Probity Advisors Inc. boosted its stake in shares of Waste Connections, Inc. (NYSE:WCN) by 49.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,053 shares of the business services provider’s stock after buying an additional 3,324 shares during the period. Probity Advisors Inc.’s holdings in Waste Connections were worth $648,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the stock. 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 last quarter. Findlay Park Partners LLP increased its stake in shares of Waste Connections by 1.9% in the first quarter. Findlay Park Partners LLP now owns 3,841,917 shares of the business services provider’s stock valued at $338,934,000 after buying an additional 72,645 shares in the last quarter. FMR LLC increased its stake in shares of Waste Connections by 2.8% in the first quarter. FMR LLC now owns 3,253,080 shares of the business services provider’s stock valued at $287,233,000 after buying an additional 89,920 shares in the last quarter. OppenheimerFunds Inc. increased its stake in shares of Waste Connections by 4.0% in the first quarter. OppenheimerFunds Inc. now owns 1,813,595 shares of the business services provider’s stock valued at $159,995,000 after buying an additional 69,547 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of 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 in the last quarter. 61.21% of the stock is currently owned by hedge funds and other institutional investors.
Waste Connections, Inc. (WCN) opened at 63.62 on Friday. Waste Connections, Inc. has a 1-year low of $47.81 and a 1-year high of $67.14. The stock has a market capitalization of $16.76 billion, a price-to-earnings ratio of 54.10 and a beta of 0.23. The firm has a 50-day moving average of $64.65 and a 200-day moving average of $81.45.
Waste Connections (NYSE:WCN) last released its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.15 billion. Waste Connections had a net margin of 7.11% and a return on equity of 9.19%. The company’s quarterly revenue was up 61.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.66 earnings per share. Equities research analysts anticipate that Waste Connections, Inc. will post $2.13 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 22nd. Stockholders of record on Tuesday, August 8th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, August 4th. This represents a $0.48 annualized dividend and a dividend yield of 0.75%. Waste Connections’s dividend payout ratio is presently 32.11%.
Waste Connections declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 2nd that permits the company to buyback 13,180,000 outstanding shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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Several equities research analysts have weighed in on the company. Royal Bank Of Canada increased their price target on Waste Connections from $68.00 to $74.00 and gave the stock an “outperform” rating in a research report on Friday, June 23rd. Zacks Investment Research raised Waste Connections from a “hold” rating to a “buy” rating and set a $73.00 price target on the stock in a research report on Monday, July 31st. Barclays PLC increased their price target on Waste Connections from $70.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, August 7th. TD Securities cut their price target on Waste Connections from $66.67 to $63.33 and set a “hold” rating on the stock in a research report on Friday, April 28th. Finally, Raymond James Financial, Inc. increased their price target on Waste Connections from $74.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 27th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $70.47.
In related news, VP Patrick James Shea sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $96.95, for a total transaction of $581,700.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Worthing Jackman sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $65.00, for a total transaction of $1,950,000.00. The disclosure for this sale can be found here. Insiders sold 93,900 shares of company stock worth $6,871,801 over the last quarter. Company insiders own 0.68% of the company’s stock.
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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