XXEC Inc. Purchases Shares of 26,376,590 Waste Connections, Inc. $WCN

Key Points

• XXEC Inc. acquired 26,376,590 shares of Waste Connections in the second quarter, valued at approximately $164.9 million, giving it a 10.48% stake and making the company XXEC’s 19th-largest holding.
• Waste Connections reported quarterly EPS of $1.50, beating estimates of $1.35, while revenue reached $2.56 billion, up 6.4% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $200.89.
• The company paid a quarterly dividend of $0.35, equivalent to $1.40 annually and a 0.8% yield. Shares opened at $169.81, compared with a 52-week range of $146.89 to $188.09.

XXEC Inc. purchased a new stake in Waste Connections, Inc. (NYSE:WCN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 26,376,590 shares of the business services provider's stock, valued at approximately $164,870,000. Waste Connections accounts for approximately 0.1% of XXEC Inc.'s holdings, making the stock its 19th biggest holding. XXEC Inc. owned 10.48% of Waste Connections at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in WCN. Integrated Wealth Concepts LLC acquired a new position in Waste Connections in the 1st quarter worth $577,000. Invesco Ltd. increased its holdings in Waste Connections by 12.8% during the 2nd quarter. Invesco Ltd. now owns 219,290 shares of the business services provider's stock worth $40,946,000 after purchasing an additional 24,948 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Waste Connections by 2.9% in the 2nd quarter. First Trust Advisors LP now owns 24,463 shares of the business services provider's stock valued at $4,572,000 after purchasing an additional 688 shares during the period. Jump Financial LLC acquired a new stake in shares of Waste Connections in the 2nd quarter valued at about $2,714,000. Finally, State Street Corp lifted its holdings in shares of Waste Connections by 1.0% in the second quarter. State Street Corp now owns 1,808,631 shares of the business services provider's stock valued at $337,708,000 after purchasing an additional 17,197 shares in the last quarter. Institutional investors own 86.09% of the company's stock.

Waste Connections Price Performance

NYSE:WCN opened at $169.81 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.66 and a current ratio of 0.66. The stock's 50-day simple moving average is $166.53 and its 200 day simple moving average is $163.17. The company has a market cap of $42.72 billion, a P/E ratio of 40.92, a P/E/G ratio of 2.91 and a beta of 0.48. Waste Connections, Inc. has a 52-week low of $146.89 and a 52-week high of $188.09.

Waste Connections (NYSE:WCN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $1.50 EPS for the quarter, beating the consensus estimate of $1.35 by $0.15. The firm had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.51 billion. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The business's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.29 earnings per share. As a group, sell-side analysts forecast that Waste Connections, Inc. will post 5.62 EPS for the current fiscal year.

Waste Connections Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Thursday, August 6th. Waste Connections's dividend payout ratio is presently 33.73%.

Wall Street Analyst Weigh In

WCN has been the subject of a number of research reports. UBS Group reiterated a "neutral" rating and set a $176.00 price objective (up from $170.00) on shares of Waste Connections in a report on Tuesday, August 4th. Barclays boosted their target price on Waste Connections from $180.00 to $187.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 28th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating and set a $199.00 price target on shares of Waste Connections in a research report on Friday, July 24th. Citigroup raised their price target on shares of Waste Connections from $180.00 to $182.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Waste Connections from $210.00 to $195.00 and set an "overweight" rating on the stock in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $200.89.

Insider Activity

In related news, VP Patrick James Shea sold 7,500 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $156.26, for a total value of $1,171,950.00. Following the completion of the transaction, the vice president directly owned 19,737 shares of the company's stock, valued at approximately $3,084,103.62. This trade represents a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Robert Michael Cloninger sold 2,811 shares of the business's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $171.02, for a total transaction of $480,737.22. Following the transaction, the senior vice president 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. Insiders sold a total of 14,311 shares of company stock valued at $2,303,997 over the last three months. Corporate insiders own 0.27% of the company's stock.

Waste Connections Company Profile

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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