Rathbones Group PLC Increases Stake in Waste Connections, Inc. $WCN

Key Points

• Rathbones Group PLC increased its stake in Waste Connections by 1.2% in the fourth quarter, ending with 669,442 shares worth about $117.4 million. The filing shows institutional ownership remains heavy, with hedge funds and other institutions holding 86.09% of the stock.
• Wall Street remains constructive on Waste Connections, with analysts maintaining a consensus “Buy” rating and an average price target of $203.35. Recent notes from Morgan Stanley, JPMorgan, RBC, TD Cowen, and Wolfe Research included multiple overweight/outperform ratings.
• Waste Connections beat EPS expectations in its latest quarterly report, posting $1.23 per share versus the $1.19 consensus, while revenue came in below estimates at $2.33 billion. The company also announced a quarterly dividend of $0.35 per share, payable May 21, for an annualized yield of about 0.9%.

Rathbones Group PLC raised its position in Waste Connections, Inc. (NYSE:WCN - Free Report) by 1.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 669,442 shares of the business services provider's stock after purchasing an additional 7,866 shares during the period. Rathbones Group PLC owned 0.26% of Waste Connections worth $117,394,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of WCN. Wellington Management Group LLP raised its holdings in shares of Waste Connections by 39.6% during the 3rd quarter. Wellington Management Group LLP now owns 4,455,162 shares of the business services provider's stock worth $783,218,000 after acquiring an additional 1,264,150 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Waste Connections by 17.6% during the 3rd quarter. Mackenzie Financial Corp now owns 6,136,218 shares of the business services provider's stock worth $1,078,536,000 after acquiring an additional 918,245 shares during the period. Vanguard Group Inc. raised its holdings in shares of Waste Connections by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 31,585,284 shares of the business services provider's stock worth $5,552,682,000 after acquiring an additional 717,440 shares during the period. CIBC Asset Management Inc raised its holdings in shares of Waste Connections by 55.7% during the 3rd quarter. CIBC Asset Management Inc now owns 1,991,112 shares of the business services provider's stock worth $350,603,000 after acquiring an additional 711,990 shares during the period. Finally, Two Sigma Investments LP raised its holdings in shares of Waste Connections by 31.3% during the 3rd quarter. Two Sigma Investments LP now owns 1,263,918 shares of the business services provider's stock worth $222,197,000 after acquiring an additional 301,389 shares during the period. Hedge funds and other institutional investors own 86.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on WCN. Morgan Stanley set a $205.00 price target on Waste Connections and gave the stock an "overweight" rating in a report on Friday, February 13th. JPMorgan Chase & Co. lifted their price target on Waste Connections from $195.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, April 24th. TD Cowen reduced their price target on Waste Connections from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Friday, February 13th. Royal Bank Of Canada reiterated an "outperform" rating and set a $218.00 price target (up from $210.00) on shares of Waste Connections in a report on Friday, April 24th. Finally, Wolfe Research started coverage on Waste Connections in a report on Friday, March 13th. They set an "outperform" rating and a $199.00 price target on the stock. Four investment 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 stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $203.35.

Waste Connections Stock Down 0.3%

Shares of NYSE:WCN opened at $156.89 on Thursday. The business has a 50-day moving average price of $160.78 and a 200 day moving average price of $166.94. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $40.04 billion, a price-to-earnings ratio of 38.27, a PEG ratio of 2.79 and a beta of 0.55. Waste Connections, Inc. has a 12-month low of $148.84 and a 12-month high of $198.00.

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

Waste Connections Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 21st. Investors of record on Wednesday, May 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, May 6th. Waste Connections's dividend payout ratio (DPR) is presently 34.15%.

Insider Buying and Selling

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