James Little, Executive Vice President of Engineering at Waste Connections, Inc. (NYSE:WCN), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Little disposed of 2,000 common shares at a price of $185.325 each, totaling approximately $370,650. Following this transaction, Little retains direct ownership of 28,215 shares, with an additional 12,317 shares indirectly owned through his spouse.
In other recent news, Waste Connections Inc (TSX:WCN) (NYSE:WCN). has reported substantial growth in its third-quarter financial results for 2024. The company's revenue reached $2.338 billion, marking a 13.3% increase from the previous year, and adjusted EBITDA was up 17.3% year-over-year at $787.4 million. Waste Connections also raised its full-year revenue outlook to approximately $8.9 billion, with adjusted EBITDA expected around $2.91 billion.
Simultaneously, the company announced a 10.5% increase in its quarterly cash dividend. Despite a 10% decrease in waste volumes, Waste Connections saw increases in landfill gas sales and recycled commodity revenues. The company is also on track for a full-year adjusted free cash flow projection of $1.2 billion.
In addition, Oppenheimer revised its price target for Waste Connections from $194 to $192, while maintaining an Outperform rating. This adjustment came after the company's strong third-quarter performance and a raised forecast for the full year 2024. Looking ahead, Waste Connections anticipates mid- to high single-digit revenue and EBITDA growth for 2025, supported by strategic initiatives and operational efficiency.
InvestingPro Insights
The recent sale by James Little comes at a time when Waste Connections (NYSE:WCN) is trading near its 52-week high, with the stock price at $185.36 as of the latest close. This aligns with an InvestingPro Tip indicating that the company is trading near its 52-week high, suggesting strong market performance.
Waste Connections has demonstrated solid financial performance, with revenue growth of 10.68% over the last twelve months, reaching $8.69 billion. The company's profitability is also noteworthy, with a gross profit margin of 41.78% and an operating income margin of 17.63% for the same period.
Another InvestingPro Tip highlights that Waste Connections has raised its dividend for 9 consecutive years, reflecting a commitment to shareholder returns. This is further supported by the company's impressive dividend growth of 23.53% over the last twelve months, although the current dividend yield stands at a modest 0.68%.
Investors should note that Waste Connections is trading at relatively high valuation multiples, with a P/E ratio of 51.32 and a Price to Book ratio of 5.86. These metrics suggest that the market has high expectations for the company's future performance.
For readers interested in a more comprehensive analysis, InvestingPro offers 15 additional tips for Waste Connections, providing a deeper understanding of the company's financial health and market position.
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