CIBC Asset Management Inc trimmed its position in Waste Connections, Inc. (NYSE:WCN) by 9.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 982,661 shares of the business services provider’s stock after selling 98,288 shares during the quarter. CIBC Asset Management Inc owned approximately 0.37% of Waste Connections worth $68,540,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. US Bancorp DE increased its position in shares of Waste Connections by 14.3% in the second quarter. US Bancorp DE now owns 2,171 shares of the business services provider’s stock worth $140,000 after purchasing an additional 271 shares during the last quarter. Dai Ichi Life Insurance Company Ltd increased its position in shares of Waste Connections by 11.6% in the second quarter. Dai Ichi Life Insurance Company Ltd now owns 3,682 shares of the business services provider’s stock worth $237,000 after purchasing an additional 383 shares during the last quarter. Citigroup Inc. increased its position in shares of Waste Connections by 4.0% in the second quarter. Citigroup Inc. now owns 12,315 shares of the business services provider’s stock worth $793,000 after purchasing an additional 472 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in shares of Waste Connections by 13.9% in the second quarter. Cullen Frost Bankers Inc. now owns 4,266 shares of the business services provider’s stock worth $275,000 after purchasing an additional 522 shares during the last quarter. Finally, Thompson Davis & CO. Inc. increased its position in shares of Waste Connections by 55.8% in the second quarter. Thompson Davis & CO. Inc. now owns 1,561 shares of the business services provider’s stock worth $101,000 after purchasing an additional 559 shares during the last quarter. 82.62% of the stock is currently owned by hedge funds and other institutional investors.
In other news, COO Darrell W. Chambliss sold 5,625 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were 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 $7,190,719.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Davis sold 700 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $71.72, for a total transaction of $50,204.00. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.
Several research analysts recently weighed in on WCN shares. Zacks Investment Research upgraded shares of 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. Stifel Nicolaus upped their price objective on shares of 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 price objective on shares of Waste Connections and gave the stock a “buy” rating in a research report on Wednesday, July 26th. BidaskClub cut shares of 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 price objective on shares of Waste Connections and gave the stock a “buy” rating in a research report on Thursday, July 27th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $77.87.
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Shares of Waste Connections, Inc. (NYSE:WCN) traded up $0.25 during midday trading on Monday, reaching $69.29. 725,000 shares of the company’s stock were exchanged, compared to its average volume of 789,356. Waste Connections, Inc. has a twelve month low of $48.78 and a twelve month high of $74.20. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.46 and a quick ratio of 1.46. The company has a market capitalization of $18,450.00, a PE ratio of 33.05, a P/E/G ratio of 4.12 and a beta of 0.19.
Waste Connections (NYSE:WCN) last issued its quarterly earnings results on Wednesday, October 25th. The business services provider reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. Waste Connections had a net margin of 7.68% and a return on equity of 9.59%. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the business earned $0.72 earnings per share. The business’s quarterly revenue was up 11.2% on a year-over-year basis. sell-side analysts forecast that Waste Connections, Inc. will post 2.13 earnings per share for the current year.
Waste Connections declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 2nd that permits the company to repurchase 13,180,000 outstanding shares. This repurchase authorization permits the business services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders 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. The ex-dividend date is Tuesday, November 7th. This represents a $0.56 annualized dividend and a dividend yield of 0.81%. Waste Connections’s dividend payout ratio (DPR) is currently 42.42%.
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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