Alberta Investment Management Corp lessened its stake in Waste Connections Inc (NYSE:WCN) by 11.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 298,334 shares of the business services provider’s stock after selling 39,000 shares during the quarter. Alberta Investment Management Corp owned 0.11% of Waste Connections worth $37,322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Paloma Partners Management Co lifted its holdings in Waste Connections by 9.6% in the 2nd quarter. Paloma Partners Management Co now owns 7,089 shares of the business services provider’s stock worth $678,000 after purchasing an additional 618 shares in the last quarter. Man Group plc raised its holdings in shares of Waste Connections by 7.0% during the 2nd quarter. Man Group plc now owns 139,767 shares of the business services provider’s stock worth $13,359,000 after acquiring an additional 9,147 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Waste Connections by 13.7% during the 2nd quarter. Bank of America Corp DE now owns 582,097 shares of the business services provider’s stock worth $55,637,000 after acquiring an additional 70,005 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Waste Connections by 669.3% during the 2nd quarter. Assetmark Inc. now owns 1,931 shares of the business services provider’s stock worth $185,000 after acquiring an additional 1,680 shares in the last quarter. Finally, Putnam Investments LLC raised its holdings in shares of Waste Connections by 3.0% during the 2nd quarter. Putnam Investments LLC now owns 1,621,132 shares of the business services provider’s stock worth $154,948,000 after acquiring an additional 47,287 shares in the last quarter. Institutional investors own 82.51% of the company’s stock.
In other Waste Connections news, COO Darrell W. Chambliss sold 14,100 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $89.55, for a total value of $1,262,655.00. Following the transaction, the chief operating officer now directly owns 104,100 shares of the company’s stock, valued at $9,322,155. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael W. Harlan sold 2,038 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $91.43, for a total value of $186,334.34. Following the sale, the director now owns 17,425 shares of the company’s stock, valued at $1,593,167.75. The disclosure for this sale can be found here. Insiders sold a total of 78,638 shares of company stock worth $7,128,039 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.
NYSE WCN traded down $0.22 on Friday, hitting $92.14. 305,796 shares of the company’s stock were exchanged, compared to its average volume of 747,556. The firm has a market cap of $24.29 billion, a price-to-earnings ratio of 36.56, a P/E/G ratio of 2.98 and a beta of 0.19. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.05 and a quick ratio of 1.05. The firm’s 50-day moving average price is $90.92 and its two-hundred day moving average price is $92.20. Waste Connections Inc has a fifty-two week low of $70.28 and a fifty-two week high of $97.93.
Waste Connections (NYSE:WCN) last announced its earnings results on Monday, July 29th. The business services provider reported $0.69 EPS for the quarter, meeting analysts’ consensus estimates of $0.69. Waste Connections had a return on equity of 10.57% and a net margin of 10.82%. The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the firm earned $0.65 EPS. Waste Connections’s quarterly revenue was up 10.5% on a year-over-year basis. On average, research analysts predict that Waste Connections Inc will post 2.67 earnings per share for the current fiscal year.
WCN has been the topic of several analyst reports. ValuEngine downgraded Waste Connections from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Raymond James increased their price target on Waste Connections from $105.00 to $106.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 31st. Stifel Nicolaus set a $105.00 price target on Waste Connections and gave the company a “buy” rating in a research note on Monday, September 23rd. Oppenheimer restated a “market perform” rating on shares of Waste Connections in a research note on Thursday, July 18th. Finally, Macquarie initiated coverage on Waste Connections in a report on Tuesday, September 3rd. They set a “buy” rating and a $100.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $96.66.
About Waste Connections
Waste Connections, Inc provides waste collection, transfer, disposal, and recycling services in the United States and Canada. The company operates through six segments: Southern, Western, Eastern, Canada, Central, and Exploration and Production (E&P). It offers collection services to residential, commercial, municipal, industrial, and E&P customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.
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