TimesSquare Capital Management LLC Sells 101,984 Shares of Waste Connections, Inc. $WCN

Key Points

• TimesSquare Capital Management cut its Waste Connections stake by 38.9% in the fourth quarter, selling 101,984 shares and leaving it with 160,296 shares valued at about $28.1 million.
• Waste Connections reported better-than-expected quarterly earnings of $1.23 per share, though revenue of $2.33 billion came in below Wall Street estimates; the company also raised its annualized dividend to $1.40 per share.
• Insider activity was mixed: VP James Little sold shares, while CEO Ronald J. Mittelstaedt bought 50,000 shares, and analysts remain broadly positive with a consensus Buy rating and average price target of $203.35.

TimesSquare Capital Management LLC lessened its holdings in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 38.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 160,296 shares of the business services provider's stock after selling 101,984 shares during the quarter. TimesSquare Capital Management LLC owned approximately 0.06% of Waste Connections worth $28,110,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. City Holding Co. bought a new position in shares of Waste Connections during the fourth quarter valued at approximately $26,000. Measured Wealth Private Client Group LLC bought a new position in Waste Connections in the third quarter worth $26,000. KERR FINANCIAL PLANNING Corp bought a new position in Waste Connections in the third quarter worth $30,000. Greykasell Wealth Strategies Inc. raised its holdings in Waste Connections by 555.2% in the third quarter. Greykasell Wealth Strategies Inc. now owns 190 shares of the business services provider's stock worth $33,000 after purchasing an additional 161 shares in the last quarter. Finally, Entrust Financial LLC bought a new position in Waste Connections in the fourth quarter worth $37,000. Institutional investors own 86.09% of the company's stock.

Waste Connections Trading Up 1.5%

NYSE WCN opened at $159.01 on Tuesday. Waste Connections, Inc. has a 12 month low of $148.84 and a 12 month high of $198.00. The stock has a market cap of $40.58 billion, a P/E ratio of 38.78, a P/E/G ratio of 2.78 and a beta of 0.55. The stock's fifty day moving average price is $161.33 and its 200-day moving average price is $167.12. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.13.

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

Waste Connections Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th will be paid a $0.35 dividend. 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 is currently 34.15%.

Insider Transactions at Waste Connections

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 value of $427,167.90. Following the sale, the vice president directly owned 34,395 shares of the company's stock, valued at approximately $5,640,092.10. This represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ronald J. Mittelstaedt bought 50,000 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was bought at an average cost of $152.24 per share, for a total transaction of $7,612,000.00. Following the completion of the purchase, the chief executive officer owned 301,017 shares of the company's stock, valued at approximately $45,826,828.08. The trade was a 19.92% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. BMO Capital Markets reiterated an "outperform" rating and issued a $208.00 price objective (up from $206.00) on shares of Waste Connections in a report on Friday, April 24th. Stifel Nicolaus set a $213.00 price objective on Waste Connections and gave the stock a "buy" rating in a report on Friday, February 13th. Oppenheimer reiterated an "outperform" rating and issued a $205.00 price objective (down from $206.00) on shares of Waste Connections in a report on Friday, January 23rd. Scotiabank set a $197.00 price objective on Waste Connections and gave the stock a "sector outperform" rating in a report on Friday, February 13th. Finally, Morgan Stanley set a $205.00 price objective on Waste Connections and gave the stock an "overweight" rating in a report on Friday, February 13th. 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 company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $203.35.

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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