Waste Connections (NYSE:WCN) Stock: Insider Matthew Stephen Black Sells 11,000 Shares

Key Points

• Insider sale: SVP Matthew Stephen Black sold 11,000 Waste Connections shares for approximately $1.99 million, reducing his direct holdings by 25.27% to 32,530 shares.
• Strong operating performance: Waste Connections beat quarterly EPS and revenue estimates, reporting $1.58 EPS and $2.64 billion in revenue, up 23.8% year over year.
• Positive investor outlook: Shares rose 2.1% to $188.04, while analysts maintained a “Moderate Buy” consensus with an average price target of $203.22; the company also raised its quarterly dividend to $0.385.

Waste Connections, Inc. (NYSE:WCN - Get Free Report) SVP Matthew Black sold 11,000 shares of the firm's stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $180.60, for a total transaction of $1,986,600.00. Following the completion of the transaction, the senior vice president directly owned 32,530 shares in the company, valued at approximately $5,874,918. This represents a 25.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Waste Connections Stock Up 2.1%

Shares of NYSE:WCN traded up $3.96 during midday trading on Monday, hitting $188.04. 1,276,864 shares of the company's stock traded hands, compared to its average volume of 1,596,527. 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 $47.11 billion, a PE ratio of 42.07, a P/E/G ratio of 3.37 and a beta of 0.43. The firm's fifty day moving average price is $163.36 and its two-hundred day moving average price is $163.52. Waste Connections, Inc. has a twelve month low of $146.89 and a twelve month high of $188.20.

Waste Connections (NYSE:WCN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The business services provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.60 billion. Waste Connections's quarterly revenue was up 23.8% on a year-over-year basis. On average, equities research analysts anticipate that Waste Connections, Inc. will post 5.70 EPS for the current fiscal year.

Waste Connections Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 5th will be paid a $0.3850 dividend. 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. The ex-dividend date is Thursday, November 5th. Waste Connections's payout ratio is 31.32%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Waste Connections from $191.00 to $205.00 and gave the company a "buy" rating in a research report on Friday, October 23rd. Oppenheimer restated an "outperform" rating and issued a $200.00 target price (up from $193.00) on shares of Waste Connections in a research note on Friday, October 23rd. Morgan Stanley restated an "overweight" rating and issued a $200.00 target price (up from $195.00) on shares of Waste Connections in a research note on Friday, October 23rd. Wolfe Research assumed coverage on shares of Waste Connections in a research note on Tuesday, September 15th. They set an "outperform" rating and a $204.00 price target on the stock. Finally, Weiss Ratings raised shares of Waste Connections from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $203.22.

Institutional Investors Weigh In On Waste Connections

A number of hedge funds have recently bought and sold shares of the business. Group One Trading LLC purchased a new position in shares of Waste Connections during the 2nd quarter valued at approximately $30,000. Whipplewood Advisors LLC grew its position in shares of Waste Connections by 1,166.7% during the first quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider's stock worth $31,000 after buying an additional 175 shares in the last quarter. Western Wealth Management LLC bought a new stake in shares of Waste Connections in the first quarter worth $41,000. Johnson Financial Group Inc. bought a new stake in shares of Waste Connections in the second quarter worth $45,000. Finally, Wellington Altus USA Inc. raised its holdings in Waste Connections by 205.6% in the second quarter. Wellington Altus USA Inc. now owns 275 shares of the business services provider's stock valued at $48,000 after acquiring an additional 185 shares in the last quarter. Institutional investors and hedge funds own 86.09% of the company's stock.

About Waste Connections

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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