Waste Connections, Inc. (NYSE:WCN) Stake Raised by Farmhouse Investment Management LLC
Farmhouse Investment Management LLC increased its stake in shares of Waste Connections, Inc. (NYSE:WCN) by 50.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 172,494 shares of the business services provider’s stock after buying an additional 58,075 shares during the period. Waste Connections accounts for approximately 5.3% of Farmhouse Investment Management LLC’s portfolio, making the stock its 9th largest position. Farmhouse Investment Management LLC owned 0.07% of Waste Connections worth $11,112,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Pioneer Investment Management Inc. bought a new stake in Waste Connections during the second quarter valued at approximately $13,014,000. British Airways Pensions Investment Management Ltd boosted its stake in Waste Connections by 25.1% in the second quarter. British Airways Pensions Investment Management Ltd now owns 497,489 shares of the business services provider’s stock valued at $32,030,000 after buying an additional 99,829 shares in the last quarter. TD Asset Management Inc. boosted its stake in Waste Connections by 51.5% in the second quarter. TD Asset Management Inc. now owns 4,815,772 shares of the business services provider’s stock valued at $309,785,000 after buying an additional 1,636,317 shares in the last quarter. Davis R M Inc. boosted its stake in Waste Connections by 45.2% in the second quarter. Davis R M Inc. now owns 958,905 shares of the business services provider’s stock valued at $61,773,000 after buying an additional 298,475 shares in the last quarter. Finally, Cullen Frost Bankers Inc. boosted its stake in Waste Connections by 13.9% in the second quarter. Cullen Frost Bankers Inc. now owns 4,266 shares of the business services provider’s stock valued at $275,000 after buying an additional 522 shares in the last quarter. 61.21% of the stock is owned by hedge funds and other institutional investors.
Waste Connections, Inc. (NYSE:WCN) traded down 0.86% on Friday, reaching $63.62. The company had a trading volume of 491,323 shares. Waste Connections, Inc. has a 52-week low of $47.81 and a 52-week high of $67.14. The stock’s 50-day moving average price is $64.65 and its 200 day moving average price is $61.08. The firm has a market capitalization of $16.76 billion, a price-to-earnings ratio of 54.10 and a beta of 0.23.
Waste Connections (NYSE:WCN) last announced its quarterly 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 firm had revenue of $1.18 billion during 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% on a year-over-year basis. During the same period in the prior year, the company earned $0.66 EPS. On average, equities analysts anticipate that Waste Connections, Inc. will post $2.13 earnings per share for the current fiscal year.
Waste Connections declared that its Board of Directors has approved a stock repurchase program on Wednesday, August 2nd that authorizes the company to buyback 13,180,000 outstanding shares. This buyback authorization authorizes the business services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 22nd. Shareholders 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 dividend on an annualized basis and a yield of 0.75%. Waste Connections’s payout ratio is currently 32.11%.
Several equities research analysts recently commented on the company. Barclays PLC increased their price target on Waste Connections from $70.00 to $76.00 and gave the company an “overweight” rating in a report on Monday, August 7th. BidaskClub cut Waste Connections from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Zacks Investment Research cut Waste Connections from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Credit Suisse Group set a $75.00 target price on Waste Connections and gave the stock a “buy” rating in a research note on Thursday, July 27th. Finally, Raymond James Financial, Inc. raised their target price on Waste Connections from $74.00 to $75.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 27th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Waste Connections has an average rating of “Buy” and a consensus price target of $70.47.
In other news, President Steven F. Bouck sold 15,000 shares of the stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $96.05, for a total transaction of $1,440,750.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Patrick James Shea sold 6,000 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $96.95, for a total transaction of $581,700.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 93,900 shares of company stock valued at $6,871,801. 0.68% of the stock is currently owned by corporate insiders.
Waste Connections Company 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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