BNP Paribas Arbitrage SA Acquires 14,846 Shares of Waste Connections, Inc. (WCN)
BNP Paribas Arbitrage SA raised its position in Waste Connections, Inc. (NYSE:WCN) by 92.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,923 shares of the business services provider’s stock after buying an additional 14,846 shares during the period. BNP Paribas Arbitrage SA’s holdings in Waste Connections were worth $1,992,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the company. Oppenheimer & Co. Inc. boosted its stake in shares of Waste Connections by 2.2% in the first quarter. Oppenheimer & Co. Inc. now owns 2,750 shares of the business services provider’s stock worth $242,000 after buying an additional 60 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Waste Connections by 0.7% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 14,400 shares of the business services provider’s stock worth $1,272,000 after buying an additional 100 shares in the last quarter. Coe Capital Management LLC boosted its stake in shares of Waste Connections by 0.7% in the first quarter. Coe Capital Management LLC now owns 19,920 shares of the business services provider’s stock worth $1,757,000 after buying an additional 140 shares in the last quarter. World Asset Management Inc boosted its stake in shares of Waste Connections by 1.4% in the first quarter. World Asset Management Inc now owns 10,928 shares of the business services provider’s stock worth $964,000 after buying an additional 148 shares in the last quarter. Finally, Independent Portfolio Consultants Inc. boosted its stake in shares of Waste Connections by 10.1% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,833 shares of the business services provider’s stock worth $118,000 after buying an additional 168 shares in the last quarter. Hedge funds and other institutional investors own 82.81% of the company’s stock.
Waste Connections, Inc. (WCN) opened at 66.48 on Friday. Waste Connections, Inc. has a 52-week low of $47.81 and a 52-week high of $67.14. The firm’s 50-day moving average is $64.82 and its 200-day moving average is $61.92. The firm has a market cap of $17.51 billion, a price-to-earnings ratio of 56.53 and a beta of 0.23.
Waste Connections (NYSE:WCN) last announced its quarterly earnings data on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm posted $0.66 EPS. The company’s quarterly revenue was up 61.6% on a year-over-year basis. Analysts forecast that Waste Connections, Inc. will post $2.13 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 22nd. Stockholders of record on Tuesday, August 8th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date was Friday, August 4th. Waste Connections’s dividend payout ratio (DPR) is presently 32.11%.
Waste Connections announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 2nd that authorizes the company to buyback 13,180,000 shares. This buyback authorization authorizes the business services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
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A number of brokerages recently issued reports on WCN. Royal Bank Of Canada upped their price objective on shares of Waste Connections from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Friday, June 23rd. Zacks Investment Research upgraded shares of Waste Connections from a “hold” rating to a “buy” rating and set a $73.00 price objective for the company in a report on Monday, July 31st. Barclays PLC upped their price objective on shares of Waste Connections from $70.00 to $76.00 and gave the stock an “overweight” rating in a report on Monday, August 7th. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price objective on shares of Waste Connections in a report on Tuesday. Finally, Raymond James Financial, Inc. upped their price objective on shares of Waste Connections from $74.00 to $75.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 27th. 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 stock. Waste Connections currently has an average rating of “Buy” and a consensus target price of $71.48.
In other news, CFO Worthing Jackman sold 30,000 shares of Waste Connections stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $65.00, for a total value of $1,950,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Edward E. Guillet sold 11,500 shares of Waste Connections stock in a transaction dated Wednesday, August 2nd. The shares were 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. In the last three months, insiders sold 87,900 shares of company stock valued at $6,290,101. Insiders own 0.68% of the company’s stock.
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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