Waste Connections, Inc. $WCN Shares Purchased by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management boosted its stake in Waste Connections by 49.1% in the first quarter, adding 74,871 shares to bring its total to 227,289 shares valued at about $36.9 million.
• Wall Street sentiment remains positive on WCN, with analysts assigning an average “Moderate Buy” rating and a consensus price target of $202.84. Several firms recently reiterated or raised their targets, including RBC and BMO Capital Markets.
• Waste Connections reported better-than-expected EPS of $1.23 in its latest quarter, though revenue came in below estimates at $2.33 billion. The company also pays a quarterly dividend of $0.35, equal to a 0.8% annual yield.

iA Global Asset Management Inc. increased its position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 49.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 227,289 shares of the business services provider's stock after buying an additional 74,871 shares during the quarter. iA Global Asset Management Inc. owned about 0.09% of Waste Connections worth $36,921,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in WCN. Norges Bank acquired a new stake in shares of Waste Connections in the fourth quarter valued at approximately $697,519,000. Capital International Investors increased its holdings in shares of Waste Connections by 28.2% in the 4th quarter. Capital International Investors now owns 6,468,259 shares of the business services provider's stock valued at $1,134,781,000 after acquiring an additional 1,420,921 shares during the period. JPMorgan Chase & Co. raised its position in 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 purchasing an additional 1,289,042 shares during the last quarter. Wellington Management Group LLP raised its position in Waste Connections by 39.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,455,162 shares of the business services provider's stock valued at $783,218,000 after purchasing an additional 1,264,150 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Waste Connections by 58.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,900,321 shares of the business services provider's stock worth $508,600,000 after purchasing an additional 1,065,653 shares during the period. Institutional investors and hedge funds own 86.09% of the company's stock.

Wall Street Analysts Forecast Growth

WCN has been the topic of several research reports. Wolfe Research started coverage on shares of Waste Connections in a research report on Friday, March 13th. They set an "outperform" rating and a $199.00 price objective on the stock. Barclays set a $180.00 target price on shares of Waste Connections and gave the stock an "equal weight" rating in a research note on Tuesday, April 28th. Weiss Ratings lowered Waste Connections from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 13th. Royal Bank Of Canada restated an "outperform" rating and issued a $218.00 price target (up from $210.00) on shares of Waste Connections in a research report on Friday, April 24th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $208.00 price objective (up from $206.00) on shares of Waste Connections in a research note on Friday, April 24th. Three equities research 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 company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $202.84.

Waste Connections Stock Down 0.2%

Shares of Waste Connections stock opened at $166.83 on Wednesday. The company has a market cap of $42.33 billion, a P/E ratio of 40.69, a PEG ratio of 2.97 and a beta of 0.51. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.69 and a current ratio of 0.69. Waste Connections, Inc. has a one year low of $146.89 and a one year high of $191.91. The firm has a fifty day moving average of $157.11 and a two-hundred day moving average of $163.98.

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

Waste Connections Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were given a $0.35 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Waste Connections's dividend payout ratio (DPR) is presently 34.15%.

Insider Transactions at Waste Connections

In other Waste Connections news, VP Patrick James Shea sold 7,500 shares of the business's stock in a transaction that occurred on 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 owned 19,737 shares in the company, valued at approximately $3,084,103.62. The trade was a 27.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP James Little sold 2,605 shares of the stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $163.98, for a total value of $427,167.90. Following the transaction, the vice president directly owned 34,395 shares of the company's stock, valued at approximately $5,640,092.10. This trade represents a 7.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 17,605 shares of company stock valued at $2,822,923 over the last 90 days. Insiders own 0.27% of the company's stock.

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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