Allianz Asset Management GmbH Has $12.65 Million Position in Waste Connections, Inc. (NYSE:WCN)

Key Points

• Allianz Asset Management GmbH reduced its stake in Waste Connections by 43.5% in Q1 2023, leaving it with 64,892 shares valued at approximately $12.65 million.
• Waste Connections announced a quarterly dividend of $0.315, set to be paid on August 21st, representing an annualized yield of 0.67%.
• Analyst ratings show a consensus "Buy" on Waste Connections shares, with an average price target of $214.50.

Allianz Asset Management GmbH cut its holdings in Waste Connections, Inc. (NYSE:WCN - Free Report) by 43.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,892 shares of the business services provider's stock after selling 49,939 shares during the period. Allianz Asset Management GmbH's holdings in Waste Connections were worth $12,646,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of WCN. Aster Capital Management DIFC Ltd bought a new stake in shares of Waste Connections during the 4th quarter worth about $28,000. Oarsman Capital Inc. lifted its holdings in Waste Connections by 41.4% in the 4th quarter. Oarsman Capital Inc. now owns 222 shares of the business services provider's stock worth $38,000 after purchasing an additional 65 shares during the last quarter. Larson Financial Group LLC boosted its position in 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 purchasing an additional 179 shares during the period. Global Financial Private Client LLC boosted its position in Waste Connections by 890.0% during the first quarter. Global Financial Private Client LLC now owns 198 shares of the business services provider's stock worth $39,000 after purchasing an additional 178 shares during the period. Finally, Valley National Advisers Inc. grew its holdings in Waste Connections by 232.3% during the first quarter. Valley National Advisers Inc. now owns 216 shares of the business services provider's stock valued at $41,000 after purchasing an additional 151 shares during the last quarter. 86.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on WCN. Truist Financial set a $220.00 price objective on shares of Waste Connections in a research note on Friday, April 25th. CIBC boosted their price objective on shares of Waste Connections from $212.00 to $215.00 and gave the stock an "outperformer" rating in a research note on Friday. JPMorgan Chase & Co. boosted their price objective on shares of Waste Connections from $197.00 to $230.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Scotiabank boosted their price objective on shares of Waste Connections from $202.00 to $208.00 and gave the stock a "sector perform" rating in a research note on Friday. Finally, Citigroup boosted their price objective on shares of Waste Connections from $209.00 to $212.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $214.50.

Waste Connections Trading Down 0.7%

Shares of WCN stock opened at $186.99 on Friday. Waste Connections, Inc. has a 1 year low of $169.36 and a 1 year high of $201.66. The firm's fifty day simple moving average is $188.06 and its 200 day simple moving average is $188.56. The firm has a market capitalization of $48.32 billion, a P/E ratio of 75.40, a price-to-earnings-growth ratio of 3.31 and a beta of 0.60. The company has a current ratio of 0.67, a quick ratio of 0.70 and a debt-to-equity ratio of 1.00.

Waste Connections (NYSE:WCN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The business services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.04. The firm had revenue of $2.41 billion for 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 in the previous year, the firm posted $1.24 EPS. As a group, sell-side 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 will be paid on Thursday, August 21st. Shareholders of record on Wednesday, August 6th will be issued a $0.315 dividend. This represents a $1.26 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend is Wednesday, August 6th. Waste Connections's dividend payout ratio (DPR) is presently 50.81%.

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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