Public Employees Retirement Association of Colorado Acquires 11,874 Shares of Waste Connections, Inc. (WCN)
Public Employees Retirement Association of Colorado raised its position in shares of Waste Connections, Inc. (NYSE:WCN) by 50.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,623 shares of the business services provider’s stock after buying an additional 11,874 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Waste Connections were worth $2,295,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Spirit of America Management Corp NY acquired a new position in Waste Connections during the first quarter worth about $110,000. Independent Portfolio Consultants Inc. increased its position in Waste Connections by 10.1% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,833 shares of the business services provider’s stock worth $118,000 after buying an additional 168 shares in the last quarter. US Bancorp DE increased its position in 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 buying an additional 271 shares in the last quarter. Creative Planning increased its position in Waste Connections by 223.5% in the second quarter. Creative Planning now owns 2,397 shares of the business services provider’s stock worth $154,000 after buying an additional 1,656 shares in the last quarter. Finally, Capital One National Association acquired a new position in Waste Connections during the first quarter worth about $208,000. Hedge funds and other institutional investors own 59.68% of the company’s stock.
Waste Connections, Inc. (WCN) opened at 64.32 on Thursday. The firm has a 50 day moving average of $64.81 and a 200-day moving average of $60.59. The stock has a market cap of $16.94 billion, a PE ratio of 54.69 and a beta of 0.23. Waste Connections, Inc. has a 12-month low of $47.81 and a 12-month high of $67.14.
Waste Connections (NYSE:WCN) last issued its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.02. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Waste Connections had a net margin of 7.11% and a return on equity of 9.19%. Waste Connections’s quarterly revenue was up 61.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.66 EPS. On average, analysts expect that Waste Connections, Inc. will post $2.13 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 22nd. Investors of record on Tuesday, August 8th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend is Friday, August 4th. Waste Connections’s dividend payout ratio is currently 32.11%.
Waste Connections announced that its Board of Directors has authorized a share buyback program on Wednesday, August 2nd that allows the company to buyback 13,180,000 shares. This buyback authorization allows the business services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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WCN has been the topic of a number of recent research reports. BidaskClub downgraded shares of Waste Connections from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Zacks Investment Research upgraded shares of Waste Connections from a “hold” rating to a “buy” rating and set a $67.33 target price for the company in a research note on Tuesday, April 25th. Credit Suisse Group restated a “buy” rating and issued a $75.00 target price on shares of Waste Connections in a research note on Friday, June 23rd. Barclays PLC restated a “buy” rating and issued a $68.00 target price on shares of Waste Connections in a research note on Friday, June 23rd. Finally, Stifel Nicolaus raised their target price on shares of Waste Connections from $66.50 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, June 21st. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $70.47.
In related news, VP Patrick James Shea sold 6,000 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $96.95, for a total transaction of $581,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Darrell W. Chambliss sold 25,000 shares of the stock in a transaction on 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. In the last quarter, insiders have sold 93,900 shares of company stock valued at $6,871,801. 0.68% of the stock is owned by company insiders.
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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