Point72 Asset Management L.P. acquired a new stake in Waste Connections Inc (NYSE:WCN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 13,800 shares of the business services provider’s stock, valued at approximately $965,000.
Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew 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. grew its stake in Waste Connections by 59.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,757,442 shares of the business services provider’s stock valued at $757,414,000 after acquiring an additional 4,380,232 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Waste Connections by 59.9% during the 2nd quarter. Royal Bank of Canada now owns 10,043,896 shares of the business services provider’s stock valued at $647,028,000 after buying an additional 3,762,212 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Waste Connections by 36.9% during the 2nd quarter. Wells Fargo & Company MN now owns 7,286,764 shares of the business services provider’s stock valued at $469,413,000 after buying an additional 1,965,851 shares during the last quarter. Finally, Maverick Capital Ltd. lifted its holdings in shares of Waste Connections by 8.3% during the 2nd quarter. Maverick Capital Ltd. now owns 5,537,682 shares of the business services provider’s stock valued at $356,737,000 after buying an additional 426,642 shares during the last quarter. 82.90% of the stock is owned by hedge funds and other institutional investors.
In other Waste Connections news, Director Robert Davis sold 700 shares of the firm’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $71.72, for a total transaction of $50,204.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Darrell W. Chambliss sold 5,625 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $70.99, for a total value of $399,318.75. Following the transaction, the chief operating officer now owns 101,292 shares in the company, valued at approximately $7,190,719.08. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.
Waste Connections (NYSE:WCN) last posted its quarterly earnings data on Wednesday, October 25th. The business services provider reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. Waste Connections had a return on equity of 9.59% and a net margin of 7.68%. Waste Connections’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period last year, the company earned $0.72 earnings per share. sell-side analysts predict that Waste Connections Inc will post 2.12 EPS for the current fiscal year.
WCN has been the subject of a number of research analyst reports. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 price target on shares of Waste Connections in a report on Tuesday, August 29th. Zacks Investment Research upgraded Waste Connections from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research report on Thursday, October 5th. KeyCorp boosted their price objective on Waste Connections from $72.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, October 13th. TD Securities boosted their price objective on Waste Connections from $73.00 to $74.00 and gave the company a “hold” rating in a research report on Friday, October 27th. Finally, Royal Bank of Canada boosted their price objective on Waste Connections from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, October 27th. Three research 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 company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $78.14.
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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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