WCM Investment Management LLC Cuts Position in Waste Connections, Inc. $WCN

WCM Investment Management LLC trimmed its holdings in shares of Waste Connections, Inc. (NYSE:WCN) by 38.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,875,396 shares of the business services provider’s stock after selling 2,410,994 shares during the period. Waste Connections comprises 1.4% of WCM Investment Management LLC’s investment portfolio, making the stock its 28th largest position. WCM Investment Management LLC owned 1.52% of Waste Connections worth $627,272,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of WCN. Dimensional Fund Advisors LP raised its stake in shares of Waste Connections by 19.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 745,441 shares of the business services provider’s stock valued at $121,086,000 after acquiring an additional 122,829 shares during the period. Broderick Brian C purchased a new stake in Waste Connections during the 1st quarter worth $972,000. SEB Asset Management AB acquired a new stake in Waste Connections in the 1st quarter valued at $8,701,000. Swiss National Bank increased its holdings in Waste Connections by 6.5% in the 1st quarter. Swiss National Bank now owns 751,345 shares of the business services provider’s stock valued at $122,048,000 after purchasing an additional 45,700 shares in the last quarter. Finally, Angeles Wealth Management LLC purchased a new position in Waste Connections in the first quarter valued at about $306,000. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WCN has been the topic of a number of recent research reports. Barclays set a $180.00 price objective on Waste Connections and gave the stock an “equal weight” rating in a research note on Tuesday, April 28th. Citigroup raised their target price on Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Weiss Ratings lowered Waste Connections from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. BMO Capital Markets restated an “outperform” rating and issued a $208.00 price target (up from $206.00) on shares of Waste Connections in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. decreased their price target on Waste Connections from $210.00 to $195.00 and set an “overweight” rating for the company in a report on Monday, July 13th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $202.00.

Waste Connections Stock Performance

NYSE:WCN opened at $172.01 on Monday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a 50-day moving average of $159.79 and a two-hundred day moving average of $163.44. The stock has a market cap of $43.40 billion, a P/E ratio of 41.95, a PEG ratio of 3.02 and a beta of 0.49. Waste Connections, Inc. has a 1-year low of $146.89 and a 1-year high of $191.91.

Waste Connections (NYSE:WCN) last announced its earnings results on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.04. Waste Connections had a return on equity of 16.49% and a net margin of 10.97%.The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same period in the previous year, the company earned $1.13 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, research analysts expect that Waste Connections, Inc. will post 5.49 earnings per share for the current fiscal year.

Waste Connections Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were given a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. Waste Connections’s payout ratio is presently 34.15%.

Insiders Place Their Bets

In other news, VP James Little sold 2,605 shares of the stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $163.98, for a total transaction of $427,167.90. Following the transaction, the vice president owned 34,395 shares of the company’s stock, valued at approximately $5,640,092.10. This trade represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ronald J. Mittelstaedt purchased 50,000 shares of Waste Connections stock in a transaction dated Tuesday, May 12th. The shares were bought at an average cost of $152.24 per share, for a total transaction of $7,612,000.00. Following the transaction, the chief executive officer directly owned 301,017 shares of the company’s stock, valued at approximately $45,826,828.08. The trade was a 19.92% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have sold 17,605 shares of company stock worth $2,822,923. Company insiders own 0.27% of the company’s stock.

About Waste Connections

Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.

The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.