Waste Connections, Inc. $WCN Shares Sold by Montrusco Bolton Investments Inc.

Key Points

• Montrusco Bolton Investments reduced its Waste Connections stake by 23.7% in the third quarter, selling 230,635 shares and retaining 744,195 shares worth approximately $114.6 million.
• Waste Connections reported quarterly revenue of $2.56 billion and earnings per share of $1.50, exceeding analyst expectations; revenue increased 6.4% year over year.
• The stock traded near $153.67, while analysts maintained a generally positive outlook with a consensus “Moderate Buy” rating and an average price target of $199.22. The company also pays a $0.35 quarterly dividend, yielding about 0.9%.

Montrusco Bolton Investments Inc. reduced its stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 23.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 744,195 shares of the business services provider's stock after selling 230,635 shares during the quarter. Waste Connections makes up approximately 1.8% of Montrusco Bolton Investments Inc.'s investment portfolio, making the stock its 22nd largest position. Montrusco Bolton Investments Inc. owned approximately 0.30% of Waste Connections worth $114,554,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Sax Wealth Advisors LLC purchased a new position in shares of Waste Connections during the third quarter worth approximately $350,000. Perpetual Ltd boosted its holdings in shares of Waste Connections by 1.5% in the third quarter. Perpetual Ltd now owns 97,655 shares of the business services provider's stock valued at $15,032,000 after purchasing an additional 1,466 shares during the period. Athena Wealth Management LLC boosted its holdings in shares of Waste Connections by 6.7% in the third quarter. Athena Wealth Management LLC now owns 1,829 shares of the business services provider's stock valued at $282,000 after purchasing an additional 115 shares during the period. Douglas Lane & Associates LLC grew its stake in Waste Connections by 2.7% in the third quarter. Douglas Lane & Associates LLC now owns 335,586 shares of the business services provider's stock worth $51,657,000 after purchasing an additional 8,754 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC grew its stake in Waste Connections by 3.5% in the third quarter. Legacy Wealth Asset Management LLC now owns 16,518 shares of the business services provider's stock worth $2,543,000 after purchasing an additional 552 shares in the last quarter. 86.09% of the stock is currently owned by institutional investors.

Waste Connections Stock Down 0.0%

Shares of WCN traded down $0.04 during trading hours on Tuesday, hitting $153.67. The company had a trading volume of 1,574,664 shares, compared to its average volume of 1,539,149. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $38.57 billion, a PE ratio of 37.03, a price-to-earnings-growth ratio of 2.62 and a beta of 0.49. Waste Connections, Inc. has a one year low of $146.89 and a one year high of $179.74. The company's fifty day moving average price is $161.24 and its two-hundred day moving average price is $161.25.

Waste Connections (NYSE:WCN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share for the quarter, beating analysts' consensus estimates of $1.35 by $0.15. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter last year, the company earned $1.29 earnings per share. The firm's revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, equities analysts forecast that Waste Connections, Inc. will post 5.63 earnings per share for the current fiscal year.

Waste Connections Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.9%. The ex-dividend date was Thursday, August 6th. Waste Connections's dividend payout ratio (DPR) is 33.73%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wolfe Research began coverage on Waste Connections in a research report on Tuesday, September 15th. They set an "outperform" rating and a $204.00 target price for the company. Morgan Stanley dropped their price target on Waste Connections from $205.00 to $195.00 and set an "overweight" rating on the stock in a research report on Tuesday. Raymond James Financial set a $189.00 price target on Waste Connections in a research note on Friday. UBS Group upgraded Waste Connections from a "neutral" rating to a "buy" rating and raised their price target for the company from $176.00 to $200.00 in a research note on Friday, September 18th. Finally, TD Cowen restated a "buy" rating and issued a $210.00 price objective (up from $200.00) on shares of Waste Connections in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $199.22.

Insider Activity at Waste Connections

In other Waste Connections news, SVP Philip Rivard sold 2,500 shares of Waste Connections 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 transaction, the senior vice president directly owned 734 shares of the company's stock, valued at approximately $122,262.38. The trade was a 77.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Robert Cloninger sold 2,811 shares of the company's 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 transaction, the senior vice president directly owned 11,666 shares in the company, valued at approximately $1,995,119.32. The trade was a 19.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.27% of the stock is owned by company insiders.

Waste Connections Company Profile

Waste Connections, Inc is a North American provider of solid waste collection, transfer, disposal, recycling and resource recovery services. The company serves residential, commercial, industrial and construction customers through local operations and provides services under municipal and other contracted arrangements.

Its business includes curbside and commercial waste collection, transfer stations, solid waste landfills, recycling facilities and organics processing. Waste Connections also provides environmental services for energy-producing customers, including the management and disposal of non-hazardous oilfield waste, and operates resource recovery and renewable energy projects in connection with certain waste facilities.

Founded in 1997, Waste Connections serves communities across the United States and Canada.

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