Skye Global Management LP Lowers Stake in Waste Connections, Inc. (NYSE:WCN)

Skye Global Management LP cut its stake in Waste Connections, Inc. (NYSE:WCN) by 5.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 604,000 shares of the business services provider’s stock after selling 36,000 shares during the period. Waste Connections makes up about 2.6% of Skye Global Management LP’s portfolio, making the stock its 7th biggest holding. Skye Global Management LP’s holdings in Waste Connections were worth $108,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Northwest & Ethical Investments L.P. grew its stake in Waste Connections by 1.1% during the third quarter. Northwest & Ethical Investments L.P. now owns 26,099 shares of the business services provider’s stock worth $4,666,000 after buying an additional 279 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Waste Connections by 17.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 169,099 shares of the business services provider’s stock worth $30,260,000 after acquiring an additional 25,409 shares in the last quarter. FORA Capital LLC increased its stake in Waste Connections by 49.4% in the third quarter. FORA Capital LLC now owns 7,197 shares of the business services provider’s stock valued at $1,287,000 after acquiring an additional 2,381 shares during the last quarter. Blueshift Asset Management LLC acquired a new position in Waste Connections during the third quarter valued at approximately $552,000. Finally, Bridgewater Associates LP bought a new stake in Waste Connections during the third quarter worth $1,265,000. 86.09% of the stock is owned by institutional investors and hedge funds.

Waste Connections Stock Down 0.0 %

Shares of NYSE WCN opened at $193.18 on Friday. The company’s 50 day moving average price is $182.04 and its 200-day moving average price is $178.32. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.77 and a current ratio of 0.77. Waste Connections, Inc. has a 52-week low of $132.15 and a 52-week high of $194.83. The company has a market capitalization of $49.85 billion, a P/E ratio of 53.07, a price-to-earnings-growth ratio of 3.22 and a beta of 0.72.

Waste Connections (NYSE:WCN) last released its earnings results on Wednesday, October 23rd. The business services provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.05. Waste Connections had a net margin of 10.81% and a return on equity of 15.43%. The business had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same quarter in the previous year, the business earned $1.17 earnings per share. Waste Connections’s revenue for the quarter was up 13.3% on a year-over-year basis. Equities analysts forecast that Waste Connections, Inc. will post 4.84 earnings per share for the current year.

Waste Connections Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were paid a dividend of $0.315 per share. The ex-dividend date was Thursday, November 7th. This represents a $1.26 annualized dividend and a yield of 0.65%. This is a boost from Waste Connections’s previous quarterly dividend of $0.29. Waste Connections’s dividend payout ratio (DPR) is currently 34.62%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on WCN shares. Citigroup lifted their price target on Waste Connections from $190.00 to $195.00 and gave the company a “neutral” rating in a research note on Thursday, October 3rd. Scotiabank began coverage on shares of Waste Connections in a research note on Friday, October 4th. They issued a “sector perform” rating and a $196.00 price target on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Waste Connections from $198.00 to $197.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Oppenheimer raised their target price on shares of Waste Connections from $191.00 to $194.00 and gave the company an “outperform” rating in a research report on Monday, October 21st. Finally, Eight Capital upgraded shares of Waste Connections to a “hold” rating in a report on Wednesday, October 9th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $195.56.

About Waste Connections

Waste Connections, Inc provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.