Allstate Corp Acquires Shares of 10,985 Waste Connections, Inc. $WCN

Allstate Corp acquired a new stake in shares of Waste Connections, Inc. (NYSE:WCN) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,985 shares of the business services provider’s stock, valued at approximately $1,931,000.

A number of other institutional investors also recently modified their holdings of the company. JCIC Asset Management Inc. purchased a new position in Waste Connections during the 3rd quarter valued at about $6,153,000. Maryland State Retirement & Pension System grew its position in shares of Waste Connections by 11.6% in the 3rd quarter. Maryland State Retirement & Pension System now owns 27,123 shares of the business services provider’s stock worth $4,767,000 after buying an additional 2,823 shares during the last quarter. Leavell Investment Management Inc. increased its stake in shares of Waste Connections by 1.0% during the third quarter. Leavell Investment Management Inc. now owns 10,896 shares of the business services provider’s stock valued at $1,916,000 after buying an additional 107 shares during the period. PGGM Investments increased its stake in shares of Waste Connections by 5.4% during the third quarter. PGGM Investments now owns 254,155 shares of the business services provider’s stock valued at $44,680,000 after buying an additional 13,000 shares during the period. Finally, Walter Public Investments Inc. raised its holdings in shares of Waste Connections by 100.0% during the third quarter. Walter Public Investments Inc. now owns 3,600 shares of the business services provider’s stock valued at $632,000 after acquiring an additional 1,800 shares in the last quarter. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Waste Connections news, Director Edward E. Guillet sold 9,000 shares of Waste Connections stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $174.44, for a total value of $1,569,960.00. Following the completion of the transaction, the director directly owned 14,883 shares of the company’s stock, valued at approximately $2,596,190.52. The trade was a 37.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

WCN has been the topic of several recent analyst reports. CIBC set a $208.00 price target on shares of Waste Connections in a report on Thursday, January 8th. Barclays reaffirmed a “negative” rating on shares of Waste Connections in a research report on Thursday, October 23rd. BNP Paribas upgraded shares of Waste Connections to a “strong-buy” rating in a research report on Tuesday, January 6th. JPMorgan Chase & Co. decreased their price target on shares of Waste Connections from $220.00 to $210.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Finally, Wells Fargo & Company started coverage on shares of Waste Connections in a report on Thursday, November 13th. They issued an “overweight” rating and a $186.00 price objective for the company. Six analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Waste Connections has an average rating of “Buy” and a consensus price target of $207.05.

Waste Connections Stock Down 1.7%

Shares of NYSE:WCN opened at $164.22 on Wednesday. The stock has a fifty day simple moving average of $172.60 and a two-hundred day simple moving average of $176.51. The stock has a market capitalization of $41.98 billion, a price-to-earnings ratio of 68.42, a PEG ratio of 3.02 and a beta of 0.63. Waste Connections, Inc. has a 12-month low of $162.06 and a 12-month high of $201.66. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.07.

Waste Connections (NYSE:WCN) last released its earnings results on Tuesday, October 21st. The business services provider reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.06. Waste Connections had a return on equity of 16.07% and a net margin of 6.65%.The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same period in the prior year, the firm posted $1.35 earnings per share. The company’s quarterly revenue was up 5.1% on a year-over-year basis. On average, research analysts anticipate that Waste Connections, Inc. will post 5.28 earnings per share for the current fiscal year.

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.