Waste Connections, Inc. (WCN) Position Raised by Davis R M Inc.
Davis R M Inc. boosted its stake in shares of Waste Connections, Inc. (NYSE:WCN) by 45.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 958,905 shares of the business services provider’s stock after buying an additional 298,475 shares during the period. Waste Connections makes up 2.6% of Davis R M Inc.’s portfolio, making the stock its 2nd largest position. Davis R M Inc.’s holdings in Waste Connections were worth $61,773,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently modified their holdings of WCN. Northstar Asset Management LLC purchased a new position in shares of Waste Connections during the first quarter valued at approximately $905,000. Janney Montgomery Scott LLC increased its position in shares of Waste Connections by 15.1% in the first quarter. Janney Montgomery Scott LLC now owns 5,067 shares of the business services provider’s stock valued at $447,000 after buying an additional 663 shares during the period. First Citizens Bank & Trust Co. purchased a new position in shares of Waste Connections during the first quarter valued at approximately $612,000. Independent Portfolio Consultants Inc. purchased a new position in shares of Waste Connections during the first quarter valued at approximately $147,000. Finally, Korea Investment CORP increased its position in shares of Waste Connections by 479.3% in the first quarter. Korea Investment CORP now owns 7,572 shares of the business services provider’s stock valued at $668,000 after buying an additional 6,265 shares during the period. 59.68% of the stock is owned by hedge funds and other institutional investors.
Shares of Waste Connections, Inc. (WCN) opened at 64.99 on Monday. The stock’s 50 day moving average is $64.96 and its 200-day moving average is $60.17. Waste Connections, Inc. has a 12-month low of $47.81 and a 12-month high of $67.14. The stock has a market cap of $17.12 billion, a PE ratio of 55.26 and a beta of 0.23.
Waste Connections (NYSE:WCN) last posted its quarterly earnings data on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, topping the consensus estimate of $0.53 by $0.02. The firm had revenue of $1.18 billion during 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%. Waste Connections’s revenue was up 61.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.66 EPS. Equities analysts expect that Waste Connections, Inc. will post $2.13 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 22nd. Investors of record on Tuesday, August 8th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, August 4th. This represents a $0.48 annualized dividend and a dividend yield of 0.74%. Waste Connections’s dividend payout ratio (DPR) is presently 32.11%.
Waste Connections declared that its board has approved a stock repurchase program on Wednesday, August 2nd that permits the company to buyback 13,180,000 shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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A number of equities analysts recently issued reports on WCN shares. TD Securities increased their price target on shares of Waste Connections from $67.00 to $73.00 and gave the stock a “hold” rating in a research note on Thursday, July 27th. Barclays PLC reissued a “buy” rating on shares of Waste Connections in a research note on Friday, April 28th. Zacks Investment Research downgraded shares of Waste Connections from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. Royal Bank Of Canada set a $102.00 price target on shares of Waste Connections and gave the stock an “outperform” rating in a research note on Monday, June 19th. Finally, Credit Suisse Group reissued a “buy” rating and issued a $75.00 price target on shares of Waste Connections in a research note 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 given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $69.97.
In related news, VP Patrick James Shea sold 6,000 shares of the business’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan Lee acquired 1,200 shares of Waste Connections stock in a transaction that occurred on Tuesday, May 16th. The shares were purchased at an average price of $92.05 per share, with a total value of $110,460.00. Following the purchase, the director now owns 3,679 shares in the company, valued at $338,651.95. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 93,900 shares of company stock valued at $6,871,801. 0.68% of the stock is currently owned by company insiders.
About Waste Connections
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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