Corient IA LLC Buys New Shares in Waste Connections, Inc. (NYSE:WCN)

Key Points

• Corient IA LLC acquired 3,000 shares of Waste Connections, Inc., valued at approximately $586,000, marking a new investment in the company.
• Waste Connections reported a net margin of 6.97% and a return on equity of 15.72% for the most recent quarter, with revenue up 7.1% year-over-year.
• The company announced a quarterly dividend of $0.315 per share, with a payout ratio of 50.81%, highlighting its commitment to returning value to shareholders.

Corient IA LLC bought a new stake in Waste Connections, Inc. (NYSE:WCN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,000 shares of the business services provider's stock, valued at approximately $586,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Waste Connections by 3.3% in the first quarter. Vanguard Group Inc. now owns 30,247,244 shares of the business services provider's stock valued at $5,901,049,000 after purchasing an additional 954,242 shares in the last quarter. WCM Investment Management LLC grew its position in Waste Connections by 0.3% in the first quarter. WCM Investment Management LLC now owns 6,383,780 shares of the business services provider's stock valued at $1,230,984,000 after purchasing an additional 18,400 shares in the last quarter. Capital International Investors grew its position in Waste Connections by 17.8% in the fourth quarter. Capital International Investors now owns 5,949,152 shares of the business services provider's stock valued at $1,020,672,000 after purchasing an additional 899,058 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Waste Connections by 2.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,736,179 shares of the business services provider's stock valued at $984,214,000 after purchasing an additional 150,683 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in Waste Connections by 5.8% in the first quarter. Mackenzie Financial Corp now owns 4,575,547 shares of the business services provider's stock valued at $892,023,000 after purchasing an additional 250,684 shares in the last quarter. Institutional investors own 86.09% of the company's stock.

Waste Connections Stock Performance

Shares of WCN stock opened at $184.78 on Friday. The company has a market capitalization of $47.75 billion, a price-to-earnings ratio of 74.51, a PEG ratio of 3.33 and a beta of 0.58. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.67 and a current ratio of 0.67. The company has a 50-day simple moving average of $185.91 and a 200 day simple moving average of $189.61. Waste Connections, Inc. has a 52 week low of $169.36 and a 52 week high of $201.66.

Waste Connections (NYSE:WCN - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The business services provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.25 by $0.04. The business had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.39 billion. Waste Connections had a net margin of 6.97% and a return on equity of 15.72%. Waste Connections's revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.24 EPS. On average, sell-side analysts predict that Waste Connections, Inc. will post 5.28 earnings per share for the current year.

Waste Connections Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, August 6th. This represents a $1.26 dividend on an annualized basis and a yield of 0.7%. Waste Connections's payout ratio is currently 50.81%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on WCN shares. Raymond James Financial decreased their target price on shares of Waste Connections from $224.00 to $211.00 and set a "strong-buy" rating for the company in a research report on Tuesday, July 22nd. BMO Capital Markets raised their target price on shares of Waste Connections from $214.00 to $216.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Melius Research raised shares of Waste Connections to a "strong-buy" rating and set a $213.00 target price for the company in a research report on Monday, June 9th. Atb Cap Markets raised shares of Waste Connections from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 24th. Finally, National Bank Financial raised shares of Waste Connections to a "strong-buy" rating in a report on Monday, May 26th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and five have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $215.00.

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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