Waste Connections, Inc. $WCN Shares Acquired by Fisher Funds Management LTD

Key Points

• Fisher Funds Management LTD increased its stake in Waste Connections by 23.1% in the first quarter, buying 36,895 additional shares and bringing its total to 196,508 shares worth about $31.9 million.
• Waste Connections reported Q1 earnings of $1.23 per share, topping analyst estimates, though revenue of $2.33 billion came in below expectations. Revenue still rose 6.4% year over year.
• Analysts remain generally bullish on the stock, with a consensus rating of Moderate Buy and an average price target of $202.84, while the company also paid a quarterly dividend of $0.35 per share.

Fisher Funds Management LTD increased its holdings in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 23.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 196,508 shares of the business services provider's stock after purchasing an additional 36,895 shares during the quarter. Fisher Funds Management LTD owned approximately 0.08% of Waste Connections worth $31,921,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Capital International Investors raised its holdings in Waste Connections by 28.2% during the fourth quarter. Capital International Investors now owns 6,468,259 shares of the business services provider's stock worth $1,134,781,000 after purchasing an additional 1,420,921 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Waste Connections by 17.6% during the 3rd quarter. Mackenzie Financial Corp now owns 6,136,218 shares of the business services provider's stock worth $1,078,536,000 after buying an additional 918,245 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Waste Connections by 37.1% in the 4th quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider's stock valued at $835,370,000 after buying an additional 1,289,042 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Waste Connections by 5.0% in the 4th quarter. Wellington Management Group LLP now owns 4,675,737 shares of the business services provider's stock valued at $819,939,000 after buying an additional 220,575 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Waste Connections in the 4th quarter valued at $697,519,000. 86.09% of the stock is owned by institutional investors and hedge funds.

Waste Connections Trading Up 0.0%

Shares of WCN opened at $154.03 on Monday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.13. The firm's 50-day moving average is $156.69 and its two-hundred day moving average is $164.35. Waste Connections, Inc. has a twelve month low of $146.89 and a twelve month high of $191.91. The firm has a market capitalization of $39.08 billion, a P/E ratio of 37.57, a PEG ratio of 2.73 and a beta of 0.51.

Waste Connections (NYSE:WCN - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.04. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.50 billion. Waste Connections had a return on equity of 16.49% and a net margin of 10.97%.Waste Connections's revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.13 earnings per share. On average, research analysts predict that Waste Connections, Inc. will post 5.5 earnings per share for the current fiscal year.

Waste Connections Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were given 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 was Wednesday, May 6th. Waste Connections's payout ratio is currently 34.15%.

Insiders Place Their Bets

In related news, VP Patrick James Shea sold 7,500 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $156.26, for a total transaction of $1,171,950.00. Following the transaction, the vice president directly owned 19,737 shares in the company, valued at approximately $3,084,103.62. This represents a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Eric Hansen sold 6,000 shares of the firm's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $164.82, for a total value of $988,920.00. Following the completion of the sale, the senior vice president directly owned 13,350 shares in the company, valued at approximately $2,200,347. The trade was a 31.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 17,605 shares of company stock valued at $2,822,923. 0.27% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on WCN. 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 restated an "outperform" rating and issued a $218.00 price objective (up from $210.00) on shares of Waste Connections in a research note on Friday, April 24th. Barclays set a $180.00 price objective on Waste Connections and gave the stock an "equal weight" rating in a report on Tuesday, April 28th. Wolfe Research began coverage on Waste Connections in a report on Friday, March 13th. They issued an "outperform" rating and a $199.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their target price on Waste Connections from $195.00 to $210.00 and gave the company an "overweight" rating in a report on Friday, April 24th. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $202.84.

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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