Waste Connections, Inc. $WCN Stake Decreased by Montrusco Bolton Investments Inc.

Key Points

• Montrusco Bolton Investments Inc. cut its Waste Connections stake by 22.3% in the first quarter, selling 523,366 shares and leaving it with 1,822,200 shares worth about $286.5 million.
• Waste Connections posted quarterly EPS of $1.23, topping analyst expectations, while revenue rose 6.4% year over year to $2.33 billion even though it missed the revenue estimate.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of $202.84; the company also paid a quarterly dividend of $0.35 per share.

Montrusco Bolton Investments Inc. lowered its stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 22.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,822,200 shares of the business services provider's stock after selling 523,366 shares during the quarter. Waste Connections makes up approximately 4.3% of Montrusco Bolton Investments Inc.'s portfolio, making the stock its 6th largest holding. Montrusco Bolton Investments Inc. owned about 0.71% of Waste Connections worth $286,518,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Waste Connections in the fourth quarter valued at about $697,519,000. Capital International Investors grew its position in shares of Waste Connections by 28.2% during the 4th quarter. Capital International Investors now owns 6,468,259 shares of the business services provider's stock valued at $1,134,781,000 after acquiring an additional 1,420,921 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Waste Connections by 37.1% during the 4th quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider's stock worth $835,370,000 after purchasing an additional 1,289,042 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of 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 worth $783,218,000 after purchasing an additional 1,264,150 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Waste Connections by 58.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,900,321 shares of the business services provider's stock worth $508,600,000 after purchasing an additional 1,065,653 shares during the period. Institutional investors own 86.09% of the company's stock.

Waste Connections Stock Performance

Shares of WCN stock opened at $168.93 on Friday. The firm's 50 day moving average is $157.67 and its 200 day moving average is $163.94. The stock has a market capitalization of $42.86 billion, a P/E ratio of 41.20, a PEG ratio of 3.00 and a beta of 0.49. Waste Connections, Inc. has a 12 month low of $146.89 and a 12 month high of $191.91. 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 released its quarterly earnings data on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.04. Waste Connections had a net margin of 10.97% and a return on equity of 16.49%. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same period in the previous year, the business earned $1.13 EPS. Waste Connections's revenue was up 6.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Waste Connections, Inc. will post 5.49 earnings per share for the current year.

Waste Connections Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were given a $0.35 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. Waste Connections's payout ratio is 34.15%.

Insider Buying and Selling

In related news, CEO Ronald J. Mittelstaedt acquired 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average cost of $152.24 per share, for a total transaction of $7,612,000.00. Following the purchase, the chief executive officer owned 301,017 shares in the company, valued at $45,826,828.08. This trade represents a 19.92% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Patrick James Shea sold 7,500 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $156.26, for a total value of $1,171,950.00. Following the sale, the vice president directly owned 19,737 shares in the company, valued at $3,084,103.62. This trade represents a 27.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 17,605 shares of company stock valued at $2,822,923 in the last 90 days. Corporate insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Royal Bank Of Canada reiterated an "outperform" rating and issued a $218.00 price objective (up from $210.00) on shares of Waste Connections in a research note on Friday, April 24th. Wolfe Research began coverage on Waste Connections in a research report on Friday, March 13th. They issued an "outperform" rating and a $199.00 target price for the company. BMO Capital Markets restated an "outperform" rating and issued a $208.00 target price (up from $206.00) on shares of Waste Connections in a research note on Friday, April 24th. Barclays set a $180.00 price target on Waste Connections and gave the company an "equal weight" rating in a research report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. lifted their price objective on Waste Connections from $195.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, April 24th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $202.84.

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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