Ontario Teachers Pension Plan Board raised its holdings in shares of Waste Connections Inc (NYSE:WCN) by 21.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 633,836 shares of the business services provider’s stock after purchasing an additional 111,094 shares during the period. Ontario Teachers Pension Plan Board owned 0.24% of Waste Connections worth $47,746,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Toronto Dominion Bank increased its position in shares of Waste Connections by 115.0% in the 2nd 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 period. Unigestion Holding SA acquired a new position in shares of Waste Connections in the 2nd quarter valued at $35,412,000. Royal Bank of Canada increased its position in shares of Waste Connections by 4.6% in the 1st quarter. Royal Bank of Canada now owns 10,560,499 shares of the business services provider’s stock valued at $757,609,000 after acquiring an additional 467,951 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Waste Connections by 10.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 4,260,678 shares of the business services provider’s stock valued at $305,661,000 after acquiring an additional 404,508 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Waste Connections by 20.6% in the 2nd 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 period. 82.86% of the stock is currently owned by institutional investors and hedge funds.
NYSE:WCN traded up $0.01 during mid-day trading on Thursday, hitting $79.21. The company’s stock had a trading volume of 3,954 shares, compared to its average volume of 523,692. Waste Connections Inc has a 1 year low of $64.58 and a 1 year high of $80.18. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.15 and a current ratio of 1.15. The firm has a market cap of $20.76 billion, a price-to-earnings ratio of 36.67, a PEG ratio of 2.69 and a beta of 0.07.
Waste Connections (NYSE:WCN) last posted its quarterly earnings results on Tuesday, July 24th. The business services provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.62 by $0.03. Waste Connections had a net margin of 14.80% and a return on equity of 9.90%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the company earned $0.55 earnings per share. The firm’s revenue was up 5.5% on a year-over-year basis. equities research analysts predict that Waste Connections Inc will post 2.5 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 21st. Stockholders of record on Tuesday, August 7th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend was Monday, August 6th. Waste Connections’s payout ratio is currently 25.93%.
In other news, VP David Eddie sold 20,000 shares of the stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $80.06, for a total transaction of $1,601,200.00. Following the sale, the vice president now directly owns 36,320 shares of the company’s stock, valued at approximately $2,907,779.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.40% of the company’s stock.
Several equities analysts recently issued reports on the company. TD Securities upped their target price on Waste Connections from $79.00 to $83.00 and gave the company a “hold” rating in a research report on Thursday, July 26th. Zacks Investment Research raised Waste Connections from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Friday, May 25th. BMO Capital Markets set a $82.00 price target on shares of Waste Connections and gave the company a “buy” rating in a report on Friday, May 4th. Royal Bank of Canada upped their price target on shares of Waste Connections from $82.00 to $84.00 and gave the company an “outperform” rating in a report on Thursday, July 26th. Finally, Citigroup upped their price target on shares of Waste Connections from $80.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, July 26th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $83.00.
Waste Connections Company Profile
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.
Further Reading: Asset Allocation
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