Waste Connections, Inc. $WCN Shares Sold by Addenda Capital Inc.

Key Points

• Addenda Capital reduced its Waste Connections position by 14% in the second quarter, selling 30,540 shares and retaining 188,040 shares worth approximately $31.3 million. Institutional investors collectively own 86.09% of the company.
• Waste Connections reported quarterly earnings of $1.50 per share, exceeding the $1.35 consensus estimate, while revenue reached $2.56 billion, up 6.4% year over year.
• The company paid a quarterly dividend of $0.35, representing a $1.40 annualized payout and a 0.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $200.89, above the reported share price of $166.19.

Addenda Capital Inc. trimmed its holdings in Waste Connections, Inc. (NYSE:WCN - Free Report) by 14.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 188,040 shares of the business services provider's stock after selling 30,540 shares during the period. Waste Connections accounts for approximately 1.1% of Addenda Capital Inc.'s portfolio, making the stock its 28th largest position. Addenda Capital Inc. owned about 0.07% of Waste Connections worth $31,344,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quantitative Investment Management LLC purchased a new position in shares of Waste Connections in the 2nd quarter valued at approximately $879,000. Moore Capital Management LP acquired a new stake in shares of Waste Connections in the 2nd quarter worth $7,472,000. Benjamin Edwards Inc. boosted its holdings in shares of Waste Connections by 4.5% in the second quarter. Benjamin Edwards Inc. now owns 11,816 shares of the business services provider's stock valued at $1,969,000 after acquiring an additional 506 shares in the last quarter. GTS Securities LLC acquired a new position in shares of Waste Connections during the second quarter worth about $277,000. Finally, Alyeska Investment Group L.P. purchased a new position in Waste Connections during the second quarter worth about $62,905,000. Hedge funds and other institutional investors own 86.09% of the company's stock.

Waste Connections Price Performance

WCN stock opened at $166.19 on Monday. The stock's 50 day moving average price is $167.73 and its 200 day moving average price is $163.05. The firm has a market cap of $41.81 billion, a P/E ratio of 40.05, a PEG ratio of 2.85 and a beta of 0.48. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.66 and a current ratio of 0.66. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $185.33.

Waste Connections (NYSE:WCN - Get Free Report) last released its quarterly 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 company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.51 billion. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.Waste Connections's revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 earnings per share. On average, sell-side analysts expect that Waste Connections, Inc. will post 5.62 earnings per share for the current fiscal year.

Waste Connections Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were issued a $0.35 dividend. The ex-dividend date was Thursday, August 6th. This represents a $1.40 annualized dividend and a yield of 0.8%. Waste Connections's payout ratio is 33.73%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on WCN shares. UBS Group reissued a "neutral" rating and issued a $176.00 price target (up from $170.00) on shares of Waste Connections in a report on Tuesday, August 4th. TD Cowen reissued a "buy" rating and issued a $210.00 target price (up from $200.00) on shares of Waste Connections in a report on Friday, July 24th. Canadian Imperial Bank of Commerce restated an "outperform" rating and set a $199.00 target price on shares of Waste Connections in a research report on Friday, July 24th. JPMorgan Chase & Co. cut their price target on shares of Waste Connections from $210.00 to $195.00 and set an "overweight" rating for the company in a report on Monday, July 13th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Waste Connections in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $200.89.

Insiders Place Their Bets

In other news, SVP Robert Michael Cloninger sold 2,811 shares of Waste Connections stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $171.02, for a total value of $480,737.22. Following the completion of the sale, the senior vice president owned 11,666 shares of the company's stock, valued at $1,995,119.32. The trade was a 19.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Philip Rivard sold 2,500 shares of the company's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $166.57, for a total value of $416,425.00. Following the completion of the transaction, the senior vice president owned 734 shares of the company's stock, valued at $122,262.38. The trade was a 77.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 14,311 shares of company stock valued at $2,303,997. Insiders own 0.27% of the company's stock.

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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