Waste Connections, Inc. (NYSE:WCN) is Bourgeon Capital Management LLC’s 3rd Largest Position
Bourgeon Capital Management LLC raised its stake in Waste Connections, Inc. (NYSE:WCN) by 42.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,412 shares of the business services provider’s stock after buying an additional 27,937 shares during the period. Waste Connections makes up 3.8% of Bourgeon Capital Management LLC’s investment portfolio, making the stock its 3rd largest position. Bourgeon Capital Management LLC’s holdings in Waste Connections were worth $6,018,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Spirit of America Management Corp NY acquired a new position in Waste Connections during the first quarter valued at about $110,000. Independent Portfolio Consultants Inc. raised 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 valued at $118,000 after buying an additional 168 shares during the period. US Bancorp DE raised 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 valued at $140,000 after buying an additional 271 shares during the period. Creative Planning raised 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 valued at $154,000 after buying an additional 1,656 shares during the period. Finally, Capital One National Association acquired a new position in Waste Connections during the first quarter valued at about $208,000. 59.68% of the stock is owned by hedge funds and other institutional investors.
Shares of Waste Connections, Inc. (NYSE WCN) opened at 64.01 on Friday. Waste Connections, Inc. has a 12-month low of $63.14 and a 12-month high of $67.14. The stock’s 50 day moving average is $64.73 and its 200 day moving average is $82.00. The firm has a market cap of $16.86 billion, a price-to-earnings ratio of 54.43 and a beta of 0.23.
Waste Connections (NYSE:WCN) last issued its earnings results on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. The company 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%. The business’s revenue for the quarter was up 61.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.66 EPS. Equities analysts expect that Waste Connections, Inc. will post $2.13 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 22nd. Stockholders of record on Tuesday, August 8th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.75%. The ex-dividend date is Friday, August 4th. Waste Connections’s payout ratio is presently 32.11%.
Waste Connections declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 2nd that permits the company to repurchase 13,180,000 shares. This repurchase authorization permits the business services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
WCN has been the subject of several recent research reports. BidaskClub lowered shares of Waste Connections from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Zacks Investment Research raised shares of Waste Connections from a “hold” rating to a “buy” rating and set a $67.33 price target for the company in a research report on Tuesday, April 25th. Credit Suisse Group reissued a “buy” rating and issued a $75.00 price target on shares of Waste Connections in a research report on Friday, June 23rd. Barclays PLC reissued a “buy” rating and issued a $68.00 price target on shares of Waste Connections in a research report on Friday, June 23rd. Finally, Stifel Nicolaus increased their price target on shares of Waste Connections from $66.50 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, June 21st. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $70.47.
In other news, insider James Little sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $64.81, for a total value of $194,430.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Susan Lee bought 1,200 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was purchased at an average price of $92.05 per share, with a total value of $110,460.00. Following the completion of the transaction, the director now directly owns 3,679 shares in the company, valued at approximately $338,651.95. The disclosure for this purchase can be found here. Insiders sold a total of 93,900 shares of company stock valued at $6,871,801 over the last 90 days. Corporate insiders own 0.68% of the company’s stock.
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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