Comerica Bank Increases Stake in Waste Connections, Inc. (WCN)
Comerica Bank lifted its position in Waste Connections, Inc. (NYSE:WCN) by 35.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,513 shares of the business services provider’s stock after acquiring an additional 4,856 shares during the period. Comerica Bank’s holdings in Waste Connections were worth $1,183,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in WCN. Independent Portfolio Consultants Inc. raised its position in shares of Waste Connections by 10.1% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 1,833 shares of the business services provider’s stock worth $118,000 after acquiring an additional 168 shares in the last quarter. US Bancorp DE raised its position in shares of Waste Connections by 14.3% in the 2nd quarter. US Bancorp DE now owns 2,171 shares of the business services provider’s stock worth $140,000 after acquiring an additional 271 shares in the last quarter. Creative Planning raised its position in shares of Waste Connections by 223.5% in the 2nd quarter. Creative Planning now owns 2,397 shares of the business services provider’s stock worth $154,000 after acquiring an additional 1,656 shares in the last quarter. BB&T Corp bought a new position in shares of Waste Connections in the 2nd quarter worth approximately $212,000. Finally, Pinnacle Associates Ltd. bought a new position in shares of Waste Connections in the 1st quarter worth approximately $219,000. 82.81% of the stock is owned by hedge funds and other institutional investors.
Shares of Waste Connections, Inc. (NYSE WCN) opened at 69.59 on Friday. The firm has a 50 day moving average price of $65.66 and a 200-day moving average price of $62.65. Waste Connections, Inc. has a 12-month low of $47.81 and a 12-month high of $69.80. The company has a market cap of $18.33 billion, a price-to-earnings ratio of 59.18 and a beta of 0.24.
Waste Connections (NYSE:WCN) last posted its earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The company had revenue of $1.18 billion during 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%. Waste Connections’s revenue was up 61.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 earnings per share. On average, equities analysts expect that Waste Connections, Inc. will post $2.13 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 22nd. Shareholders of record on Tuesday, August 8th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, August 4th. This represents a $0.48 dividend on an annualized basis and a yield of 0.69%. Waste Connections’s dividend payout ratio is currently 32.11%.
Waste Connections declared that its Board of Directors has initiated a share repurchase program on Wednesday, August 2nd that allows the company to buyback 13,180,000 outstanding shares. This buyback authorization allows the business services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, insider James Little sold 3,000 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $64.81, for a total transaction of $194,430.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Edward E. Guillet sold 11,500 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $65.27, for a total value of $750,605.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,500 shares of company stock valued at $4,521,285. 0.68% of the stock is owned by company insiders.
Several brokerages have recently issued reports on WCN. Zacks Investment Research lowered Waste Connections from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. TD Securities raised their price objective on Waste Connections from $67.00 to $73.00 and gave the company a “hold” rating in a research report on Thursday, July 27th. Royal Bank Of Canada raised their price objective on Waste Connections from $74.00 to $76.00 and gave the company an “outperform” rating in a research report on Thursday, July 27th. Barclays PLC set a $70.00 price objective on Waste Connections and gave the company a “buy” rating in a research report on Wednesday, July 26th. Finally, Credit Suisse Group set a $75.00 price objective on Waste Connections and gave the company a “buy” rating in a research report on Thursday, July 27th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Waste Connections has a consensus rating of “Buy” and an average target price of $71.48.
Waste Connections 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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