Northwestern Mutual Wealth Management Co. Reduces Stock Holdings in Waste Connections, Inc. $WCN

Northwestern Mutual Wealth Management Co. trimmed its holdings in shares of Waste Connections, Inc. (NYSE:WCN) by 70.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,967 shares of the business services provider’s stock after selling 12,103 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Waste Connections were worth $828,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WCN. XXEC Inc. purchased a new position in shares of Waste Connections during the second quarter valued at approximately $164,870,000. BlackRock Inc. acquired a new stake in Waste Connections during the 2nd quarter worth approximately $1,061,947,000. Norges Bank acquired a new stake in shares of Waste Connections in the fourth quarter worth $697,519,000. The Manufacturers Life Insurance Company acquired a new stake in Waste Connections in the 2nd quarter valued at $589,671,000. Finally, Bank of America Corp DE purchased a new stake in shares of Waste Connections during the 2nd quarter valued at about $510,526,000. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Waste Connections

In related news, SVP Robert Cloninger sold 2,811 shares of Waste Connections stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $171.02, for a total transaction of $480,737.22. Following the completion of the sale, the senior vice president directly owned 11,666 shares of the company’s stock, valued at $1,995,119.32. The trade was a 19.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Philip Rivard sold 2,500 shares of the stock in a transaction on Tuesday, August 18th. The stock was 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 approximately $122,262.38. This trade represents a 77.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WCN. Barclays lifted their price target 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. Weiss Ratings reissued a “hold (c)” rating on shares of Waste Connections in a report on Friday, August 7th. TD Cowen reissued a “buy” rating and issued a $210.00 price objective (up from $200.00) on shares of Waste Connections in a report on Friday, July 24th. Citigroup boosted their target price on Waste Connections from $180.00 to $182.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Finally, JPMorgan Chase & Co. cut 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. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Waste Connections presently has an average rating of “Moderate Buy” and a consensus price target of $200.89.

Waste Connections Stock Down 1.2%

Shares of Waste Connections stock opened at $164.85 on Friday. The stock has a market capitalization of $41.47 billion, a P/E ratio of 39.72, a PEG ratio of 2.83 and a beta of 0.48. Waste Connections, Inc. has a 12-month low of $146.89 and a 12-month high of $181.28. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.17. The stock has a 50 day moving average price of $167.96 and a two-hundred day moving average price of $163.06.

Waste Connections (NYSE:WCN) last posted 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 firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.51 billion. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.29 EPS. Equities analysts expect that Waste Connections, Inc. will post 5.62 earnings per share for the current year.

Waste Connections Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders 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 of this dividend was Thursday, August 6th. Waste Connections’s dividend payout ratio is 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.