Oak Ridge Investments LLC grew its holdings in Waste Connections, Inc. (NYSE:WCN) by 19.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 668,129 shares of the business services provider’s stock after purchasing an additional 110,764 shares during the period. Waste Connections makes up 1.4% of Oak Ridge Investments LLC’s portfolio, making the stock its 24th biggest position. Oak Ridge Investments LLC owned about 0.25% of Waste Connections worth $43,041,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in WCN. Janney Montgomery Scott LLC lifted its holdings in shares of Waste Connections by 15.1% in the first quarter. Janney Montgomery Scott LLC now owns 5,067 shares of the business services provider’s stock valued at $447,000 after purchasing an additional 663 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of Waste Connections by 18.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 5,798 shares of the business services provider’s stock valued at $511,000 after purchasing an additional 900 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Waste Connections by 254.7% in the first quarter. BNP Paribas Arbitrage SA now owns 16,077 shares of the business services provider’s stock valued at $1,418,000 after purchasing an additional 11,544 shares in the last quarter. Comerica Bank lifted its holdings in shares of Waste Connections by 29.9% in the first quarter. Comerica Bank now owns 13,657 shares of the business services provider’s stock valued at $1,267,000 after purchasing an additional 3,147 shares in the last quarter. Finally, World Asset Management Inc increased its stake in shares of Waste Connections by 1.4% in the first quarter. World Asset Management Inc now owns 10,928 shares of the business services provider’s stock worth $964,000 after acquiring an additional 148 shares during the last quarter. Institutional investors own 82.81% of the company’s stock.
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Waste Connections, Inc. (WCN) traded up 0.53% during trading on Friday, reaching $69.59. 930,263 shares of the company’s stock traded hands. Waste Connections, Inc. has a 12 month low of $47.81 and a 12 month high of $69.80. The firm has a market cap of $18.33 billion, a PE ratio of 59.18 and a beta of 0.24. The firm has a 50 day moving average price of $65.66 and a 200-day moving average price of $62.65.
Waste Connections (NYSE:WCN) last issued its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, topping the consensus estimate of $0.53 by $0.02. Waste Connections had a net margin of 7.11% and a return on equity of 9.19%. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm posted $0.66 EPS. The company’s revenue for the quarter was up 61.6% on a year-over-year basis. On average, analysts forecast that Waste Connections, Inc. will post $2.13 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 22nd. Shareholders of record on Tuesday, August 8th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 4th. This represents a $0.48 annualized dividend and a yield of 0.69%. Waste Connections’s dividend payout ratio (DPR) is presently 32.11%.
Waste Connections declared that its board has authorized a stock repurchase program on Wednesday, August 2nd that permits the company to buyback 13,180,000 outstanding shares. This buyback authorization permits the business services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts have recently weighed in on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 price target on shares of Waste Connections in a research note on Tuesday, August 29th. Barclays PLC upped their price target on shares of Waste Connections from $70.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, August 7th. BidaskClub downgraded shares of Waste Connections from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Zacks Investment Research downgraded shares of Waste Connections from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Credit Suisse Group set a $75.00 price target on shares of Waste Connections and gave the stock a “buy” rating in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $71.48.
In other news, insider James Little sold 3,000 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $64.81, for a total transaction of $194,430.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Darrell W. Chambliss sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $65.05, for a total transaction of $1,626,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 69,500 shares of company stock worth $4,521,285 over the last three months. Insiders own 0.68% of the company’s stock.
Waste Connections 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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