Waste Connections, Inc. $WCN Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP cut its stake in Waste Connections by 50.0%, selling 104,237 shares and retaining 104,039 shares worth about $18.29 million at quarter end.
• Sell-side sentiment is broadly positive with an average rating of "Buy" and a consensus price target of $203.75, well above the recent share price (~$165.67), suggesting analyst upside.
• Waste Connections reported quarterly EPS of $1.29 (beat by $0.01) with revenue of $2.35B (slightly below expectations), and declared a quarterly dividend of $0.35 per share (annualized $1.40, yield ~0.8%, ex-dividend Feb 25).

Korea Investment CORP lessened its stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 50.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 104,039 shares of the business services provider's stock after selling 104,237 shares during the quarter. Korea Investment CORP's holdings in Waste Connections were worth $18,290,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Asset Dedication LLC acquired a new stake in shares of Waste Connections in the second quarter valued at about $28,000. Greykasell Wealth Strategies Inc. raised its holdings in shares of Waste Connections by 555.2% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 190 shares of the business services provider's stock valued at $33,000 after buying an additional 161 shares during the period. AlphaCore Capital LLC acquired a new position in Waste Connections during the 2nd quarter worth approximately $39,000. Caldwell Trust Co acquired a new position in Waste Connections during the 2nd quarter worth approximately $49,000. Finally, TD Private Client Wealth LLC boosted its holdings in Waste Connections by 479.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 336 shares of the business services provider's stock worth $59,000 after acquiring an additional 278 shares during the period. Hedge funds and other institutional investors own 86.09% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on WCN. Wells Fargo & Company initiated coverage on shares of Waste Connections in a research report on Thursday, November 13th. They issued an "overweight" rating and a $186.00 price objective for the company. Deutsche Bank Aktiengesellschaft set a $212.00 target price on shares of Waste Connections in a research report on Friday, February 13th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $205.00 price target (up from $200.00) on shares of Waste Connections in a report on Monday, January 5th. Oppenheimer reaffirmed an "outperform" rating and set a $205.00 price target (down from $206.00) on shares of Waste Connections in a research note on Friday, January 23rd. Finally, Scotiabank set a $197.00 price objective on shares of Waste Connections and gave the stock a "sector outperform" rating 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 given a Hold rating to the stock. According to MarketBeat.com, Waste Connections has an average rating of "Buy" and a consensus price target of $203.75.

Waste Connections Stock Down 3.5%

NYSE:WCN opened at $165.67 on Wednesday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.62 and a current ratio of 0.62. The company has a market capitalization of $42.36 billion, a price-to-earnings ratio of 39.73, a price-to-earnings-growth ratio of 2.95 and a beta of 0.62. Waste Connections, Inc. has a one year low of $155.65 and a one year high of $201.66. The stock has a 50-day simple moving average of $168.14 and a 200 day simple moving average of $172.11.

Waste Connections (NYSE:WCN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The business services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.01. Waste Connections had a return on equity of 16.25% and a net margin of 11.37%.The firm had revenue of $2.35 billion for the quarter, compared to analysts' expectations of $2.37 billion. During the same quarter in the prior year, the firm posted $1.16 earnings per share. Waste Connections's revenue for the quarter was up 5.0% compared to the same quarter last year. Sell-side analysts predict that Waste Connections, Inc. will post 5.28 EPS for the current fiscal year.

Waste Connections Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Wednesday, February 25th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, February 25th. Waste Connections's dividend payout ratio is currently 33.57%.

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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