Waste Connections, Inc. (NYSE:WCN) CFO Worthing Jackman sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $65.00, for a total transaction of $1,950,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Shares of Waste Connections, Inc. (WCN) traded up 0.63% during midday trading on Friday, reaching $64.01. 517,942 shares of the company traded hands. The stock has a 50 day moving average price of $64.73 and a 200 day moving average price of $60.68. The firm has a market capitalization of $16.86 billion, a PE ratio of 54.43 and a beta of 0.23. Waste Connections, Inc. has a 1-year low of $47.81 and a 1-year high of $67.14.
Waste Connections (NYSE:WCN) last issued its earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. Waste Connections had a return on equity of 9.19% and a net margin of 7.11%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the company earned $0.66 EPS. The company’s revenue for the quarter was up 61.6% on a year-over-year basis. Analysts expect that Waste Connections, Inc. will post $2.13 earnings per share for the current fiscal year.
Waste Connections announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 2nd that authorizes the company to repurchase 13,180,000 shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 22nd. Shareholders of record on Tuesday, August 8th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date is Friday, August 4th. Waste Connections’s dividend payout ratio (DPR) is presently 32.11%.
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Several hedge funds have recently modified their holdings of WCN. Vanguard Group Inc. increased its stake in shares of Waste Connections by 55.9% in 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 buying an additional 8,068,453 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Waste Connections by 59.4% in the second quarter. JPMorgan Chase & Co. now owns 11,757,442 shares of the business services provider’s stock worth $757,414,000 after buying an additional 4,380,232 shares during the period. CIBC World Markets Inc. bought a new stake in shares of Waste Connections during the second quarter worth about $207,877,000. FMR LLC increased its stake in shares of Waste Connections by 64.3% in the second quarter. FMR LLC now owns 5,344,512 shares of the business services provider’s stock worth $344,257,000 after buying an additional 2,091,432 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Waste Connections by 36.9% in the second quarter. Wells Fargo & Company MN now owns 7,286,764 shares of the business services provider’s stock worth $469,413,000 after buying an additional 1,965,851 shares during the period. 59.68% of the stock is owned by institutional investors and hedge funds.
A number of research firms have commented on WCN. Barclays PLC raised their target price on shares of Waste Connections from $70.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, August 7th. BidaskClub cut shares of Waste Connections from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Zacks Investment Research cut shares of Waste Connections from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Credit Suisse Group set a $75.00 target price on shares of Waste Connections and gave the stock a “buy” rating in a research note on Thursday, July 27th. Finally, Raymond James Financial, Inc. lifted their price objective on shares of Waste Connections from $74.00 to $75.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 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 has a consensus rating of “Buy” and a consensus price target of $70.47.
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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