Waste Connections, Inc. $WCN Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management reduced its Waste Connections stake by 33.7% in the first quarter, selling 1,182,944 shares and leaving it with 2,325,461 shares valued at about $377.7 million.
• Analysts remain broadly positive on WCN, with a consensus rating of Moderate Buy and an average price target of $202.84. Recent price targets from firms like BMO, RBC, Goldman Sachs, and JPMorgan were mostly in the $210 to $218 range.
• Waste Connections reported Q1 earnings of $1.23 per share, topping estimates, while revenue rose 6.4% year over year to $2.33 billion. The company also paid a quarterly dividend of $0.35 per share, equal to an annualized yield of about 0.8%.

Pictet Asset Management Holding SA cut its position in Waste Connections, Inc. (NYSE:WCN - Free Report) by 33.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,325,461 shares of the business services provider's stock after selling 1,182,944 shares during the quarter. Pictet Asset Management Holding SA owned 0.91% of Waste Connections worth $377,723,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in WCN. Norges Bank acquired a new position in Waste Connections in the 4th quarter worth $697,519,000. Capital International Investors boosted its holdings in Waste Connections by 28.2% in the fourth quarter. Capital International Investors now owns 6,468,259 shares of the business services provider's stock valued at $1,134,781,000 after purchasing an additional 1,420,921 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Waste Connections by 37.1% in the fourth 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 grew its stake in Waste Connections by 39.6% during 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 in the last quarter. Finally, Goldman Sachs Group Inc. grew 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 valued at $508,600,000 after purchasing an additional 1,065,653 shares in the last quarter. 86.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on WCN shares. Barclays set a $180.00 price objective on Waste Connections and gave the stock an "equal weight" rating in a report on Tuesday, April 28th. BMO Capital Markets reissued an "outperform" rating and set a $208.00 price objective (up from $206.00) on shares of Waste Connections in a report on Friday, April 24th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $218.00 price target (up from $210.00) on shares of Waste Connections in a report on Friday, April 24th. The Goldman Sachs Group reissued a "buy" rating and set a $211.00 price target on shares of Waste Connections in a research report on Thursday, April 23rd. Finally, JPMorgan Chase & Co. raised their price objective on Waste Connections from $195.00 to $210.00 and gave the stock an "overweight" rating in a research note on Friday, April 24th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $202.84.

Insider Buying and Selling at Waste Connections

In related news, COO Jason Craft sold 1,500 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $156.59, for a total value of $234,885.00. Following the completion of the sale, the chief operating officer owned 32,861 shares of the company's stock, valued at $5,145,703.99. This represents a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ronald J. Mittelstaedt acquired 50,000 shares of Waste Connections stock in a transaction that occurred on Tuesday, May 12th. The stock was bought at an average cost of $152.24 per share, with a total value of $7,612,000.00. Following the acquisition, the chief executive officer directly owned 301,017 shares of the company's stock, valued at approximately $45,826,828.08. This trade represents a 19.92% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders sold 17,605 shares of company stock valued at $2,822,923. 0.27% of the stock is currently owned by insiders.

Waste Connections Stock Performance

Shares of NYSE WCN opened at $168.07 on Friday. Waste Connections, Inc. has a 12-month low of $146.89 and a 12-month high of $191.91. The company has a market cap of $42.64 billion, a PE ratio of 40.99, a P/E/G ratio of 2.98 and a beta of 0.51. The stock has a 50 day simple moving average of $156.83 and a 200-day simple moving average of $164.04. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.13.

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

Waste Connections Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Wednesday, May 6th. Waste Connections's dividend payout ratio (DPR) is 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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