MQS Management LLC Makes New $1.02 Million Investment in Waste Connections, Inc. $WCN

MQS Management LLC bought a new stake in shares of Waste Connections, Inc. (NYSE:WCN) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,287 shares of the business services provider’s stock, valued at approximately $1,021,000. Waste Connections makes up about 0.7% of MQS Management LLC’s holdings, making the stock its 6th biggest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd bought a new position in Waste Connections in the 3rd quarter valued at $1,911,000. Trium Capital LLP bought a new position in shares of Waste Connections in the fourth quarter worth $1,995,000. Procyon Advisors LLC purchased a new stake in shares of Waste Connections in the fourth quarter worth $1,908,000. Gradient Investments LLC raised its position in shares of Waste Connections by 18.5% in the fourth quarter. Gradient Investments LLC now owns 145,595 shares of the business services provider’s stock worth $25,532,000 after buying an additional 22,722 shares in the last quarter. Finally, Nicholas Company Inc. boosted its stake in Waste Connections by 32.4% during the fourth quarter. Nicholas Company Inc. now owns 449,112 shares of the business services provider’s stock valued at $78,756,000 after buying an additional 109,950 shares during the period. 86.09% of the stock is currently owned by institutional investors.

Waste Connections Stock Performance

Shares of NYSE WCN opened at $166.83 on Wednesday. The stock’s 50-day moving average is $157.11 and its 200 day moving average is $163.98. The stock has a market cap of $42.33 billion, a price-to-earnings ratio of 40.69, a P/E/G ratio of 2.97 and a beta of 0.51. Waste Connections, Inc. has a 1-year low of $146.89 and a 1-year high of $191.91. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.13.

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

Waste Connections Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were paid a $0.35 dividend. The ex-dividend date of this dividend 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 is 34.15%.

Insider Buying and Selling

In related news, COO Jason Craft sold 1,500 shares of the stock in a transaction 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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ronald J. Mittelstaedt bought 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average price of $152.24 per share, for a total transaction of $7,612,000.00. Following the transaction, the chief executive officer owned 301,017 shares in the company, valued at $45,826,828.08. This trade represents a 19.92% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 17,605 shares of company stock worth $2,822,923 in the last ninety days. 0.27% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on WCN shares. Wolfe Research began coverage on Waste Connections in a research report on Friday, March 13th. They set an “outperform” rating and a $199.00 target price for the company. Weiss Ratings downgraded Waste Connections from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. The Goldman Sachs Group reiterated a “buy” rating and set a $211.00 price target on shares of Waste Connections in a research report on Thursday, April 23rd. Royal Bank Of Canada reissued an “outperform” rating and set a $218.00 price objective (up from $210.00) on shares of Waste Connections in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Waste Connections from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Waste Connections currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.84.

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.