Allianz Asset Management GmbH Raises Stock Holdings in Waste Connections, Inc. $WCN

Key Points

• Allianz Asset Management GmbH increased its ownership of Waste Connections, Inc. by 674.6% in Q2, acquiring an additional 437,783 shares, bringing its total to 502,675 shares worth approximately $93.71 million.
• Waste Connections reported Q2 earnings of $1.29 per share, which exceeded estimates of $1.25, with revenue increasing by 7.1% year-over-year to $2.41 billion.
• The company's stock has received a consensus rating of "Buy" from analysts, with a current price target averaging $210.38.

Allianz Asset Management GmbH increased its position in Waste Connections, Inc. (NYSE:WCN - Free Report) by 674.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 502,675 shares of the business services provider's stock after acquiring an additional 437,783 shares during the period. Allianz Asset Management GmbH owned approximately 0.19% of Waste Connections worth $93,710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tuttle Capital Management LLC raised its stake in Waste Connections by 14.9% in the 2nd quarter. Tuttle Capital Management LLC now owns 3,606 shares of the business services provider's stock worth $673,000 after acquiring an additional 468 shares during the last quarter. Equitable Trust Co. raised its stake in Waste Connections by 2.3% in the 2nd quarter. Equitable Trust Co. now owns 12,068 shares of the business services provider's stock worth $2,253,000 after acquiring an additional 276 shares during the last quarter. TD Asset Management Inc raised its stake in Waste Connections by 3.2% in the 2nd quarter. TD Asset Management Inc now owns 3,942,989 shares of the business services provider's stock worth $735,169,000 after acquiring an additional 123,730 shares during the last quarter. Wilmington Savings Fund Society FSB raised its stake in Waste Connections by 14.6% in the 2nd quarter. Wilmington Savings Fund Society FSB now owns 4,513 shares of the business services provider's stock worth $843,000 after acquiring an additional 575 shares during the last quarter. Finally, Verdence Capital Advisors LLC raised its stake in Waste Connections by 8.0% in the 2nd quarter. Verdence Capital Advisors LLC now owns 4,778 shares of the business services provider's stock worth $892,000 after acquiring an additional 352 shares during the last quarter. Hedge funds and other institutional investors own 86.09% of the company's stock.

Waste Connections Price Performance

Shares of Waste Connections stock opened at $170.80 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.00. Waste Connections, Inc. has a twelve month low of $169.36 and a twelve month high of $201.66. The business has a 50-day moving average price of $178.34 and a 200 day moving average price of $186.11. The firm has a market cap of $43.83 billion, a PE ratio of 68.87, a P/E/G ratio of 3.09 and a beta of 0.62.

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 for the quarter, beating the consensus estimate of $1.25 by $0.04. Waste Connections had a return on equity of 15.72% and a net margin of 6.97%.The firm had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the previous year, the business earned $1.24 EPS. Waste Connections's revenue for the quarter was up 7.1% compared to the same quarter last year. Waste Connections has set its FY 2025 guidance at EPS. Sell-side analysts predict that Waste Connections, Inc. will post 5.28 earnings per share for the current fiscal year.

Waste Connections Announces Dividend

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

Analysts Set New Price Targets

WCN has been the subject of a number of research analyst reports. Atb Cap Markets upgraded Waste Connections from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 24th. Citigroup reduced their price objective on Waste Connections from $204.00 to $199.00 and set a "neutral" rating for the company in a research note on Wednesday, September 17th. Oppenheimer reduced their price objective on Waste Connections from $210.00 to $205.00 and set an "outperform" rating for the company in a research note on Wednesday, October 8th. Raymond James Financial set a $213.00 price objective on Waste Connections and gave the company a "strong-buy" rating in a research note on Monday, October 6th. Finally, Barclays started coverage on Waste Connections in a research note on Friday, September 19th. They set an "equal weight" rating and a $192.00 price objective for the company. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $210.38.

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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