Waste Connections, Inc. (WCN) Stake Increased by Rothschild Asset Management Inc.
Rothschild Asset Management Inc. boosted its stake in Waste Connections, Inc. (NYSE:WCN) by 32.7% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 41,984 shares of the business services provider’s stock after buying an additional 10,337 shares during the period. Rothschild Asset Management Inc.’s holdings in Waste Connections were worth $3,507,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted 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. Findlay Park Partners LLP boosted its position 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 valued at $338,934,000 after buying an additional 72,645 shares during the period. FMR LLC boosted its position 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 valued at $287,233,000 after buying an additional 89,920 shares during the period. Great West Life Assurance Co. Can boosted its position 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 valued at $149,992,000 after buying an additional 698,773 shares during the period. Finally, OppenheimerFunds Inc. boosted its position 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 valued at $159,995,000 after buying an additional 69,547 shares during the period. Hedge funds and other institutional investors own 59.68% of the company’s stock.
Shares of Waste Connections, Inc. (NYSE:WCN) opened at 65.53 on Tuesday. The company’s 50-day moving average is $64.96 and its 200-day moving average is $60.17. The company has a market capitalization of $17.26 billion, a PE ratio of 55.72 and a beta of 0.23. Waste Connections, Inc. has a one year low of $47.81 and a one year high of $67.14.
Waste Connections (NYSE:WCN) last announced its earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.02. Waste Connections had a net margin of 7.11% and a return on equity of 9.19%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the firm posted $0.66 earnings per share. The company’s revenue was up 61.6% on a year-over-year basis. Equities analysts predict that Waste Connections, Inc. will post $2.13 earnings per share for the current year.
Waste Connections announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 2nd that allows the company to buyback 13,180,000 shares. This buyback authorization allows the business services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 22nd. Shareholders 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 dividend yield of 0.73%. The ex-dividend date of this dividend is Friday, August 4th. Waste Connections’s dividend payout ratio is presently 32.11%.
WCN has been the subject of several recent analyst reports. TD Securities increased their price objective on shares of Waste Connections from $67.00 to $73.00 and gave the company a “hold” rating in a report on Thursday, July 27th. Barclays PLC reiterated a “buy” rating on shares of Waste Connections in a report on Friday, April 28th. Zacks Investment Research cut shares of Waste Connections from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. Royal Bank Of Canada set a $102.00 price objective on shares of Waste Connections and gave the company an “outperform” rating in a report on Monday, June 19th. Finally, Credit Suisse Group reiterated a “buy” rating and issued a $75.00 price objective on shares of Waste Connections in a report on Friday, June 23rd. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $70.47.
In other news, insider James Little sold 3,000 shares of Waste Connections stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $64.81, for a total transaction of $194,430.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Worthing Jackman sold 30,000 shares of Waste Connections stock in a transaction that occurred on Friday, July 28th. The stock was 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. Over the last ninety days, insiders sold 93,900 shares of company stock valued at $6,871,801. Insiders own 0.68% of the company’s stock.
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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