Tandem Investment Advisors Inc. Cuts Position in Waste Connections, Inc. $WCN

Key Points

• Tandem Investment Advisors cut its Waste Connections stake by 10.7% in Q1, selling 38,757 shares and leaving it with 324,023 shares worth about $52.6 million.
• Wall Street remains broadly positive on WCN, with a consensus rating of “Moderate Buy” and an average price target of $202, even though JPMorgan trimmed its target to $195.
• Recent trading and earnings were mixed: the stock was down 1.3% to $172.01, the company beat EPS estimates in its latest quarter but missed revenue expectations, and management also announced a quarterly dividend of $0.35 per share.

Tandem Investment Advisors Inc. lowered its holdings in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 10.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 324,023 shares of the business services provider's stock after selling 38,757 shares during the quarter. Waste Connections makes up 2.6% of Tandem Investment Advisors Inc.'s holdings, making the stock its 20th largest position. Tandem Investment Advisors Inc. owned about 0.13% of Waste Connections worth $52,634,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Integrated Wealth Concepts LLC purchased a new position in shares of Waste Connections in the first quarter valued at approximately $577,000. Invesco Ltd. increased its position in shares of Waste Connections by 12.8% during the second quarter. Invesco Ltd. now owns 219,290 shares of the business services provider's stock worth $40,946,000 after purchasing an additional 24,948 shares in the last quarter. First Trust Advisors LP raised its stake in Waste Connections by 2.9% in the 2nd quarter. First Trust Advisors LP now owns 24,463 shares of the business services provider's stock valued at $4,572,000 after purchasing an additional 688 shares during the last quarter. Jump Financial LLC acquired a new position in Waste Connections in the 2nd quarter valued at $2,714,000. Finally, State Street Corp lifted its holdings in Waste Connections by 1.0% in the 2nd quarter. State Street Corp now owns 1,808,631 shares of the business services provider's stock valued at $337,708,000 after purchasing an additional 17,197 shares in the last quarter. 86.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on WCN shares. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $218.00 target price (up from $210.00) on shares of Waste Connections in a research note on Friday, April 24th. BMO Capital Markets reiterated an "outperform" rating and issued a $208.00 target price (up from $206.00) on shares of Waste Connections in a research report on Friday, April 24th. JPMorgan Chase & Co. decreased their price target 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. 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 research report on Thursday, July 9th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $211.00 price objective on shares of Waste Connections in a research note on Thursday, April 23rd. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $202.00.

Insiders Place Their Bets

In other news, VP James Little sold 2,605 shares of the 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 directly owned 34,395 shares in the company, valued at approximately $5,640,092.10. This represents a 7.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ronald J. Mittelstaedt acquired 50,000 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average cost of $152.24 per share, with a total value of $7,612,000.00. Following the completion of the transaction, the chief executive officer directly owned 301,017 shares in the company, valued at approximately $45,826,828.08. The trade was a 19.92% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 17,605 shares of company stock worth $2,822,923. Corporate insiders own 0.27% of the company's stock.

Waste Connections Stock Down 1.3%

WCN stock opened at $172.01 on Friday. The firm has a market cap of $43.40 billion, a PE ratio of 41.95, a PEG ratio of 3.02 and a beta of 0.49. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.69 and a current ratio of 0.69. The firm's 50 day moving average price is $159.79 and its 200-day moving average price is $163.54. Waste Connections, Inc. has a one year low of $146.89 and a one year high of $191.91.

Waste Connections (NYSE:WCN - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The business services provider reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.04. The firm had revenue of $2.33 billion for the quarter, compared to analysts' expectations of $2.50 billion. Waste Connections had a return on equity of 16.49% and a net margin of 10.97%.The firm's quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.13 earnings per share. On average, equities research analysts anticipate that Waste Connections, Inc. will post 5.49 EPS for the current year.

Waste Connections Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Wednesday, May 6th. Waste Connections's dividend payout ratio is 34.15%.

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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