Westpac Banking Corp Increases Stake in Waste Connections, Inc. (WCN)
Westpac Banking Corp boosted its stake in Waste Connections, Inc. (NYSE:WCN) by 26.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 114,779 shares of the business services provider’s stock after buying an additional 23,892 shares during the period. Westpac Banking Corp’s holdings in Waste Connections were worth $9,340,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. TD Asset Management Inc. increased its position in Waste Connections by 51.5% in the second quarter. TD Asset Management Inc. now owns 4,815,772 shares of the business services provider’s stock valued at $309,785,000 after buying an additional 1,636,317 shares during the last quarter. BlackRock Inc. increased its position in Waste Connections by 1,174.2% in the first quarter. BlackRock Inc. now owns 1,774,965 shares of the business services provider’s stock valued at $156,588,000 after buying an additional 1,635,662 shares during the last quarter. Eagle Asset Management Inc. increased its position in Waste Connections by 50.1% in the second quarter. Eagle Asset Management Inc. now owns 4,215,071 shares of the business services provider’s stock valued at $271,534,000 after buying an additional 1,406,214 shares during the last quarter. State Street Corp purchased a new position in Waste Connections during the first quarter valued at $97,711,000. Finally, TimesSquare Capital Management LLC purchased a new position in Waste Connections during the first quarter valued at $80,801,000. Institutional investors own 82.81% of the company’s stock.
Shares of Waste Connections, Inc. (NYSE:WCN) opened at 66.48 on Friday. The stock’s 50 day moving average price is $64.82 and its 200-day moving average price is $61.92. Waste Connections, Inc. has a 12 month low of $47.81 and a 12 month high of $67.14. The company has a market cap of $17.51 billion, a P/E ratio of 56.53 and a beta of 0.24.
Waste Connections (NYSE:WCN) last issued its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Waste Connections had a return on equity of 9.19% and a net margin of 7.11%. The business’s quarterly revenue was up 61.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.66 earnings per share. Equities research analysts expect that Waste Connections, Inc. will post $2.13 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 22nd. Shareholders of record on Tuesday, August 8th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date was Friday, August 4th. Waste Connections’s payout ratio is 32.11%.
Waste Connections declared that its board has authorized a share repurchase program on Wednesday, August 2nd that allows the company to repurchase 13,180,000 shares. This repurchase authorization allows the business services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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WCN has been the subject of several research reports. BidaskClub downgraded Waste Connections from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Royal Bank Of Canada raised their target price on Waste Connections from $74.00 to $76.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Zacks Investment Research downgraded Waste Connections from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. 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. Finally, 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. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $71.48.
In other news, COO Darrell W. Chambliss sold 25,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $65.05, for a total value of $1,626,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan Lee acquired 800 shares of the company’s stock in a transaction dated Tuesday, June 6th. The stock was acquired at an average cost of $96.97 per share, with a total value of $77,576.00. Following the purchase, the director now owns 5,079 shares of the company’s stock, valued at $492,510.63. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 87,900 shares of company stock valued at $6,290,101. Company 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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