Stockbridge Partners LLC Buys New Position in Waste Connections, Inc. $WCN

Stockbridge Partners LLC bought a new stake in shares of Waste Connections, Inc. (NYSE:WCN) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,161,217 shares of the business services provider’s stock, valued at approximately $193,563,000. Waste Connections comprises 4.1% of Stockbridge Partners LLC’s investment portfolio, making the stock its 9th biggest position. Stockbridge Partners LLC owned 0.46% of Waste Connections as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of WCN. XXEC Inc. purchased a new position in Waste Connections in the second quarter worth $164,870,000. Royal Bank of Canada raised its position 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 valued at $1,983,500,000 after purchasing an additional 106,763 shares in the last quarter. Capital International Investors lifted its stake 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 purchasing an additional 1,420,921 shares during the last quarter. BlackRock Inc. bought a new stake in Waste Connections during the second quarter worth about $1,061,947,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Waste Connections by 37.1% in the 4th quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider’s stock worth $835,370,000 after purchasing an additional 1,289,042 shares in the last quarter. Hedge funds and other institutional investors own 86.09% of the company’s stock.

Insider Activity

In other Waste Connections news, SVP Robert Michael Cloninger sold 2,811 shares of the business’s 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 transaction, the senior vice president owned 11,666 shares in the company, valued at approximately $1,995,119.32. The trade was a 19.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Patrick James Shea sold 7,500 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $156.26, for a total transaction of $1,171,950.00. Following the transaction, the vice president directly owned 19,737 shares of the company’s stock, valued at approximately $3,084,103.62. This trade represents a 27.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 14,311 shares of company stock worth $2,303,997. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WCN. Citigroup increased their price objective on Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Weiss Ratings restated a “hold (c)” rating on shares of Waste Connections in a research report on Friday, August 7th. Barclays upped their target price on Waste Connections from $180.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. JPMorgan Chase & Co. decreased their price target on shares of Waste Connections from $210.00 to $195.00 and set an “overweight” rating on the stock in a research note on Monday, July 13th. Finally, UBS Group reissued a “neutral” rating and set a $176.00 price target (up from $170.00) on shares of Waste Connections in a research note on Tuesday, August 4th. Two investment 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 company. Based on data from MarketBeat.com, Waste Connections currently has an average rating of “Moderate Buy” and an average target price of $200.89.

Waste Connections Price Performance

WCN opened at $168.98 on Tuesday. 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 stock’s 50 day simple moving average is $166.82 and its 200 day simple moving average is $163.15. The firm has a market cap of $42.51 billion, a price-to-earnings ratio of 40.72, a PEG 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 $185.33.

Waste Connections (NYSE:WCN) last announced its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter in the previous year, the company posted $1.29 earnings per share. The business’s revenue was up 6.4% on a year-over-year basis. As a group, analysts predict that Waste Connections, Inc. will post 5.62 earnings per share for the current year.

Waste Connections Dividend Announcement

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

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.