Waste Connections, Inc. $WCN Position Raised by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management increased its Waste Connections stake by 4.3% in the third quarter, bringing its holdings to 206,617 shares worth approximately $31.9 million. Institutional investors collectively own 86.09% of the company.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $203.22. RBC and TD Cowen raised their targets to $221 and $215, respectively.
• Waste Connections beat quarterly estimates with earnings of $1.58 per share and revenue of $2.64 billion, while revenue grew 23.8% year over year. The company also raised its quarterly dividend to $0.385 per share, implying a 0.8% annualized yield.

Cidel Asset Management Inc. raised its holdings in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 4.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 206,617 shares of the business services provider's stock after purchasing an additional 8,526 shares during the period. Waste Connections accounts for 1.5% of Cidel Asset Management Inc.'s portfolio, making the stock its 16th largest position. Cidel Asset Management Inc. owned approximately 0.08% of Waste Connections worth $31,883,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in WCN. XXEC Inc. bought a new stake in shares of Waste Connections in the 2nd quarter worth approximately $164,870,000. Royal Bank of Canada grew 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 buying an additional 106,763 shares during the last quarter. BlackRock Inc. bought a new position in Waste Connections during the 2nd quarter valued at approximately $1,061,947,000. The Manufacturers Life Insurance Company increased its position in Waste Connections by 48.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 3,724,204 shares of the business services provider's stock valued at $604,573,000 after buying an additional 1,219,056 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in Waste Connections during the 2nd quarter valued at approximately $510,526,000. Institutional investors own 86.09% of the company's stock.

Insider Buying and Selling

In other Waste Connections news, CAO Derek Tan sold 1,000 shares of the stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $186.77, for a total transaction of $186,770.00. Following the completion of the sale, the chief accounting officer directly owned 404 shares of the company's stock, valued at $75,455.08. This trade represents a 71.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP James Little sold 2,000 shares of the firm's stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $185.22, for a total transaction of $370,440.00. Following the transaction, the vice president directly owned 32,395 shares of the company's stock, valued at $6,000,201.90. The trade was a 5.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 5,500 shares of company stock worth $973,635. 0.27% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Weiss Ratings raised Waste Connections from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 15th. Royal Bank Of Canada reissued an "outperform" rating and issued a $221.00 target price (up from $218.00) on shares of Waste Connections in a research note on Friday, October 23rd. TD Cowen restated a "buy" rating and set a $215.00 price target (up from $210.00) on shares of Waste Connections in a report on Friday, October 23rd. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $205.00 price target on shares of Waste Connections in a research report on Thursday, October 22nd. Finally, Citigroup reaffirmed a "neutral" rating and issued a $192.00 price target (up from $175.00) on shares of Waste Connections in a research report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $203.22.

Waste Connections Stock Up 1.1%

Waste Connections stock opened at $183.93 on Friday. The stock has a market cap of $46.08 billion, a PE ratio of 41.15, a price-to-earnings-growth ratio of 3.37 and a beta of 0.49. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.67 and a current ratio of 0.67. Waste Connections, Inc. has a one year low of $146.89 and a one year high of $188.20. The stock has a fifty day moving average of $163.36 and a 200 day moving average of $163.52.

Waste Connections (NYSE:WCN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The business services provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.52 by $0.06. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.60 billion. Waste Connections had a net margin of 11.40% and a return on equity of 17.76%. The company's revenue was up 23.8% on a year-over-year basis. As a group, sell-side analysts predict that Waste Connections, Inc. will post 5.70 EPS for the current year.

Waste Connections Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 5th will be given a dividend of $0.3850 per share. This is an increase from Waste Connections's previous quarterly dividend of $0.35. This represents a $1.54 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Thursday, November 5th. Waste Connections's dividend payout ratio (DPR) is 31.32%.

Waste Connections Company Profile

Waste Connections, Inc is a North American provider of solid waste collection, transfer, disposal and recycling services. The company serves residential, commercial, industrial and construction customers, offering scheduled and on-demand collection as well as waste management solutions tailored to municipalities and businesses.

Its operations include local collection fleets, transfer stations, recycling and resource-recovery facilities, and landfills. Waste Connections also provides non-hazardous oilfield waste services, including the collection, transportation, treatment and disposal of waste generated by energy-production activities.

Founded in 1997, Waste Connections has grown through a combination of internal development and acquisitions.

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