Findlay Park Partners LLP Acquires New Shares in Waste Connections, Inc. $WCN

Findlay Park Partners LLP purchased a new stake in Waste Connections, Inc. (NYSE:WCN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,285,809 shares of the business services provider’s stock, valued at approximately $214,332,000. Waste Connections comprises 2.9% of Findlay Park Partners LLP’s portfolio, making the stock its 9th biggest position. Findlay Park Partners LLP owned 0.51% of Waste Connections at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Kestra Private Wealth Services LLC raised its holdings in Waste Connections by 2.6% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 2,556 shares of the business services provider’s stock worth $449,000 after buying an additional 64 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Waste Connections by 1.5% during the first quarter. EverSource Wealth Advisors LLC now owns 4,312 shares of the business services provider’s stock worth $701,000 after acquiring an additional 65 shares in the last quarter. Wilmington Savings Fund Society FSB raised its holdings in shares of Waste Connections by 12.4% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 607 shares of the business services provider’s stock worth $106,000 after acquiring an additional 67 shares during the period. TD Private Client Wealth LLC lifted its position in Waste Connections by 21.1% in the 4th quarter. TD Private Client Wealth LLC now owns 407 shares of the business services provider’s stock valued at $71,000 after acquiring an additional 71 shares in the last quarter. Finally, Lido Advisors LLC lifted its position in Waste Connections by 2.4% in the 4th quarter. Lido Advisors LLC now owns 3,056 shares of the business services provider’s stock valued at $537,000 after acquiring an additional 72 shares in the last quarter. 86.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Robert Michael Cloninger sold 2,811 shares of Waste Connections stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $171.02, for a total value of $480,737.22. Following the completion of the transaction, the senior vice president owned 11,666 shares of the company’s stock, valued at $1,995,119.32. This trade represents a 19.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Patrick James Shea sold 7,500 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $156.26, for a total transaction of $1,171,950.00. Following the transaction, the vice president owned 19,737 shares in the company, valued at $3,084,103.62. This represents a 27.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 14,311 shares of company stock worth $2,303,997. 0.27% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. JPMorgan Chase & Co. cut their price target on Waste Connections from $210.00 to $195.00 and set an “overweight” rating on the stock in a report on Monday, July 13th. Barclays upped their price target on Waste Connections from $180.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 28th. UBS Group reiterated a “neutral” rating and issued a $176.00 price objective (up from $170.00) on shares of Waste Connections in a report on Tuesday, August 4th. Weiss Ratings restated a “hold (c)” rating on shares of Waste Connections in a report on Friday, August 7th. Finally, TD Cowen reaffirmed a “buy” rating and issued a $210.00 target price (up from $200.00) on shares of Waste Connections in a research report on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $200.89.

Waste Connections Stock Performance

Shares of NYSE WCN opened at $169.81 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a 50 day moving average price of $166.53 and a 200 day moving average price of $163.17. The stock has a market capitalization of $42.72 billion, a PE ratio of 40.92, a price-to-earnings-growth ratio of 2.91 and a beta of 0.48. Waste Connections, Inc. has a 52 week low of $146.89 and a 52 week high of $188.09.

Waste Connections (NYSE:WCN) last posted its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.15. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same quarter in the previous year, the firm earned $1.29 EPS. The business’s quarterly revenue was up 6.4% on a year-over-year basis. Analysts predict that Waste Connections, Inc. will post 5.62 earnings per share for the current fiscal year.

Waste Connections Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a $0.35 dividend. The ex-dividend date was Thursday, August 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Waste Connections’s dividend payout ratio (DPR) is currently 33.73%.

About Waste Connections

Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.

The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.