XXEC Inc. Makes New $5.95 Million Investment in Waste Connections, Inc. $WCN

XXEC Inc. purchased a new position in shares of Waste Connections, Inc. (NYSE:WCN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 37,165 shares of the business services provider’s stock, valued at approximately $5,946,000. Waste Connections makes up approximately 0.0% of XXEC Inc.’s holdings, making the stock its 24th biggest holding.

Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Waste Connections in the second quarter valued at about $1,061,947,000. Norges Bank purchased a new stake in Waste Connections in the fourth quarter worth about $697,519,000. The Manufacturers Life Insurance Company bought a new position in Waste Connections during the 2nd quarter worth about $589,671,000. Bank of America Corp DE bought a new position in Waste Connections during the 2nd quarter worth about $510,526,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Waste Connections during the 2nd quarter worth about $414,481,000. Hedge funds and other institutional investors own 86.09% of the company’s stock.

Waste Connections Price Performance

WCN opened at $165.88 on Friday. The business’s 50-day moving average is $167.49 and its two-hundred day moving average is $163.09. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $185.33. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $41.73 billion, a PE ratio of 39.97, a price-to-earnings-growth ratio of 2.87 and a beta of 0.48.

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

Waste Connections Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on WCN shares. JPMorgan Chase & Co. reduced their price target on shares of Waste Connections from $210.00 to $195.00 and set an “overweight” rating for the company in a report on Monday, July 13th. Citigroup increased their price objective on shares of Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $199.00 price objective on shares of Waste Connections in a research note on Friday, July 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Waste Connections in a report on Friday, August 7th. Finally, Barclays boosted their price objective on shares of Waste Connections from $180.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.89.

Insider Activity

In related news, 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 of the company’s stock, valued at $122,262.38. This represents a 77.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jason Craft sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $156.59, for a total transaction of $234,885.00. Following the completion of the sale, the chief operating officer owned 32,861 shares of the company’s stock, valued at approximately $5,145,703.99. This trade represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 14,311 shares of company stock worth $2,303,997. 0.27% of the stock is currently owned by insiders.

Waste Connections Company 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.