Northstar Asset Management LLC raised its stake in Waste Connections, Inc. (NYSE:WCN) by 55.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,975 shares of the business services provider’s stock after buying an additional 5,725 shares during the period. Northstar Asset Management LLC’s holdings in Waste Connections were worth $1,029,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased its position in Waste Connections by 1,174.2% in the first quarter. BlackRock Inc. now owns 1,774,965 shares of the business services provider’s stock valued at $156,588,000 after buying an additional 1,635,662 shares during the period. State Street Corp purchased a new position in Waste Connections during the first quarter valued at $97,711,000. TimesSquare Capital Management LLC purchased a new position in Waste Connections during the first quarter valued at $80,801,000. Vanguard Group Inc. increased its position in Waste Connections by 3.9% in the first quarter. Vanguard Group Inc. now owns 14,432,675 shares of the business services provider’s stock valued at $1,273,251,000 after buying an additional 546,144 shares during the period. Finally, Renaissance Technologies LLC increased its position in Waste Connections by 196.2% in the first quarter. Renaissance Technologies LLC now owns 795,107 shares of the business services provider’s stock valued at $70,165,000 after buying an additional 526,700 shares during the period. 61.21% of the stock is currently owned by institutional investors.
Waste Connections, Inc. (NYSE:WCN) traded down 0.86% during mid-day trading on Friday, reaching $63.62. 491,323 shares of the company’s stock were exchanged. Waste Connections, Inc. has a 52-week low of $47.81 and a 52-week high of $67.14. The company has a market cap of $16.76 billion, a PE ratio of 54.10 and a beta of 0.23. The stock has a 50-day moving average price of $64.65 and a 200 day moving average price of $81.45.
Waste Connections (NYSE:WCN) last posted its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.02. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. Waste Connections had a return on equity of 9.19% and a net margin of 7.11%. Waste Connections’s revenue for the quarter was up 61.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Equities analysts predict that Waste Connections, Inc. will post $2.13 earnings per share for the current fiscal year.
Waste Connections declared that its board has initiated a share buyback plan on Wednesday, August 2nd that allows the company to repurchase 13,180,000 outstanding shares. This repurchase authorization allows the business services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 22nd. Investors of record on Tuesday, August 8th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend is Friday, August 4th. Waste Connections’s dividend payout ratio (DPR) is presently 32.11%.
Several research analysts have recently weighed in on WCN shares. Royal Bank Of Canada lifted their target price on shares of Waste Connections from $74.00 to $76.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Zacks Investment Research downgraded shares of Waste Connections from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. BidaskClub downgraded shares of Waste Connections from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Barclays PLC reissued a “buy” rating on shares of Waste Connections in a research report on Friday, April 28th. Finally, Credit Suisse Group reissued a “buy” rating and issued a $75.00 target price on shares of Waste Connections in a research report on Friday, June 23rd. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $70.47.
In other Waste Connections news, Director Susan Lee bought 800 shares of the firm’s stock in a transaction on Tuesday, June 6th. The shares were purchased at an average price of $96.97 per share, for a total transaction of $77,576.00. Following the completion of the transaction, the director now directly owns 5,079 shares in the company, valued at approximately $492,510.63. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Edward E. Guillet sold 11,500 shares of Waste Connections stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $65.27, for a total value of $750,605.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 93,900 shares of company stock valued at $6,871,801. 0.68% of the stock is owned by insiders.
Waste Connections Company Profile
Waste Connections, Inc is a solid waste services company in North America. The Company provides waste collection, transfer, disposal and recycling services in markets in the United States and Canada. The Company operates through six segments: Southern segment, Western segment, Eastern segment, Canada segment, Central segment and E&P segment.
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