Bank of Nova Scotia Buys 37,784 Shares of Waste Connections Inc (WCN)

Bank of Nova Scotia grew its stake in Waste Connections Inc (NYSE:WCN) by 6.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 633,499 shares of the business services provider’s stock after purchasing an additional 37,784 shares during the quarter. Bank of Nova Scotia owned approximately 0.24% of Waste Connections worth $47,456,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Zions Bancorporation bought a new position in shares of Waste Connections in the second quarter valued at approximately $178,000. Jaffetilchin Investment Partners LLC bought a new position in shares of Waste Connections in the second quarter valued at approximately $203,000. Trexquant Investment LP bought a new position in shares of Waste Connections in the second quarter valued at approximately $216,000. Cumberland Partners Ltd bought a new position in shares of Waste Connections in the second quarter valued at approximately $236,000. Finally, Natixis bought a new position in shares of Waste Connections in the second quarter valued at approximately $265,000. Institutional investors own 82.67% of the company’s stock.

Shares of WCN opened at $79.44 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.15 and a quick ratio of 1.15. The company has a market cap of $20.95 billion, a P/E ratio of 36.78, a price-to-earnings-growth ratio of 2.72 and a beta of 0.07. Waste Connections Inc has a 12 month low of $65.06 and a 12 month high of $81.36.

Waste Connections (NYSE:WCN) last issued its quarterly earnings results on Tuesday, July 24th. The business services provider reported $0.65 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.03. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.23 billion. Waste Connections had a return on equity of 9.90% and a net margin of 14.80%. Waste Connections’s revenue was up 5.5% on a year-over-year basis. During the same period last year, the business posted $0.55 earnings per share. equities research analysts predict that Waste Connections Inc will post 2.5 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 21st. Investors of record on Tuesday, August 7th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date was Monday, August 6th. Waste Connections’s payout ratio is 25.93%.

A number of research firms have recently weighed in on WCN. TD Securities raised their target price on Waste Connections from $79.00 to $83.00 and gave the company a “hold” rating in a report on Thursday, July 26th. Zacks Investment Research upgraded Waste Connections from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Friday, May 25th. Royal Bank of Canada raised their target price on Waste Connections from $82.00 to $84.00 and gave the company an “outperform” rating in a report on Thursday, July 26th. BMO Capital Markets raised their target price on Waste Connections from $82.00 to $84.00 and gave the company an “outperform” rating in a report on Friday, June 29th. Finally, Citigroup raised their target price on Waste Connections from $80.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, July 26th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $83.00.

In related news, COO Darrell W. Chambliss sold 6,485 shares of the stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $80.00, for a total transaction of $518,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael W. Harlan sold 11,900 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $79.30, for a total value of $943,670.00. The disclosure for this sale can be found here. Insiders have sold 38,385 shares of company stock valued at $3,063,670 over the last ninety days. 0.40% of the stock is currently owned by company insiders.

Waste Connections Profile

Waste Connections, Inc, a solid waste services company, 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, office paper, plastic containers, glass bottles, and ferrous and aluminum metals.

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Institutional Ownership by Quarter for Waste Connections (NYSE:WCN)

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