Waste Connections Inc (WCN) Stake Raised by Hillsdale Investment Management Inc.
Hillsdale Investment Management Inc. lifted its position in shares of Waste Connections Inc (NYSE:WCN) by 65.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,579 shares of the business services provider’s stock after purchasing an additional 18,015 shares during the period. Hillsdale Investment Management Inc.’s holdings in Waste Connections were worth $3,634,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. Toronto Dominion Bank lifted its position in Waste Connections by 115.0% in the second quarter. Toronto Dominion Bank now owns 1,126,901 shares of the business services provider’s stock valued at $85,916,000 after acquiring an additional 602,814 shares during the last quarter. Unigestion Holding SA purchased a new stake in Waste Connections in the second quarter valued at $35,412,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Waste Connections by 20.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,046,843 shares of the business services provider’s stock valued at $154,091,000 after acquiring an additional 349,520 shares during the last quarter. Putnam Investments LLC lifted its position in Waste Connections by 25.9% in the second quarter. Putnam Investments LLC now owns 1,209,506 shares of the business services provider’s stock valued at $91,052,000 after acquiring an additional 248,600 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its position in Waste Connections by 36.7% in the second quarter. CIBC Asset Management Inc now owns 885,438 shares of the business services provider’s stock valued at $66,711,000 after acquiring an additional 237,878 shares during the last quarter. 81.41% of the stock is owned by institutional investors and hedge funds.
In other Waste Connections news, Director Michael W. Harlan sold 11,900 shares of Waste Connections stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $79.30, for a total value of $943,670.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Darrell W. Chambliss sold 6,485 shares of Waste Connections stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $80.00, for a total transaction of $518,800.00. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.
Waste Connections (NYSE:WCN) last posted its quarterly earnings data on Monday, October 29th. The business services provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.01. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.27 billion. Waste Connections had a net margin of 15.14% and a return on equity of 10.07%. Waste Connections’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.60 earnings per share. Equities analysts anticipate that Waste Connections Inc will post 2.51 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 27th. Shareholders of record on Tuesday, November 13th will be paid a $0.16 dividend. The ex-dividend date is Friday, November 9th. This is a positive change from Waste Connections’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a yield of 0.83%. Waste Connections’s payout ratio is currently 29.63%.
A number of equities research analysts recently weighed in on WCN shares. BMO Capital Markets boosted their price target on shares of Waste Connections from $86.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, October 31st. TD Securities boosted their price target on shares of Waste Connections from $79.00 to $83.00 and gave the company a “hold” rating in a research report on Thursday, July 26th. Royal Bank of Canada boosted their price target on shares of Waste Connections from $82.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday, July 26th. Zacks Investment Research upgraded shares of Waste Connections from a “hold” rating to a “buy” rating and set a $84.00 price objective on the stock in a research note on Saturday, October 13th. Finally, UBS Group set a $90.00 price objective on shares of Waste Connections and gave the company a “buy” rating in a research note on Wednesday, October 31st. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $84.90.
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About Waste Connections
Waste Connections, Inc, a solid waste services company, provides waste collection, transfer, disposal, and recycling services in the United States and Canada. The company operates through six segments: Southern, Western, Eastern, Canada, Central, and Exploration and Production (E&P). It offers collection services to residential, commercial, municipal, industrial, and E&P customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, office paper, plastic containers, glass bottles, and ferrous and aluminum metals.
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