Waste Connections, Inc. $WCN Stake Boosted by BCV Asset Management Inc.

Key Points

• BCV Asset Management increased its Waste Connections stake by 37.3% in the third quarter, adding 170,319 shares to hold 627,365 shares worth about $97.2 million.
• Analyst sentiment was broadly positive: 17 analysts rated the stock Buy and one Strong Buy, with an average price target of $203.22.
• Waste Connections beat quarterly earnings and revenue estimates, with revenue up 23.8% year over year; it also raised its quarterly dividend from $0.35 to $0.385 per share.

BCV Asset Management Inc. boosted its position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 37.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 627,365 shares of the business services provider's stock after purchasing an additional 170,319 shares during the period. Waste Connections accounts for approximately 3.0% of BCV Asset Management Inc.'s portfolio, making the stock its 8th biggest position. BCV Asset Management Inc. owned about 0.25% of Waste Connections worth $97,222,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in Waste Connections by 0.9% in the first quarter. Royal Bank of Canada now owns 12,210,661 shares of the business services provider's stock worth $1,983,500,000 after buying an additional 106,763 shares during the last quarter. BlackRock Inc. bought a new position in shares of Waste Connections during the 2nd quarter valued at $1,061,947,000. The Manufacturers Life Insurance Company raised its holdings in shares of Waste Connections by 48.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 3,724,204 shares of the business services provider's stock valued at $604,573,000 after purchasing an additional 1,219,056 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Waste Connections in the 2nd quarter valued at $510,526,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Waste Connections in the 2nd quarter valued at $477,944,000. Hedge funds and other institutional investors own 86.09% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. BMO Capital Markets reiterated an "outperform" rating and issued a $206.00 price objective on shares of Waste Connections in a report on Friday, October 23rd. JPMorgan Chase & Co. reduced their price target on Waste Connections from $195.00 to $180.00 and set an "overweight" rating for the company in a research report on Thursday, October 8th. Deutsche Bank boosted their price target on Waste Connections from $191.00 to $205.00 and gave the stock a "buy" rating in a research report on Friday, October 23rd. Oppenheimer reiterated an "outperform" rating and set a $200.00 price target (up from $193.00) on shares of Waste Connections in a research note on Friday, October 23rd. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $205.00 price objective on shares of Waste Connections in a report on Thursday, October 22nd. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $203.22.

Insider Transactions at Waste Connections

In related news, SVP Philip Rivard sold 2,500 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was 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 directly owned 734 shares in the company, valued at approximately $122,262.38. This represents a 77.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Derek Tan sold 1,000 shares of the company's stock in a transaction on Monday, October 26th. The shares were sold at an average price of $186.77, for a total value of $186,770.00. Following the completion of the transaction, the chief accounting officer owned 404 shares of the company's stock, valued at $75,455.08. The trade was a 71.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,500 shares of company stock worth $2,960,235 over the last 90 days. Insiders own 0.27% of the company's stock.

Waste Connections Stock Performance

NYSE:WCN opened at $193.75 on Friday. The firm's 50-day moving average is $168.21 and its 200-day moving average is $164.68. Waste Connections, Inc. has a 52-week low of $146.89 and a 52-week high of $196.51. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.67 and a current ratio of 0.67. The company has a market cap of $48.37 billion, a price-to-earnings ratio of 43.34, a PEG ratio of 3.55 and a beta of 0.43.

Waste Connections (NYSE:WCN - Get Free Report) last released its earnings results on Wednesday, October 21st. The business services provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.06. Waste Connections had a net margin of 11.40% and a return on equity of 17.76%. The business had revenue of $2.64 billion during the quarter, compared to analysts' expectations of $2.60 billion. The business's revenue was up 23.8% on a year-over-year basis. Equities research analysts anticipate that Waste Connections, Inc. will post 5.70 earnings per share for the current year.

Waste Connections Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be given a $0.3850 dividend. The ex-dividend date is Thursday, November 5th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Waste Connections's previous quarterly dividend of $0.35. Waste Connections's dividend payout ratio is 34.45%.

Waste Connections Profile

Waste Connections, Inc. is a North American provider of non-hazardous solid waste services. The company serves residential, commercial, industrial and municipal customers, with operations across the United States and Canada, particularly in secondary markets and rural communities. Its services include waste collection, transfer and disposal, as well as recycling and resource recovery. In select regions, Waste Connections also provides treatment, recovery and disposal services for waste generated by oil and gas exploration and production.

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