Forsta AP Fonden Has $9.27 Million Stock Position in Waste Connections, Inc. (NYSE:WCN)

Key Points

• Forsta AP Fonden reduced its stake in Waste Connections, Inc. by 28.4% during the first quarter, now holding 47,500 shares valued at approximately $9.27 million.
• Major institutional investors, including Vanguard Group and Capital International Investors, have increased their investments in Waste Connections, showcasing strong institutional interest with over 86% of the company's stock owned by such entities.
• Waste Connections recently reported earnings that exceeded analyst expectations, with a quarterly revenue of $2.41 billion, marking a 7.1% year-over-year increase.

Forsta AP Fonden trimmed its holdings in Waste Connections, Inc. (NYSE:WCN - Free Report) by 28.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,500 shares of the business services provider's stock after selling 18,800 shares during the period. Forsta AP Fonden's holdings in Waste Connections were worth $9,272,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. NBW Capital LLC bought a new stake in shares of Waste Connections in the 1st quarter valued at approximately $792,000. Citigroup Inc. increased its holdings in shares of Waste Connections by 113.5% in the 1st quarter. Citigroup Inc. now owns 139,022 shares of the business services provider's stock valued at $27,094,000 after acquiring an additional 73,913 shares during the last quarter. Telemark Asset Management LLC increased its holdings in shares of Waste Connections by 114.3% in the 1st quarter. Telemark Asset Management LLC now owns 150,000 shares of the business services provider's stock valued at $29,278,000 after acquiring an additional 80,000 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Waste Connections by 9.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 210,917 shares of the business services provider's stock valued at $41,169,000 after acquiring an additional 17,722 shares during the last quarter. Finally, Y.D. More Investments Ltd increased its holdings in shares of Waste Connections by 54.5% in the 1st quarter. Y.D. More Investments Ltd now owns 4,250 shares of the business services provider's stock valued at $830,000 after acquiring an additional 1,500 shares during the last quarter. 86.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on WCN shares. CIBC reiterated an "outperform" rating on shares of Waste Connections in a report on Friday, July 25th. Melius assumed coverage on Waste Connections in a research note on Monday, June 9th. They set a "buy" rating for the company. Oppenheimer upped their price objective on Waste Connections from $216.00 to $218.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Melius Research upgraded Waste Connections to a "strong-buy" rating and set a $213.00 price objective for the company in a research note on Monday, June 9th. Finally, Truist Financial set a $220.00 price objective on Waste Connections in a research note on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $215.00.

Waste Connections Trading Down 1.3%

Shares of NYSE WCN traded down $2.36 during mid-day trading on Wednesday, hitting $185.04. 140,202 shares of the company traded hands, compared to its average volume of 1,133,683. Waste Connections, Inc. has a 1 year low of $169.36 and a 1 year high of $201.66. The stock has a market capitalization of $47.81 billion, a price-to-earnings ratio of 74.90, a PEG ratio of 3.43 and a beta of 0.58. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.00. The business has a 50 day moving average of $186.28 and a two-hundred day moving average of $189.54.

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, 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 business had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the business posted $1.24 earnings per share. Waste Connections's revenue was up 7.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Waste Connections, Inc. will post 5.28 earnings per share for the current fiscal year.

Waste Connections Dividend Announcement

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

Waste Connections Company 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.