Waratah Capital Advisors Ltd. boosted its stake in shares of Waste Connections Inc (NYSE:WCN) by 95.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,717 shares of the business services provider’s stock after purchasing an additional 21,299 shares during the quarter. Waratah Capital Advisors Ltd.’s holdings in Waste Connections were worth $4,021,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in WCN. Millennium Management LLC boosted its holdings in shares of Waste Connections by 363.2% during the third quarter. Millennium Management LLC now owns 118,114 shares of the business services provider’s stock valued at $10,866,000 after acquiring an additional 92,617 shares during the period. Man Group plc lifted its position in Waste Connections by 2.7% in the 3rd quarter. Man Group plc now owns 143,553 shares of the business services provider’s stock valued at $13,207,000 after purchasing an additional 3,786 shares during the last quarter. Saya Management LP boosted its stake in Waste Connections by 18.6% during the 3rd quarter. Saya Management LP now owns 142,751 shares of the business services provider’s stock valued at $13,133,000 after purchasing an additional 22,400 shares during the period. Voloridge Investment Management LLC grew its position in Waste Connections by 276.1% in the 3rd quarter. Voloridge Investment Management LLC now owns 106,297 shares of the business services provider’s stock worth $9,779,000 after purchasing an additional 78,035 shares during the last quarter. Finally, National Pension Service grew its position in Waste Connections by 5.1% in the 3rd quarter. National Pension Service now owns 366,892 shares of the business services provider’s stock worth $33,754,000 after purchasing an additional 17,650 shares during the last quarter. Institutional investors and hedge funds own 83.33% of the company’s stock.
Shares of WCN traded up $0.35 during midday trading on Tuesday, hitting $89.98. The stock had a trading volume of 11,419 shares, compared to its average volume of 1,203,808. The business has a 50-day simple moving average of $90.91 and a two-hundred day simple moving average of $92.53. The firm has a market cap of $23.88 billion, a P/E ratio of 35.70, a price-to-earnings-growth ratio of 3.91 and a beta of 0.14. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.63. Waste Connections Inc has a fifty-two week low of $70.28 and a fifty-two week high of $97.93.
Waste Connections (NYSE:WCN) last issued its quarterly earnings results on Monday, October 28th. The business services provider reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Waste Connections had a net margin of 10.70% and a return on equity of 10.62%. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm earned $0.69 EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. On average, analysts expect that Waste Connections Inc will post 2.64 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th were given a $0.14 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.56 annualized dividend and a dividend yield of 0.62%. Waste Connections’s dividend payout ratio (DPR) is presently 29.37%.
Several analysts have weighed in on the company. ValuEngine downgraded Waste Connections from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Macquarie assumed coverage on Waste Connections in a research note on Tuesday, September 3rd. They set a “buy” rating and a $100.00 price target for the company. Jefferies Financial Group initiated coverage on Waste Connections in a report on Wednesday, November 27th. They issued a “buy” rating and a $106.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on Waste Connections in a research note on Wednesday, August 7th. They set an “overweight” rating and a $98.00 target price for the company. Finally, Stifel Nicolaus set a $105.00 target price on Waste Connections and gave the stock a “buy” rating in a report on Monday, September 23rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $98.22.
In other Waste Connections news, Director Michael W. Harlan sold 2,038 shares of Waste Connections stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $91.43, for a total value of $186,334.34. Following the completion of the sale, the director now directly owns 17,425 shares in the company, valued at $1,593,167.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Matthew Stephen Black sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $91.69, for a total transaction of $366,760.00. Following the completion of the sale, the vice president now directly owns 23,063 shares of the company’s stock, valued at $2,114,646.47. The disclosure for this sale can be found here. Insiders have sold 6,972 shares of company stock worth $637,668 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.
Waste Connections Company Profile
Waste Connections, Inc provides waste collection, transfer, disposal, and recycling services in the United States and Canada. The company operates through six segments: Southern, Western, Eastern, Canada, Central, and Exploration and Production (E&P). It offers collection services to residential, commercial, municipal, industrial, and E&P customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.
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