Waste Connections, Inc. (NYSE:WCN) Stake Lessened by AGF Management Ltd.

Key Points

• AGF Management Ltd. reduced its stake in Waste Connections by 29.6% in the first quarter, resulting in ownership of approximately 0.12% of the company, valued at $59.4 million.
• Waste Connections reported a 7.1% increase in revenue year-over-year, posting $2.41 billion for the quarter, and beat analysts' earnings estimates with reported EPS of $1.29.
• The company declared a quarterly dividend of $0.315 per share, with an annual yield of 0.7%, reflecting a dividend payout ratio of 50.81%.

AGF Management Ltd. reduced its holdings in Waste Connections, Inc. (NYSE:WCN - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 304,825 shares of the business services provider's stock after selling 128,453 shares during the period. AGF Management Ltd. owned about 0.12% of Waste Connections worth $59,414,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Checchi Capital Advisers LLC raised its holdings in shares of Waste Connections by 4.6% in the 1st quarter. Checchi Capital Advisers LLC now owns 1,278 shares of the business services provider's stock valued at $249,000 after buying an additional 56 shares during the period. MWA Asset Management increased its holdings in Waste Connections by 1.2% during the 1st quarter. MWA Asset Management now owns 4,783 shares of the business services provider's stock worth $934,000 after purchasing an additional 57 shares during the period. Tranquility Partners LLC increased its holdings in Waste Connections by 1.4% during the 1st quarter. Tranquility Partners LLC now owns 4,354 shares of the business services provider's stock worth $850,000 after purchasing an additional 58 shares during the period. Hexagon Capital Partners LLC increased its holdings in Waste Connections by 29.2% during the 1st quarter. Hexagon Capital Partners LLC now owns 283 shares of the business services provider's stock worth $55,000 after purchasing an additional 64 shares during the period. Finally, AdvisorNet Financial Inc increased its holdings in Waste Connections by 28.9% during the 1st quarter. AdvisorNet Financial Inc now owns 290 shares of the business services provider's stock worth $57,000 after purchasing an additional 65 shares during the period. 86.09% of the stock is owned by institutional investors and hedge funds.

Waste Connections Trading Down 0.0%

Shares of NYSE:WCN traded down $0.06 during midday trading on Friday, reaching $184.67. The company's stock had a trading volume of 414,947 shares, compared to its average volume of 1,135,132. The firm has a market cap of $47.72 billion, a price-to-earnings ratio of 74.52, a price-to-earnings-growth ratio of 3.35 and a beta of 0.58. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.00. Waste Connections, Inc. has a 1 year low of $169.36 and a 1 year high of $201.66. The business has a 50 day moving average price of $186.02 and a 200 day moving average price of $189.54.

Waste Connections (NYSE:WCN - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The business services provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.25 by $0.04. The business had revenue of $2.41 billion for the quarter, compared to analysts' expectations of $2.39 billion. Waste Connections had a return on equity of 15.72% and a net margin of 6.97%. The company's revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.24 earnings per share. Research analysts forecast that Waste Connections, Inc. will post 5.28 EPS for the current year.

Waste Connections Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Wednesday, August 6th will be paid a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Wednesday, August 6th. Waste Connections's dividend payout ratio (DPR) is presently 50.81%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Melius assumed coverage on Waste Connections in a report on Monday, June 9th. They set a "buy" rating on the stock. National Bank Financial raised Waste Connections to a "strong-buy" rating in a research report on Monday, May 26th. Citigroup lowered their price objective on Waste Connections from $208.00 to $204.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Seaport Res Ptn raised Waste Connections to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, Oppenheimer upped their price objective on Waste Connections from $216.00 to $218.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $215.00.

About Waste Connections

Waste Connections, Inc provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.