Cidel Asset Management Inc. Buys 8,025 Shares of Waste Connections, Inc. $WCN

Cidel Asset Management Inc. raised its stake in Waste Connections, Inc. (NYSE:WCN) by 4.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 198,091 shares of the business services provider’s stock after acquiring an additional 8,025 shares during the period. Waste Connections comprises about 1.6% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 16th largest position. Cidel Asset Management Inc.’s holdings in Waste Connections were worth $33,006,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in WCN. Measured Wealth Private Client Group LLC acquired a new position in shares of Waste Connections in the third quarter worth approximately $26,000. Transamerica Financial Advisors LLC increased its position in Waste Connections by 346.2% during the 4th quarter. Transamerica Financial Advisors LLC now owns 174 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 135 shares during the period. Group One Trading LLC bought a new stake in shares of Waste Connections in the 2nd quarter valued at $30,000. Whipplewood Advisors LLC increased its position in shares of Waste Connections by 1,166.7% during the first quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider’s stock worth $31,000 after buying an additional 175 shares during the period. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Waste Connections during the fourth quarter worth $36,000. Institutional investors and hedge funds own 86.09% of the company’s stock.

Insider Activity at Waste Connections

In related news, SVP Philip Rivard sold 2,500 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total transaction of $416,425.00. Following the completion of the sale, the senior vice president directly owned 734 shares of the company’s stock, valued at approximately $122,262.38. This trade represents a 77.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Robert Cloninger sold 2,811 shares of the business’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $171.02, for a total value of $480,737.22. Following the completion of the transaction, the senior vice president directly owned 11,666 shares in the company, valued at approximately $1,995,119.32. This represents a 19.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.27% of the company’s stock.

Waste Connections Stock Down 1.0%

WCN stock opened at $163.15 on Wednesday. The firm has a market capitalization of $41.04 billion, a PE ratio of 39.31, a P/E/G ratio of 2.83 and a beta of 0.48. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.17. Waste Connections, Inc. has a twelve month low of $146.89 and a twelve month high of $179.74. The stock’s 50 day moving average is $167.84 and its 200-day moving average is $163.11.

Waste Connections (NYSE:WCN) last posted its earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.15. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The firm had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same quarter in the prior year, the business posted $1.29 EPS. The business’s revenue was up 6.4% compared to the same quarter last year. Sell-side analysts expect that Waste Connections, Inc. will post 5.62 EPS for the current fiscal year.

Waste Connections Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $1.40 annualized dividend and a dividend yield of 0.9%. Waste Connections’s dividend payout ratio (DPR) is currently 33.73%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on WCN shares. Weiss Ratings restated a “hold (c)” rating on shares of Waste Connections in a report on Friday, August 7th. JPMorgan Chase & Co. lowered their price objective on Waste Connections from $210.00 to $195.00 and set an “overweight” rating for the company in a research report on Monday, July 13th. Citigroup upped their target price on Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. TD Cowen reaffirmed a “buy” rating and set a $210.00 target price (up from $200.00) on shares of Waste Connections in a research note on Friday, July 24th. Finally, Barclays lifted their price objective on shares of Waste Connections from $180.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Waste Connections presently has an average rating of “Moderate Buy” and a consensus target price of $200.89.

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.