Waste Connections, Inc. (WCN) COO Darrell W. Chambliss Sells 5,625 Shares
Waste Connections, Inc. (NYSE:WCN) COO Darrell W. Chambliss sold 5,625 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $70.99, for a total transaction of $399,318.75. Following the completion of the sale, the chief operating officer now owns 101,292 shares in the company, valued at approximately $7,190,719.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Waste Connections (NYSE:WCN) last issued its quarterly earnings data on Wednesday, October 25th. The business services provider reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. Waste Connections had a return on equity of 9.59% and a net margin of 7.68%. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the firm posted $0.72 EPS. The company’s revenue for the quarter was up 11.2% on a year-over-year basis.
Waste Connections declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 2nd that permits the company to repurchase 13,180,000 outstanding shares. This repurchase authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, November 8th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 0.79%. This is a positive change from Waste Connections’s previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, November 7th. Waste Connections’s dividend payout ratio is currently 36.36%.
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Hedge funds and other institutional investors have recently modified their holdings of the business. Achmea Investment Management B.V. grew its holdings in Waste Connections by 50.0% in the 2nd quarter. Achmea Investment Management B.V. now owns 10,653 shares of the business services provider’s stock valued at $686,000 after buying an additional 3,551 shares in the last quarter. Swiss National Bank grew its holdings in Waste Connections by 54.7% in the 2nd quarter. Swiss National Bank now owns 961,659 shares of the business services provider’s stock valued at $61,950,000 after buying an additional 340,053 shares in the last quarter. Twin Tree Management LP acquired a new position in Waste Connections in the 2nd quarter valued at $1,195,000. Dorsey Wright & Associates grew its holdings in Waste Connections by 52.5% in the 2nd quarter. Dorsey Wright & Associates now owns 68,993 shares of the business services provider’s stock valued at $4,445,000 after buying an additional 23,754 shares in the last quarter. Finally, Sentry Investments Corp. grew its holdings in Waste Connections by 37.4% in the 2nd quarter. Sentry Investments Corp. now owns 2,973,999 shares of the business services provider’s stock valued at $248,418,000 after buying an additional 810,130 shares in the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Waste Connections from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Credit Suisse Group set a $82.00 price objective on shares of Waste Connections and gave the stock an “outperform” rating in a research note on Tuesday. Barclays PLC set a $70.00 price objective on shares of Waste Connections and gave the stock a “buy” rating in a research note on Wednesday, July 26th. KeyCorp raised their price objective on shares of Waste Connections from $72.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, October 13th. Finally, Zacks Investment Research upgraded shares of Waste Connections from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a research note on Monday, July 31st. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Waste Connections presently has an average rating of “Buy” and a consensus price target of $77.87.
About Waste Connections
Waste Connections, Inc is a solid waste services company in North America. The Company provides waste collection, transfer, disposal and recycling services in markets in the United States and Canada. The Company operates through six segments: Southern segment, Western segment, Eastern segment, Canada segment, Central segment and E&P segment.
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