Insight Capital Research & Management Inc. purchased a new position in shares of Waste Connections, Inc. (NYSE:WCN) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 4,935 shares of the business services provider’s stock, valued at approximately $318,000.
A number of other institutional investors have also recently modified their holdings of the stock. First Citizens Bank & Trust Co. purchased a new position in shares of Waste Connections during the first quarter worth about $612,000. Independent Portfolio Consultants Inc. bought a new stake in shares of Waste Connections during the first quarter worth approximately $147,000. Korea Investment CORP increased 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 during the period. Mn Services Vermogensbeheer B.V. increased its stake in shares of Waste Connections by 5.8% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 4,678 shares of the business services provider’s stock worth $386,000 after buying an additional 256 shares during the period. Finally, Nationwide Fund Advisors increased its stake in shares of Waste Connections by 4.9% in the first quarter. Nationwide Fund Advisors now owns 206,794 shares of the business services provider’s stock worth $18,243,000 after buying an additional 9,700 shares during the period. 58.20% of the stock is owned by hedge funds and other institutional investors.
Shares of Waste Connections, Inc. (WCN) traded down 0.38% during mid-day trading on Friday, hitting $64.99. The company had a trading volume of 574,900 shares. Waste Connections, Inc. has a one year low of $47.81 and a one year high of $67.14. The firm’s 50-day moving average price is $64.96 and its 200 day moving average price is $60.17. The company has a market capitalization of $17.12 billion, a P/E ratio of 55.26 and a beta of 0.23.
Waste Connections (NYSE:WCN) last posted its quarterly earnings data on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Waste Connections had a net margin of 7.11% and a return on equity of 9.19%. The firm’s revenue was up 61.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 EPS. Analysts predict that Waste Connections, Inc. will post $2.13 earnings per share for the current fiscal year.
Waste Connections announced that its Board of Directors has approved a stock 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 generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 22nd. Investors of record on Tuesday, August 8th will be given a $0.12 dividend. The ex-dividend date is Friday, August 4th. This represents a $0.48 annualized dividend and a yield of 0.74%. Waste Connections’s dividend payout ratio is currently 40.56%.
A number of equities research analysts have recently commented on the company. BidaskClub downgraded Waste Connections from a “buy” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research downgraded Waste Connections from a “buy” rating to a “hold” rating in a research report on Tuesday. 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. Raymond James Financial, Inc. increased their price objective on Waste Connections from $74.00 to $75.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 27th. Finally, TD Securities increased 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. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $68.95.
In related news, CFO Worthing Jackman sold 30,000 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $65.00, for a total value of $1,950,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Little sold 3,000 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $64.81, for a total transaction of $194,430.00. The disclosure for this sale can be found here. Insiders sold a total of 93,900 shares of company stock worth $6,871,801 over the last ninety days. 0.68% of the stock is currently 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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