Caisse DE Depot ET Placement DU Quebec Acquires 762,468 Shares of Waste Connections, Inc. $WCN

Key Points

• Caisse DE Depot ET Placement DU Quebec significantly increased its stake in Waste Connections, acquiring an additional 762,468 shares, totaling over 1.15 million shares, valued at approximately $224.96 million.
• Institutional investors now own 86.09% of Waste Connections, with several firms boosting their holdings significantly during the first quarter.
• Waste Connections recently declared a quarterly dividend of $0.315, yielding about 0.7%, and reported strong quarterly earnings exceeding analyst estimates.

Caisse DE Depot ET Placement DU Quebec lifted its position in Waste Connections, Inc. (NYSE:WCN - Free Report) by 195.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,153,530 shares of the business services provider's stock after buying an additional 762,468 shares during the period. Caisse DE Depot ET Placement DU Quebec owned approximately 0.45% of Waste Connections worth $224,961,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Ramirez Asset Management Inc. raised its holdings in Waste Connections by 122.0% during the first quarter. Ramirez Asset Management Inc. now owns 182 shares of the business services provider's stock valued at $36,000 after acquiring an additional 100 shares during the period. Larson Financial Group LLC raised its holdings 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 valued at $38,000 after acquiring an additional 179 shares during the period. Global Financial Private Client LLC increased its holdings in shares of 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 worth $39,000 after purchasing an additional 178 shares during the last quarter. Valley National Advisers Inc. increased its holdings in shares of Waste Connections by 232.3% in the first quarter. Valley National Advisers Inc. now owns 216 shares of the business services provider's stock worth $41,000 after purchasing an additional 151 shares during the last quarter. Finally, Louisbourg Investments Inc. increased its holdings in shares of Waste Connections by 128.6% in the first quarter. Louisbourg Investments Inc. now owns 240 shares of the business services provider's stock worth $47,000 after purchasing an additional 135 shares during the last quarter. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on WCN. CIBC reiterated an "outperform" rating on shares of Waste Connections in a research report on Friday, July 25th. National Bank Financial upgraded Waste Connections to a "strong-buy" rating in a report on Monday, May 26th. 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. Oppenheimer boosted their price objective on shares of Waste Connections from $216.00 to $218.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Finally, Citigroup reduced their target price on Waste Connections from $208.00 to $204.00 and set a "neutral" rating on the stock in a research report on Monday, July 28th. Five investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $215.00.

Waste Connections Trading Down 1.0%

WCN stock opened at $184.6960 on Monday. The company's 50-day simple moving average is $185.49 and its 200-day simple moving average is $189.58. 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 52-week low of $169.36 and a 52-week high of $201.66. The firm has a market cap of $47.72 billion, a P/E ratio of 74.47, a PEG ratio of 3.33 and a beta of 0.58.

Waste Connections (NYSE:WCN - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The business services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.04. The business 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 company's revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.24 EPS. Waste Connections has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Waste Connections, Inc. will post 5.28 EPS for the current fiscal year.

Waste Connections Announces Dividend

The business 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. The ex-dividend date of this dividend was Wednesday, August 6th. This represents a $1.26 dividend on an annualized basis and a yield of 0.7%. Waste Connections's dividend payout ratio (DPR) is currently 50.81%.

Waste Connections Profile

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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