Cibc World Market Inc. Invests $278.74 Million in Waste Connections, Inc. $WCN

Cibc World Market Inc. bought a new position in shares of Waste Connections, Inc. (NYSE:WCN) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 1,673,823 shares of the business services provider’s stock, valued at approximately $278,743,000. Cibc World Market Inc. owned 0.67% of Waste Connections at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. XXEC Inc. acquired a new stake in shares of Waste Connections in the 2nd quarter valued at approximately $164,870,000. Royal Bank of Canada grew its holdings in Waste Connections by 0.9% during the first quarter. Royal Bank of Canada now owns 12,210,661 shares of the business services provider’s stock worth $1,983,500,000 after acquiring an additional 106,763 shares during the period. Capital International Investors grew its holdings in Waste Connections by 28.2% during the fourth quarter. Capital International Investors now owns 6,468,259 shares of the business services provider’s stock worth $1,134,781,000 after acquiring an additional 1,420,921 shares during the period. BlackRock Inc. purchased a new position in Waste Connections in the second quarter worth $1,061,947,000. Finally, JPMorgan Chase & Co. raised its position in Waste Connections by 37.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider’s stock worth $835,370,000 after acquiring an additional 1,289,042 shares in the last quarter. 86.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Waste Connections

In other Waste Connections news, COO Jason Craft sold 1,500 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $156.59, for a total value of $234,885.00. Following the sale, the chief operating officer owned 32,861 shares of the company’s stock, valued at $5,145,703.99. This represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Philip Rivard sold 2,500 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $166.57, for a total transaction of $416,425.00. Following the completion of the sale, the senior vice president owned 734 shares in the company, valued at $122,262.38. This represents a 77.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 14,311 shares of company stock valued at $2,303,997 in the last quarter. Insiders own 0.27% of the company’s stock.

Waste Connections Stock Performance

Shares of WCN stock opened at $169.81 on Monday. The stock has a fifty day moving average price of $166.53 and a 200 day moving average price of $163.13. The stock has a market cap of $42.72 billion, a PE ratio of 40.92, a P/E/G ratio of 2.91 and a beta of 0.48. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $188.09. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.66 and a current ratio of 0.66.

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

Waste Connections Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Thursday, August 6th. Waste Connections’s dividend payout ratio is presently 33.73%.

Analyst Ratings Changes

Several equities research analysts have commented on WCN shares. UBS Group restated a “neutral” rating and set a $176.00 target price (up from $170.00) on shares of Waste Connections in a research report on Tuesday, August 4th. Citigroup increased their price target on shares of Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Barclays increased their price target on shares of Waste Connections from $180.00 to $187.00 and gave the company an “equal weight” rating in a report on Tuesday, July 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Waste Connections in a research note on Friday, August 7th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $199.00 price objective on shares of Waste Connections in a report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $200.89.

Waste Connections Profile

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.