Waste Connections, Inc. $WCN Position Reduced by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System reduced its Waste Connections stake by 3.2%, selling 9,264 shares and retaining 282,171 shares valued at approximately $45.8 million. Institutional investors collectively own 86.09% of the company.
• Analysts maintain a generally positive outlook, with the stock holding a “Moderate Buy” consensus rating and an average price target of $202.42, above its reported opening price of $166.59.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in earnings per share and $2.56 billion in revenue, while revenue increased 6.4% year over year. The company also declared a quarterly dividend of $0.35 per share, equivalent to a 0.8% yield.

California State Teachers Retirement System reduced its stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 282,171 shares of the business services provider's stock after selling 9,264 shares during the period. California State Teachers Retirement System owned about 0.11% of Waste Connections worth $45,836,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Measured Wealth Private Client Group LLC bought a new stake in Waste Connections in the third quarter valued at about $26,000. City Holding Co. bought a new position in Waste Connections during the 4th quarter worth approximately $26,000. Transamerica Financial Advisors LLC lifted its holdings in Waste Connections by 346.2% during the 4th quarter. Transamerica Financial Advisors LLC now owns 174 shares of the business services provider's stock worth $31,000 after buying an additional 135 shares during the last quarter. Whipplewood Advisors LLC grew its position in shares of Waste Connections by 1,166.7% in the 1st quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider's stock worth $31,000 after acquiring an additional 175 shares in the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Waste Connections in the 4th quarter worth approximately $36,000. Institutional investors own 86.09% of the company's stock.

Insider Activity

In other Waste Connections news, SVP Robert Michael Cloninger sold 2,811 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $171.02, for a total value of $480,737.22. Following the completion of the transaction, the senior vice president owned 11,666 shares in the company, valued at approximately $1,995,119.32. This represents a 19.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Patrick James Shea sold 7,500 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $156.26, for a total transaction of $1,171,950.00. Following the completion of the sale, the vice president owned 19,737 shares in the company, valued at $3,084,103.62. The trade was a 27.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 11,811 shares of company stock valued at $1,887,572. 0.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

WCN has been the topic of several research reports. BMO Capital Markets reissued an "outperform" rating and set a $208.00 price target (up from $206.00) on shares of Waste Connections in a research report on Friday, April 24th. Citigroup lifted their price objective on shares of Waste Connections from $180.00 to $182.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Weiss Ratings lowered shares of Waste Connections from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 13th. Royal Bank Of Canada reissued an "outperform" rating and set a $218.00 target price (up from $210.00) on shares of Waste Connections in a report on Friday, April 24th. Finally, Canadian Imperial Bank of Commerce restated an "outperform" rating and issued a $199.00 price target on shares of Waste Connections in a research report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $202.42.

Waste Connections Trading Down 3.6%

Shares of NYSE WCN opened at $166.59 on Friday. Waste Connections, Inc. has a 12-month low of $146.89 and a 12-month high of $191.00. The company has a market cap of $42.04 billion, a price-to-earnings ratio of 40.14, a price-to-earnings-growth ratio of 2.97 and a beta of 0.49. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.17. The stock's 50 day simple moving average is $162.34 and its 200 day simple moving average is $163.22.

Waste Connections (NYSE:WCN - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.15. The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.51 billion. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The firm's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the company earned $1.29 earnings per share. Equities research analysts expect that Waste Connections, Inc. will post 5.63 EPS for the current year.

Waste Connections Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be given a $0.35 dividend. The ex-dividend date is Thursday, August 6th. This represents a $1.40 annualized dividend and a yield of 0.8%. Waste Connections's dividend payout ratio (DPR) is currently 33.73%.

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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