Bank of Nova Scotia boosted its holdings in Waste Connections, Inc. (NYSE:WCN) by 2,088.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 512,079 shares of the business services provider’s stock after buying an additional 488,679 shares during the period. Bank of Nova Scotia owned approximately 0.19% of Waste Connections worth $33,016,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of WCN. Vanguard Group Inc. increased its position 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 valued at $1,449,523,000 after purchasing an additional 8,068,453 shares during the period. JPMorgan Chase & Co. increased its position in shares of 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 during the period. Royal Bank of Canada increased its position in shares of 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 during the period. Wells Fargo & Company MN increased its position in shares of Waste Connections by 36.9% during the second quarter. Wells Fargo & Company MN now owns 7,286,764 shares of the business services provider’s stock valued at $469,413,000 after purchasing an additional 1,965,851 shares during the period. Finally, Maverick Capital Ltd. increased its position in shares of Waste Connections by 8.3% during the second quarter. Maverick Capital Ltd. now owns 5,537,682 shares of the business services provider’s stock valued at $356,737,000 after purchasing an additional 426,642 shares during the period. 82.59% of the stock is currently owned by institutional investors.

Shares of Waste Connections, Inc. (WCN) traded down 0.03% during mid-day trading on Wednesday, reaching $69.86. The company’s stock had a trading volume of 71,129 shares. Waste Connections, Inc. has a 52-week low of $47.93 and a 52-week high of $70.76. The firm has a market cap of $18.42 billion, a price-to-earnings ratio of 57.26 and a beta of 0.23. The firm has a 50 day moving average price of $68.19 and a 200 day moving average price of $64.17.

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, topping the Zacks’ consensus estimate of $0.53 by $0.02. Waste Connections had a return on equity of 9.19% and a net margin of 7.11%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the company earned $0.66 EPS. The company’s revenue was up 61.6% on a year-over-year basis. On average, equities analysts predict that Waste Connections, Inc. will post $2.13 EPS for the current fiscal year.

Waste Connections declared that its board has approved a share buyback 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. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

WCN has been the topic of a number of research reports. Credit Suisse Group restated a “buy” rating and set a $75.00 price objective 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 objective on shares of Waste Connections in a research report on Friday, June 23rd. Stifel Nicolaus boosted their price objective on Waste Connections from $66.50 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, June 21st. BidaskClub cut Waste Connections from a “strong-buy” rating to a “buy” rating in a research 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 on the stock in a research report on Monday, July 31st. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $72.48.

In other Waste Connections news, Director Edward E. Guillet sold 11,500 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $65.27, for a total transaction of $750,605.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James Little sold 3,000 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $64.81, for a total value of $194,430.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,500 shares of company stock worth $4,521,285. Corporate insiders own 0.68% of the company’s stock.

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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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Institutional Ownership by Quarter for Waste Connections (NYSE:WCN)

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