Creative Planning Buys 1,656 Shares of Waste Connections, Inc. (NYSE:WCN)
Creative Planning increased its position in Waste Connections, Inc. (NYSE:WCN) by 223.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,397 shares of the business services provider’s stock after buying an additional 1,656 shares during the period. Creative Planning’s holdings in Waste Connections were worth $154,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Pinnacle Associates Ltd. bought a new stake in shares of Waste Connections during the first quarter worth approximately $219,000. Friedberg Investment Management raised its stake in shares of Waste Connections by 13.5% in the first quarter. Friedberg Investment Management now owns 80,720 shares of the business services provider’s stock worth $7,121,000 after buying an additional 9,590 shares in the last quarter. Edge Asset Management Inc. raised its stake in shares of Waste Connections by 0.3% in the first quarter. Edge Asset Management Inc. now owns 601,998 shares of the business services provider’s stock worth $53,108,000 after buying an additional 1,842 shares in the last quarter. Korea Investment CORP raised its stake 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 worth $668,000 after buying an additional 6,265 shares in the last quarter. Finally, Spirit of America Management Corp NY bought a new stake in shares of Waste Connections during the first quarter worth approximately $110,000. 59.68% of the stock is owned by hedge funds and other institutional investors.
Waste Connections, Inc. (WCN) traded up 1.05% during trading on Friday, hitting $64.28. The stock had a trading volume of 217,145 shares. Waste Connections, Inc. has a 1-year low of $47.81 and a 1-year high of $67.14. The stock’s 50-day moving average price is $64.76 and its 200-day moving average price is $60.61. The company has a market capitalization of $16.93 billion, a P/E ratio of 54.66 and a beta of 0.23.
Waste Connections (NYSE:WCN) last announced its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.02. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. Waste Connections had a net margin of 7.11% and a return on equity of 9.19%. The firm’s quarterly revenue was up 61.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.66 earnings per share. Analysts expect that Waste Connections, Inc. will post $2.13 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 22nd. Investors of record on Tuesday, August 8th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.75%. The ex-dividend date is Friday, August 4th. Waste Connections’s dividend payout ratio (DPR) is currently 32.11%.
Waste Connections announced that its Board of Directors has authorized a stock buyback plan 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. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.
A number of analysts have commented on WCN shares. Royal Bank Of Canada set a $102.00 price objective on Waste Connections and gave the stock an “outperform” rating in a report on Monday, June 19th. Zacks Investment Research lowered Waste Connections from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Credit Suisse Group reissued a “buy” rating and set a $75.00 price objective on shares of Waste Connections in a report on Friday, June 23rd. Barclays PLC reissued a “buy” rating on shares of Waste Connections in a report on Friday, April 28th. Finally, BidaskClub lowered Waste Connections from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Waste Connections presently has a consensus rating of “Buy” and a consensus target price of $70.47.
In related news, COO Darrell W. Chambliss sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $65.05, for a total transaction of $1,626,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan Lee purchased 800 shares of Waste Connections stock in a transaction that occurred on Tuesday, June 6th. The shares were purchased at an average cost of $96.97 per share, with a total value of $77,576.00. Following the transaction, the director now directly owns 5,079 shares of the company’s stock, valued at $492,510.63. The disclosure for this purchase can be found here. Insiders have sold 93,900 shares of company stock valued at $6,871,801 in the last three months. 0.68% of the stock is owned by 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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