Kornitzer Capital Management Inc. KS Acquires New Position in Waste Connections, Inc. $WCN

Kornitzer Capital Management Inc. KS acquired a new stake in Waste Connections, Inc. (NYSE:WCN) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 17,509 shares of the business services provider’s stock, valued at approximately $2,844,000.

A number of other institutional investors have also bought and sold shares of WCN. Trium Capital LLP purchased a new stake in Waste Connections in the 4th quarter valued at $1,995,000. Procyon Advisors LLC purchased a new position in shares of Waste Connections during the 4th quarter worth $1,908,000. Gradient Investments LLC raised its holdings in shares of Waste Connections by 18.5% during the 4th quarter. Gradient Investments LLC now owns 145,595 shares of the business services provider’s stock worth $25,532,000 after acquiring an additional 22,722 shares during the period. Nicholas Company Inc. boosted its position in shares of Waste Connections by 32.4% during the 4th quarter. Nicholas Company Inc. now owns 449,112 shares of the business services provider’s stock valued at $78,756,000 after acquiring an additional 109,950 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Waste Connections by 161.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 19,114 shares of the business services provider’s stock valued at $3,332,000 after acquiring an additional 11,810 shares during the last quarter. 86.09% of the stock is owned by hedge funds and other institutional investors.

Waste Connections Trading Up 0.6%

Shares of Waste Connections stock traded up $1.01 during trading hours on Friday, hitting $171.15. The company’s stock had a trading volume of 1,028,883 shares, compared to its average volume of 1,603,354. The stock has a market cap of $43.42 billion, a price-to-earnings ratio of 41.74, a P/E/G ratio of 3.04 and a beta of 0.49. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.69 and a current ratio of 0.69. Waste Connections, Inc. has a twelve month low of $146.89 and a twelve month high of $191.91. The firm has a fifty day moving average of $158.28 and a 200-day moving average of $163.76.

Waste Connections (NYSE:WCN) last issued its quarterly earnings data on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.04. Waste Connections had a return on equity of 16.49% and a net margin of 10.97%.The firm had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period last year, the company earned $1.13 EPS. The company’s quarterly revenue was up 6.4% on a year-over-year basis. Research analysts forecast that Waste Connections, Inc. will post 5.5 EPS for the current year.

Waste Connections Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, May 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. Waste Connections’s dividend payout ratio (DPR) is currently 34.15%.

Insiders Place Their Bets

In related news, CEO Ronald J. Mittelstaedt purchased 50,000 shares of Waste Connections stock in a transaction dated Tuesday, May 12th. The shares were acquired at an average cost of $152.24 per share, with a total value of $7,612,000.00. Following the purchase, the chief executive officer owned 301,017 shares of the company’s stock, valued at approximately $45,826,828.08. The trade was a 19.92% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Jason Craft sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $156.59, for a total transaction of $234,885.00. Following the completion of the transaction, the chief operating officer owned 32,861 shares in the company, valued at approximately $5,145,703.99. This represents a 4.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 17,605 shares of company stock worth $2,822,923. Insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WCN. Weiss Ratings cut shares of Waste Connections from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Citigroup boosted their target price on shares of Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a report on Thursday. BMO Capital Markets reissued an “outperform” rating and issued a $208.00 price target (up from $206.00) on shares of Waste Connections in a research note on Friday, April 24th. Barclays set a $180.00 price target on shares of Waste Connections and gave the stock an “equal weight” rating in a report on Tuesday, April 28th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $211.00 price target on shares of Waste Connections in a research report on Thursday, April 23rd. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $202.79.

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.