Waste Connections (NYSE:WCN) Stock: Insider Derek Tan Sells 1,000 Shares

Key Points

• Insider sale: Chief Accounting Officer Derek Tan sold 1,000 Waste Connections shares for approximately $186,770, reducing his holdings by 71.23% to 404 shares.
• Strong quarterly results: Waste Connections exceeded earnings and revenue expectations, reporting $1.58 in adjusted earnings per share and $2.64 billion in revenue, up 23.8% year over year.
• Positive investor outlook: The company raised its quarterly dividend to $0.385 per share, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $203.22.

Waste Connections, Inc. (NYSE:WCN - Get Free Report) CAO Derek Tan sold 1,000 shares of Waste Connections stock in a transaction on Monday, October 26th. The stock was 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 in the company, valued at $75,455.08. The trade was a 71.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Waste Connections Trading Down 1.4%

Shares of NYSE WCN traded down $2.57 during mid-day trading on Wednesday, hitting $179.40. 2,011,343 shares of the company traded hands, compared to its average volume of 1,595,584. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $187.35. The stock has a market capitalization of $44.95 billion, a price-to-earnings ratio of 40.14, a PEG ratio of 3.35 and a beta of 0.49. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The business has a 50 day moving average of $162.53 and a two-hundred day moving average of $163.30.

Waste Connections (NYSE:WCN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The business services provider reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.52 by $0.06. Waste Connections had a return on equity of 17.76% and a net margin of 11.40%. The firm had revenue of $2.64 billion for the quarter, compared to analysts' expectations of $2.60 billion. The company's quarterly revenue was up 23.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Waste Connections, Inc. will post 5.70 earnings per share for the current fiscal year.

Waste Connections Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 5th will be issued a dividend of $0.3850 per share. This is an increase from Waste Connections's previous quarterly dividend of $0.35. This represents a $1.54 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Thursday, November 5th. Waste Connections's dividend payout ratio is 31.32%.

Analyst Ratings Changes

A number of research firms have issued reports on WCN. Wells Fargo & Company increased their target price on shares of Waste Connections from $187.00 to $211.00 and gave the stock an "overweight" rating in a research report on Friday, October 23rd. Scotiabank reaffirmed an "outperform" rating and issued a $201.00 price target on shares of Waste Connections in a research note on Friday, October 23rd. Morgan Stanley reaffirmed an "overweight" rating and issued a $200.00 price target (up from $195.00) on shares of Waste Connections in a research note on Friday, October 23rd. JPMorgan Chase & Co. cut their price objective on Waste Connections from $195.00 to $180.00 and set an "overweight" rating for the company in a report on Thursday, October 8th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Waste Connections from $191.00 to $205.00 and gave the company a "buy" rating in a research report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $203.22.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. XXEC Inc. bought a new stake in Waste Connections in the second quarter worth $164,870,000. BlackRock Inc. acquired a new stake in shares of Waste Connections in the second quarter worth about $1,061,947,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Waste Connections in the second quarter worth about $589,671,000. Bank of America Corp DE acquired a new stake in shares of Waste Connections in the second quarter worth about $510,526,000. Finally, Wellington Management Group LLP bought a new stake in shares of Waste Connections during the 2nd quarter worth about $477,944,000. Institutional investors own 86.09% of the company's stock.

Waste Connections Company Profile

Waste Connections, Inc is a North American provider of solid waste collection, transfer, disposal and recycling services. The company serves residential, commercial, industrial and construction customers, offering scheduled and on-demand collection as well as waste management solutions tailored to municipalities and businesses.

Its operations include local collection fleets, transfer stations, recycling and resource-recovery facilities, and landfills. Waste Connections also provides non-hazardous oilfield waste services, including the collection, transportation, treatment and disposal of waste generated by energy-production activities.

Founded in 1997, Waste Connections has grown through a combination of internal development and acquisitions.

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