Addenda Capital Inc. Raises Position in Waste Connections, Inc. $WCN

Key Points

• Addenda Capital Inc. increased its holdings in Waste Connections, Inc. by 7.4% in the second quarter, owning 211,014 shares valued at approximately $39.4 million.
• Waste Connections reported a 7.1% year-over-year revenue growth for the quarter, with earnings per share of $1.29, exceeding analyst expectations.
• The company recently declared a quarterly dividend of $0.315 per share, with a payout ratio of 50.81%, translating to an annualized yield of 0.7%.

Addenda Capital Inc. raised its holdings in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 7.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 211,014 shares of the business services provider's stock after purchasing an additional 14,573 shares during the period. Waste Connections accounts for about 1.7% of Addenda Capital Inc.'s holdings, making the stock its 16th largest holding. Addenda Capital Inc. owned about 0.08% of Waste Connections worth $39,401,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the company. Ramirez Asset Management Inc. boosted its holdings in Waste Connections by 122.0% in the 1st quarter. Ramirez Asset Management Inc. now owns 182 shares of the business services provider's stock worth $36,000 after buying an additional 100 shares during the period. Larson Financial Group LLC increased its position in shares of Waste Connections by 994.4% during the first quarter. Larson Financial Group LLC now owns 197 shares of the business services provider's stock worth $38,000 after acquiring an additional 179 shares during the period. Global Financial Private Client LLC boosted its stake in Waste Connections by 890.0% in the first quarter. Global Financial Private Client LLC now owns 198 shares of the business services provider's stock valued at $39,000 after acquiring an additional 178 shares in the last quarter. Valley National Advisers Inc. boosted its stake in Waste Connections by 232.3% in the first quarter. Valley National Advisers Inc. now owns 216 shares of the business services provider's stock valued at $41,000 after acquiring an additional 151 shares in the last quarter. Finally, Louisbourg Investments Inc. lifted its stake in shares of Waste Connections by 128.6% during the first quarter. Louisbourg Investments Inc. now owns 240 shares of the business services provider's stock worth $47,000 after buying an additional 135 shares during the period. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Waste Connections Stock Up 0.6%

WCN stock opened at $172.29 on Friday. The firm has a fifty day moving average price of $182.26 and a two-hundred day moving average price of $187.75. The firm has a market cap of $44.21 billion, a price-to-earnings ratio of 69.47, a PEG ratio of 3.11 and a beta of 0.61. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.67 and a quick ratio of 0.67. Waste Connections, Inc. has a 1-year low of $169.36 and a 1-year high of $201.66.

Waste Connections (NYSE:WCN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The business services provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.04. The company had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.39 billion. Waste Connections had a net margin of 6.97% and a return on equity of 15.72%. The business's revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.24 EPS. Waste Connections has set its FY 2025 guidance at EPS. Research analysts predict that Waste Connections, Inc. will post 5.28 EPS for the current year.

Waste Connections Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Wednesday, August 6th were issued a $0.315 dividend. This represents a $1.26 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, August 6th. Waste Connections's payout ratio is 50.81%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WCN. Barclays began coverage on shares of Waste Connections in a report on Friday, September 19th. They issued an "equal weight" rating and a $192.00 price objective for the company. Citigroup decreased their price objective on shares of Waste Connections from $204.00 to $199.00 and set a "neutral" rating on the stock in a report on Wednesday, September 17th. CIBC reiterated an "outperform" rating on shares of Waste Connections in a report on Friday, July 25th. Melius initiated coverage on shares of Waste Connections in a research report on Monday, June 9th. They issued a "buy" rating on the stock. Finally, Royal Bank Of Canada dropped their target price on shares of Waste Connections from $221.00 to $219.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Five research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Waste Connections currently has an average rating of "Buy" and an average price target of $213.00.

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.

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