Capital International Investors Increases Holdings in Waste Connections, Inc. (WCN)
Capital International Investors raised its holdings in shares of Waste Connections, Inc. (NYSE:WCN) by 50.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,999,100 shares of the business services provider’s stock after acquiring an additional 999,700 shares during the quarter. Capital International Investors owned approximately 1.14% of Waste Connections worth $193,202,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in WCN. Vanguard Group Inc. boosted its holdings in shares of Waste Connections by 55.9% during the second quarter. Vanguard Group Inc. now owns 22,501,128 shares of the business services provider’s stock worth $1,449,523,000 after purchasing an additional 8,068,453 shares during the period. JPMorgan Chase & Co. grew its position in Waste Connections by 59.4% during the second quarter. JPMorgan Chase & Co. now owns 11,757,442 shares of the business services provider’s stock valued at $757,414,000 after purchasing an additional 4,380,232 shares in the last quarter. Royal Bank of Canada grew its position in Waste Connections by 59.9% during the second quarter. Royal Bank of Canada now owns 10,043,896 shares of the business services provider’s stock valued at $647,028,000 after purchasing an additional 3,762,212 shares in the last quarter. CIBC World Markets Inc. acquired a new position in Waste Connections in the 2nd quarter valued at approximately $207,877,000. Finally, FMR LLC increased its stake in Waste Connections by 64.3% in the 2nd quarter. FMR LLC now owns 5,344,512 shares of the business services provider’s stock valued at $344,257,000 after buying an additional 2,091,432 shares during the period. 82.59% of the stock is currently owned by institutional investors.
Waste Connections, Inc. (NYSE WCN) traded up 0.16% during trading on Tuesday, hitting $70.59. 52,690 shares of the stock were exchanged. Waste Connections, Inc. has a 1-year low of $47.81 and a 1-year high of $70.72. The stock has a market cap of $18.60 billion, a price-to-earnings ratio of 60.03 and a beta of 0.23. The firm’s 50 day moving average price is $67.26 and its 200-day moving average price is $63.66.
Waste Connections (NYSE:WCN) last issued its earnings results on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.02. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. Waste Connections had a return on equity of 9.19% and a net margin of 7.11%. The firm’s revenue for the quarter was up 61.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 EPS. On average, analysts anticipate that Waste Connections, Inc. will post $2.13 EPS for the current year.
Waste Connections announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 2nd that allows the company to repurchase 13,180,000 shares. This repurchase authorization allows the business services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
A number of research firms have issued reports on WCN. Credit Suisse Group reiterated a “buy” rating and issued a $75.00 target price on shares of Waste Connections in a research report on Friday, June 23rd. Barclays PLC restated a “buy” rating and set a $68.00 price target on shares of Waste Connections in a report on Friday, June 23rd. Stifel Nicolaus upped their price target on shares of Waste Connections from $66.50 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, June 21st. BidaskClub lowered Waste Connections from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Finally, Zacks Investment Research upgraded 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. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $71.48.
In other news, COO Darrell W. Chambliss sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $65.05, for a total value of $1,626,250.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Worthing Jackman sold 30,000 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $65.00, for a total value of $1,950,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 69,500 shares of company stock valued at $4,521,285 in the last ninety days. Insiders own 0.68% of the company’s stock.
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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