Waste Connections, Inc. (NYSE:WCN) Shares Bought by Daiwa Securities Group Inc.
Daiwa Securities Group Inc. raised its position in Waste Connections, Inc. (NYSE:WCN) by 161.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,025 shares of the business services provider’s stock after buying an additional 88,350 shares during the period. Daiwa Securities Group Inc. owned 0.05% of Waste Connections worth $9,214,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in WCN. Vanguard Group Inc. raised its stake 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 worth $1,273,251,000 after buying an additional 546,144 shares in the last quarter. Findlay Park Partners LLP raised its stake in 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 worth $338,934,000 after buying an additional 72,645 shares in the last quarter. FMR LLC raised its stake in Waste Connections by 2.8% in the first quarter. FMR LLC now owns 3,253,080 shares of the business services provider’s stock worth $287,233,000 after buying an additional 89,920 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in Waste Connections by 42.7% in the second quarter. Great West Life Assurance Co. Can now owns 2,334,993 shares of the business services provider’s stock worth $149,992,000 after buying an additional 698,773 shares in the last quarter. Finally, OppenheimerFunds Inc. raised its stake in Waste Connections by 4.0% in the first quarter. OppenheimerFunds Inc. now owns 1,813,595 shares of the business services provider’s stock worth $159,995,000 after buying an additional 69,547 shares in the last quarter. 58.20% of the stock is currently owned by institutional investors.
Shares of Waste Connections, Inc. (NYSE:WCN) opened at 64.99 on Friday. The firm has a market cap of $17.12 billion, a price-to-earnings ratio of 55.26 and a beta of 0.23. The company has a 50-day moving average price of $64.96 and a 200-day moving average price of $60.17. Waste Connections, Inc. has a 12 month low of $47.81 and a 12 month high of $67.14.
Waste Connections (NYSE:WCN) last announced its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, topping 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 return on equity of 9.19% and a net margin of 7.11%. The company’s quarterly revenue was up 61.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.66 earnings per share. Analysts forecast that Waste Connections, Inc. will post $2.13 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 22nd. Shareholders of record on Tuesday, August 8th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, August 4th. This represents a $0.48 annualized dividend and a yield of 0.74%. Waste Connections’s payout ratio is currently 40.56%.
Waste Connections announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 2nd that authorizes the company to repurchase 13,180,000 shares. This repurchase authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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WCN has been the topic of a number of research analyst reports. TD Securities raised their price target on Waste Connections from $67.00 to $73.00 and gave the stock a “hold” rating in a research report on Thursday, July 27th. Barclays PLC reaffirmed a “buy” rating on shares of Waste Connections in a research report on Friday, April 28th. Zacks Investment Research lowered Waste Connections from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. Royal Bank Of Canada set a $102.00 price target on Waste Connections and gave the stock an “outperform” rating in a research report on Monday, June 19th. Finally, Credit Suisse Group reaffirmed a “buy” rating and set a $75.00 price target on shares of Waste Connections in a research report on Friday, June 23rd. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Waste Connections has an average rating of “Buy” and a consensus target price of $69.97.
In other news, VP Patrick James Shea sold 6,000 shares of the stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $96.95, for a total value of $581,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan Lee acquired 1,200 shares of the stock in a transaction dated Tuesday, May 16th. The stock was bought at an average cost of $92.05 per share, with a total value of $110,460.00. Following the completion of the purchase, the director now owns 3,679 shares of the company’s stock, valued at $338,651.95. The disclosure for this purchase can be found here. In the last quarter, insiders sold 93,900 shares of company stock worth $6,871,801. Corporate 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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