Waste Connections, Inc. $WCN Shares Acquired by PGGM Investments

Key Points

• PGGM Investments increased its stake in Waste Connections by 66.7% in the fourth quarter, buying 169,504 additional shares and bringing its total holding to 423,659 shares worth about $74.3 million.
• Insider trading was mixed: CEO Ronald J. Mittelstaedt bought 50,000 shares worth about $7.6 million, while VP James Little sold 2,605 shares. Institutional investors still own a large majority of the stock at 86.09%.
• Waste Connections beat earnings expectations for the latest quarter with EPS of $1.23 versus the $1.19 estimate, though revenue came in below forecasts at $2.33 billion. Analysts remain bullish overall, with a consensus Buy rating and average price target of $203.35.

PGGM Investments lifted its position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 66.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 423,659 shares of the business services provider's stock after purchasing an additional 169,504 shares during the period. PGGM Investments owned about 0.17% of Waste Connections worth $74,293,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in WCN. City Holding Co. acquired a new stake in shares of Waste Connections during the fourth quarter worth about $26,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Waste Connections during the third quarter worth about $26,000. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Waste Connections during the third quarter worth about $30,000. Greykasell Wealth Strategies Inc. increased its position in shares of Waste Connections by 555.2% during 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, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Waste Connections during the fourth quarter worth about $36,000. Institutional investors and hedge funds own 86.09% of the company's stock.

Insider Buying and Selling at Waste Connections

In other Waste Connections news, CEO Ronald J. Mittelstaedt acquired 50,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were bought at an average price of $152.24 per share, with a total value of $7,612,000.00. Following the acquisition, the chief executive officer owned 301,017 shares of the company's stock, valued at $45,826,828.08. This trade represents a 19.92% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP James Little sold 2,605 shares of Waste Connections stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $163.98, for a total value of $427,167.90. Following the completion of the sale, the vice president directly owned 34,395 shares in the company, valued at $5,640,092.10. This represents a 7.04% decrease in their position. The SEC filing for this sale provides additional information. 0.27% of the stock is owned by corporate insiders.

Analyst Ratings Changes

WCN has been the topic of a number of research analyst reports. BMO Capital Markets reiterated an "outperform" rating and set a $208.00 target price (up from $206.00) on shares of Waste Connections in a research report on Friday, April 24th. Deutsche Bank Aktiengesellschaft set a $212.00 price target on Waste Connections in a report on Friday, February 13th. Stifel Nicolaus set a $213.00 price target on Waste Connections and gave the stock a "buy" rating in a report on Friday, February 13th. JPMorgan Chase & Co. raised their price target on Waste Connections from $195.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, April 24th. Finally, TD Cowen lowered their price target on Waste Connections from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Friday, February 13th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $203.35.

Waste Connections Stock Performance

NYSE WCN opened at $155.77 on Tuesday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 1.13. Waste Connections, Inc. has a 52-week low of $148.84 and a 52-week high of $198.00. The business's 50-day moving average price is $160.14 and its 200 day moving average price is $166.70. The firm has a market cap of $39.76 billion, a P/E ratio of 37.99, a P/E/G ratio of 2.76 and a beta of 0.55.

Waste Connections (NYSE:WCN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share for the quarter, beating 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 company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the company earned $1.13 EPS. The firm's revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities research analysts expect that Waste Connections, Inc. will post 5.5 earnings per share for the current year.

Waste Connections Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, May 6th. Waste Connections's payout ratio is currently 34.15%.

About Waste Connections

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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