Pictet Asset Management Ltd. increased its holdings in shares of Waste Connections, Inc. (NYSE:WCN) by 49.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,766,138 shares of the business services provider’s stock after acquiring an additional 918,695 shares during the quarter. Pictet Asset Management Ltd. owned approximately 1.05% of Waste Connections worth $193,519,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in 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 worth $1,449,523,000 after acquiring an additional 8,068,453 shares during the period. JPMorgan Chase & Co. lifted its holdings in 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 worth $757,414,000 after acquiring an additional 4,380,232 shares during the period. Royal Bank of Canada lifted its holdings in 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 worth $647,028,000 after acquiring an additional 3,762,212 shares during the period. Wells Fargo & Company MN lifted its holdings in 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 worth $469,413,000 after acquiring an additional 1,965,851 shares during the period. Finally, Maverick Capital Ltd. lifted its holdings in 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 worth $356,737,000 after acquiring an additional 426,642 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.
A number of analysts recently commented on WCN shares. Zacks Investment Research upgraded Waste Connections from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a report on Thursday, October 5th. Stifel Nicolaus raised their target price on Waste Connections from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Barclays PLC set a $70.00 target price on Waste Connections and gave the stock a “buy” rating in a research report on Wednesday, July 26th. BidaskClub downgraded Waste Connections from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Finally, Credit Suisse Group set a $75.00 target price on Waste Connections and gave the stock a “buy” rating in a research report on Thursday, July 27th. Three 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 stock. The company presently has an average rating of “Buy” and an average price target of $75.61.
Shares of Waste Connections, Inc. (WCN) traded down 0.758% during trading on Monday, hitting $71.325. The stock had a trading volume of 97,544 shares. The firm has a market capitalization of $18.79 billion, a P/E ratio of 60.651 and a beta of 0.23. Waste Connections, Inc. has a 1-year low of $48.78 and a 1-year high of $74.20. The stock’s 50-day moving average price is $69.89 and its 200 day moving average price is $65.20.
Waste Connections (NYSE:WCN) last announced its earnings results on Wednesday, October 25th. The business services provider reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. Waste Connections had a return on equity of 9.59% and a net margin of 7.68%. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the firm earned $0.72 EPS. Waste Connections’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, analysts anticipate that Waste Connections, Inc. will post $2.12 earnings per share for the current year.
Waste Connections declared that its Board of Directors has approved a share buyback program on Wednesday, August 2nd that authorizes the company to repurchase 13,180,000 outstanding shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, November 8th will be issued a $0.14 dividend. This is a boost from Waste Connections’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date is Tuesday, November 7th. Waste Connections’s dividend payout ratio (DPR) is currently 36.36%.
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In related news, COO Darrell W. Chambliss sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $65.05, for a total value of $1,626,250.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $750,605.00. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.
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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