Skye Global Management LP Trims Stock Position in Waste Connections, Inc. (NYSE:WCN)

Skye Global Management LP trimmed its holdings in shares of Waste Connections, Inc. (NYSE:WCN) by 5.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 604,000 shares of the business services provider’s stock after selling 36,000 shares during the period. Waste Connections accounts for about 2.6% of Skye Global Management LP’s investment portfolio, making the stock its 7th biggest holding. Skye Global Management LP owned approximately 0.23% of Waste Connections worth $108,007,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of WCN. Global Trust Asset Management LLC acquired a new position in shares of Waste Connections in the 3rd quarter valued at $36,000. Asset Dedication LLC acquired a new position in shares of Waste Connections during the 3rd quarter worth about $41,000. Pathway Financial Advisers LLC bought a new stake in shares of Waste Connections in the 1st quarter valued at about $43,000. Signature Resources Capital Management LLC acquired a new stake in shares of Waste Connections in the 2nd quarter valued at approximately $45,000. Finally, Kennebec Savings Bank acquired a new stake in shares of Waste Connections in the 3rd quarter valued at approximately $47,000. 86.09% of the stock is currently owned by institutional investors and hedge funds.

Waste Connections Stock Down 0.0 %

Shares of WCN opened at $193.18 on Friday. The firm’s 50-day simple moving average is $182.04 and its 200 day simple moving average 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. The firm has a market cap 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, Inc. has a 52 week low of $132.15 and a 52 week high of $194.83.

Waste Connections (NYSE:WCN) last announced its earnings results on Wednesday, October 23rd. The business services provider reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.05. The company had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.30 billion. Waste Connections had a return on equity of 15.43% and a net margin of 10.81%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.17 earnings per share. On average, 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. Stockholders of record on Thursday, November 7th were given a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date of this dividend was Thursday, November 7th. This is a boost from Waste Connections’s previous quarterly dividend of $0.29. Waste Connections’s payout ratio is presently 34.62%.

Analysts Set New Price Targets

Several brokerages have commented on WCN. Scotiabank assumed coverage on shares of Waste Connections in a research note on Friday, October 4th. They issued a “sector perform” rating and a $196.00 target price for the company. Citigroup raised their price objective on Waste Connections from $190.00 to $195.00 and gave the stock a “neutral” rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. decreased their target price on Waste Connections from $198.00 to $197.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $205.00 price target (up previously from $200.00) on shares of Waste Connections in a research report on Friday, October 25th. Finally, Eight Capital upgraded shares of Waste Connections to a “hold” rating in a report on Wednesday, October 9th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.