 after purchasing an additional 106,763 shares in the last quarter. Capital International Investors raised its holdings in 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 during the period. BlackRock Inc. bought a new position in Waste Connections in the 2nd quarter worth $1,061,947,000. Finally, JPMorgan Chase & Co. lifted its position in Waste Connections by 37.1% during the fourth quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider's stock valued at $835,370,000 after purchasing an additional 1,289,042 shares in the last quarter. 86.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. TD Cowen reissued a "buy" rating and set a $210.00 price target (up from $200.00) on shares of Waste Connections in a report on Friday, July 24th. Citigroup lifted their price objective on Waste Connections from $180.00 to $182.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. UBS Group reiterated a "neutral" rating and set a $176.00 price objective (up from $170.00) on shares of Waste Connections in a research note on Tuesday, August 4th. Barclays increased their target price on shares of Waste Connections from $180.00 to $187.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 28th. Finally, JPMorgan Chase & Co. decreased their target price on shares of 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 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. According to data from MarketBeat, Waste Connections currently has an average rating of "Moderate Buy" and a consensus target price of $200.89.

Insiders Place Their Bets

In other Waste Connections news, VP Patrick James Shea sold 7,500 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $156.26, for a total transaction of $1,171,950.00. Following the completion of the sale, the vice president directly owned 19,737 shares of the company's stock, valued at $3,084,103.62. This trade represents a 27.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Robert Michael Cloninger sold 2,811 shares of the 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 directly owned 11,666 shares of the company's stock, valued at approximately $1,995,119.32. This trade represents a 19.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 14,311 shares of company stock valued at $2,303,997. 0.27% of the stock is owned by company insiders.

Waste Connections Trading Up 0.2%

Shares of WCN stock opened at $166.19 on Monday. 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 fifty day simple moving average of $167.73 and a two-hundred day simple moving average of $163.05. The firm has a market capitalization of $41.81 billion, a PE ratio of 40.05, a PEG ratio of 2.85 and a beta of 0.48. Waste Connections, Inc. has a 52-week low of $146.89 and a 52-week high of $185.33.

Waste Connections (NYSE:WCN - Get Free Report) last released 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 return on equity of 17.31% and a net margin of 10.86%.The firm had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same quarter in the prior year, the company posted $1.29 earnings per share. The business's quarterly revenue was up 6.4% compared to the same quarter last year. On average, analysts predict that Waste Connections, Inc. will post 5.62 EPS for the current fiscal year.

Waste Connections Announces Dividend

The firm 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 presently 33.73%.

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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