First Trust Advisors LP purchased a new position in shares of Waste Connections, Inc. (NYSE:WCN) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,363 shares of the business services provider’s stock, valued at approximately $539,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. State Board of Administration of Florida Retirement System boosted its holdings in Waste Connections by 18.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 5,798 shares of the business services provider’s stock valued at $511,000 after purchasing an additional 900 shares during the last quarter. Comerica Bank boosted its holdings in Waste Connections by 29.9% in the 1st quarter. Comerica Bank now owns 13,657 shares of the business services provider’s stock valued at $1,267,000 after purchasing an additional 3,147 shares during the last quarter. UBS Asset Management Americas Inc. boosted its holdings in Waste Connections by 34.5% in the 1st quarter. UBS Asset Management Americas Inc. now owns 378,914 shares of the business services provider’s stock valued at $33,428,000 after purchasing an additional 97,113 shares during the last quarter. Karp Capital Management Corp acquired a new position in Waste Connections in the 1st quarter valued at about $1,990,000. Finally, Ameriprise Financial Inc. boosted its holdings in Waste Connections by 1.1% in the 1st quarter. Ameriprise Financial Inc. now owns 276,624 shares of the business services provider’s stock valued at $24,402,000 after purchasing an additional 3,060 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Shares of Waste Connections, Inc. (NYSE:WCN) opened at 69.86 on Monday. The stock has a market capitalization of $18.40 billion, a P/E ratio of 59.40 and a beta of 0.24. Waste Connections, Inc. has a 1-year low of $47.81 and a 1-year high of $70.72. The stock has a 50 day moving average of $65.91 and a 200-day moving average of $62.87.

Waste Connections (NYSE:WCN) last released its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the company earned $0.66 EPS. The firm’s revenue for the quarter was up 61.6% compared to the same quarter last year. Equities research analysts predict that Waste Connections, Inc. will post $2.13 earnings per share for the current fiscal year.

Waste Connections announced that its board has initiated a stock buyback program on Wednesday, August 2nd that authorizes the company to repurchase 13,180,000 outstanding shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

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 value of $1,626,250.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Edward E. Guillet sold 11,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $65.27, for a total transaction of $750,605.00. The disclosure for this sale can be found here. Insiders sold 69,500 shares of company stock worth $4,521,285 over the last three months. Corporate insiders own 0.68% of the company’s stock.

WCN has been the topic of several recent analyst reports. Zacks Investment Research lowered 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 target price on shares of Waste Connections and gave the company an “outperform” rating in a report on Monday, June 19th. Stifel Nicolaus boosted their target price on shares of Waste Connections from $66.50 to $75.00 and gave the company a “buy” rating in a report on Wednesday, June 21st. Barclays PLC reiterated a “buy” rating and issued a $68.00 target price on shares of Waste Connections in a report on Friday, June 23rd. Finally, Credit Suisse Group reiterated a “buy” rating and issued a $75.00 target price on shares of Waste Connections in a report on Friday, June 23rd. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $71.48.

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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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Institutional Ownership by Quarter for Waste Connections (NYSE:WCN)

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