Sprott Inc. raised its position in Waste Connections, Inc. (NYSE:WCN) by 82.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,786 shares of the business services provider’s stock after buying an additional 12,111 shares during the period. Sprott Inc.’s holdings in Waste Connections were worth $1,726,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Spirit of America Management Corp NY acquired a new position in shares of Waste Connections during the first quarter worth approximately $110,000. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Waste Connections by 34.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,585 shares of the business services provider’s stock worth $125,000 after buying an additional 404 shares during the period. Independent Portfolio Consultants Inc. acquired a new position in shares of Waste Connections during the first quarter worth approximately $147,000. Capital One National Association acquired a new position in shares of Waste Connections during the first quarter worth approximately $208,000. Finally, Pinnacle Associates Ltd. acquired a new position in shares of Waste Connections during the first quarter worth approximately $219,000. Institutional investors own 59.68% of the company’s stock.
Shares of Waste Connections, Inc. (NYSE WCN) traded down 0.78% during mid-day trading on Tuesday, hitting $65.02. The stock had a trading volume of 519,787 shares. The stock has a 50 day moving average price of $64.89 and a 200 day moving average price of $60.28. Waste Connections, Inc. has a 52 week low of $47.81 and a 52 week high of $67.14. The firm has a market cap of $17.13 billion, a PE ratio of 55.29 and a beta of 0.23.
Waste Connections (NYSE:WCN) last issued its earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. Waste Connections had a return on equity of 9.19% and a net margin of 7.11%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm earned $0.66 EPS. The business’s revenue for the quarter was up 61.6% compared to the same quarter last year. Equities research analysts expect that Waste Connections, Inc. will post $2.13 EPS for the current fiscal year.
Waste Connections announced that its board has approved a share repurchase plan on Wednesday, August 2nd that authorizes the company to repurchase 13,180,000 outstanding shares. This repurchase authorization authorizes the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 22nd. Shareholders of record on Tuesday, August 8th will be issued a $0.12 dividend. The ex-dividend date is Friday, August 4th. This represents a $0.48 dividend on an annualized basis and a yield of 0.74%. Waste Connections’s payout ratio is presently 32.11%.
A number of research analysts have recently commented on the company. BidaskClub lowered Waste Connections from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Zacks Investment Research upgraded Waste Connections from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a research note on Monday, July 31st. Raymond James Financial, Inc. upped their target price on Waste Connections from $74.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 27th. Barclays PLC upped their target price on Waste Connections from $70.00 to $76.00 and gave the company an “overweight” rating in a research note on Monday. Finally, TD Securities upped their target price on Waste Connections from $67.00 to $73.00 and gave the company a “hold” rating in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a hold rating, nine have assigned 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 price target of $70.47.
In other Waste Connections news, Director Edward E. Guillet sold 11,500 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $65.27, for a total value of $750,605.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James Little sold 3,000 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were 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 ninety days, insiders sold 93,900 shares of company stock valued at $6,871,801. 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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