Daiwa Securities Group Inc. Trims Holdings in Waste Connections Inc (WCN)

Daiwa Securities Group Inc. cut its stake in Waste Connections Inc (NYSE:WCN) by 2.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 93,566 shares of the business services provider’s stock after selling 1,971 shares during the period. Daiwa Securities Group Inc.’s holdings in Waste Connections were worth $7,464,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Aureus Asset Management LLC boosted its holdings in Waste Connections by 20.1% in the 2nd quarter. Aureus Asset Management LLC now owns 225,438 shares of the business services provider’s stock valued at $16,971,000 after purchasing an additional 37,721 shares during the period. Voya Investment Management LLC raised its stake in shares of Waste Connections by 14.9% in the 2nd quarter. Voya Investment Management LLC now owns 1,402,178 shares of the business services provider’s stock valued at $105,556,000 after buying an additional 181,301 shares in the last quarter. Highstreet Asset Management Inc. raised its stake in shares of Waste Connections by 35.3% in the 2nd quarter. Highstreet Asset Management Inc. now owns 15,169 shares of the business services provider’s stock valued at $1,143,000 after buying an additional 3,958 shares in the last quarter. Osterweis Capital Management Inc. raised its stake in shares of Waste Connections by 1.6% in the 2nd quarter. Osterweis Capital Management Inc. now owns 339,975 shares of the business services provider’s stock valued at $25,594,000 after buying an additional 5,295 shares in the last quarter. Finally, Seven Eight Capital LP raised its stake in shares of Waste Connections by 59.6% in the 3rd quarter. Seven Eight Capital LP now owns 31,600 shares of the business services provider’s stock valued at $2,521,000 after buying an additional 11,800 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have recently issued reports on WCN. Citigroup increased their price objective on shares of Waste Connections from $80.00 to $86.00 and gave the company an “outperform” rating in a research note on Thursday, July 26th. TD Securities increased their price objective on shares of Waste Connections from $79.00 to $83.00 and gave the company a “hold” rating in a research note on Thursday, July 26th. Royal Bank of Canada increased their price objective on shares of Waste Connections from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, July 26th. UBS Group set a $90.00 price objective on shares of Waste Connections and gave the company a “buy” rating in a research note on Wednesday, October 31st. Finally, BMO Capital Markets increased their price objective on shares of Waste Connections from $86.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, October 31st. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $84.80.

Shares of WCN stock opened at $75.03 on Tuesday. Waste Connections Inc has a 52-week low of $65.06 and a 52-week high of $81.36. The firm has a market capitalization of $19.61 billion, a PE ratio of 34.74, a price-to-earnings-growth ratio of 2.53 and a beta of 0.11. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.58.

Waste Connections (NYSE:WCN) last announced its earnings results on Monday, October 29th. The business services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.01. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Waste Connections had a net margin of 15.14% and a return on equity of 10.07%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the company posted $0.60 EPS. As a group, equities research analysts forecast that Waste Connections Inc will post 2.51 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 27th. Investors of record on Tuesday, November 13th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 9th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.85%. This is a boost from Waste Connections’s previous quarterly dividend of $0.14. Waste Connections’s dividend payout ratio (DPR) is 25.93%.

In related news, VP David Eddie sold 20,000 shares of the stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $80.06, for a total transaction of $1,601,200.00. Following the completion of the sale, the vice president now owns 36,320 shares in the company, valued at approximately $2,907,779.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael W. Harlan sold 11,900 shares of the stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $79.30, for a total transaction of $943,670.00. The disclosure for this sale can be found here. Insiders have sold a total of 38,385 shares of company stock valued at $3,063,670 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

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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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