Waste Connections, Inc. (WCN) Stake Increased by Korea Investment CORP
Korea Investment CORP raised its stake in Waste Connections, Inc. (NYSE:WCN) by 624.9% during the second quarter, Holdings Channel reports. The fund owned 54,891 shares of the business services provider’s stock after buying an additional 47,319 shares during the period. Korea Investment CORP’s holdings in Waste Connections were worth $3,536,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of WCN. Sumitomo Mitsui Asset Management Company LTD raised its position in Waste Connections by 8.1% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 13,104 shares of the business services provider’s stock valued at $1,156,000 after buying an additional 979 shares during the period. Northstar Asset Management LLC acquired a new stake in Waste Connections during the first quarter worth $905,000. Janney Montgomery Scott LLC increased its stake in 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 worth $447,000 after buying an additional 663 shares during the period. First Citizens Bank & Trust Co. acquired a new stake in Waste Connections during the first quarter worth $612,000. Finally, Independent Portfolio Consultants Inc. acquired a new stake in Waste Connections during the first quarter worth $147,000. Hedge funds and other institutional investors own 59.68% of the company’s stock.
Shares of Waste Connections, Inc. (NYSE:WCN) opened at 64.01 on Friday. The stock’s 50 day moving average price is $64.73 and its 200-day moving average price is $60.68. Waste Connections, Inc. has a 12 month low of $47.81 and a 12 month high of $67.14. The firm has a market capitalization of $16.86 billion, a PE ratio of 54.43 and a beta of 0.23.
Waste Connections (NYSE:WCN) last released its quarterly earnings data on Tuesday, July 25th. The business services provider reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the business earned $0.66 earnings per share. On average, equities analysts anticipate that Waste Connections, Inc. will post $2.13 earnings per share for the current fiscal year.
Waste Connections declared that its board has authorized 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 buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 22nd. Stockholders of record on Tuesday, August 8th will be issued a $0.12 dividend. 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 payout ratio is currently 32.11%.
A number of research firms have commented on WCN. Royal Bank Of Canada boosted their target price on Waste Connections from $68.00 to $74.00 and gave the stock an “outperform” rating in a research report on Friday, June 23rd. Zacks Investment Research upgraded Waste Connections from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a research report on Monday, July 31st. Barclays PLC upped their price objective on Waste Connections from $70.00 to $76.00 and gave the company an “overweight” rating in a research report on Monday, August 7th. TD Securities dropped their target price on Waste Connections from $66.67 to $63.33 and set a “hold” rating for the company in a research note on Friday, April 28th. Finally, Raymond James Financial, Inc. upped their target price on Waste Connections from $74.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 27th. 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 stock has an average rating of “Buy” and a consensus target price of $70.47.
In other news, insider James Little sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $64.81, for a total value of $194,430.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Susan Lee bought 1,200 shares of Waste Connections stock in a transaction dated Tuesday, May 16th. The stock was acquired at an average cost of $92.05 per share, for a total transaction of $110,460.00. Following the completion of the acquisition, the director now directly owns 3,679 shares in the company, valued at $338,651.95. The disclosure for this purchase can be found here. Insiders sold a total of 93,900 shares of company stock worth $6,871,801 over the last three months. 0.68% of the stock is owned by company insiders.
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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