Hsbc Holdings PLC Lowers Stake in Waste Connections, Inc. $WCN

Key Points

• Hsbc Holdings PLC reduced its holdings in Waste Connections, Inc. by 18.6%, now owning approximately 0.08% of the company worth about $42.1 million after selling nearly 50,000 shares.
• Multiple institutional investors increased their stakes in Waste Connections during Q1, with Vanguard Group Inc. leading by acquiring an additional 954,242 shares, bringing their total to over 30 million shares valued at nearly $5.9 billion.
• Waste Connections recently posted earnings of $1.29 EPS, exceeding analysts' expectations, with a quarterly revenue of $2.41 billion, representing a 7.1% year-over-year increase.

Hsbc Holdings PLC decreased its position in Waste Connections, Inc. (NYSE:WCN - Free Report) by 18.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 216,614 shares of the business services provider's stock after selling 49,491 shares during the period. Hsbc Holdings PLC owned approximately 0.08% of Waste Connections worth $42,112,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in shares of Waste Connections during the first quarter valued at about $623,155,000. Vanguard Group Inc. raised its holdings in shares of Waste Connections by 3.3% during 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 during the period. GAMMA Investing LLC increased its position in shares of Waste Connections by 19,519.1% during the first quarter. GAMMA Investing LLC now owns 918,564 shares of the business services provider's stock worth $179,295,000 after acquiring an additional 913,882 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Waste Connections by 20.7% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,413,615 shares of the business services provider's stock worth $470,524,000 after acquiring an additional 413,190 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Waste Connections by 62.8% during the fourth quarter. Two Sigma Advisers LP now owns 962,850 shares of the business services provider's stock worth $165,206,000 after acquiring an additional 371,600 shares in the last quarter. 86.09% of the stock is owned by institutional investors and hedge funds.

Waste Connections Stock Performance

Shares of Waste Connections stock traded down $2.4190 on Monday, reaching $182.3610. 897,977 shares of the company traded hands, compared to its average volume of 1,055,936. Waste Connections, Inc. has a 52 week low of $169.36 and a 52 week high of $201.66. The company has a 50 day moving average of $185.40 and a 200 day moving average of $189.52. The firm has a market capitalization of $47.12 billion, a PE ratio of 73.53, a PEG ratio of 3.33 and a beta of 0.58. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.67 and a quick ratio of 0.67.

Waste Connections (NYSE:WCN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The business services provider reported $1.29 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.04. The company had revenue of $2.41 billion for the quarter, compared to analysts' expectations 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 period in the prior year, the company posted $1.24 EPS. Waste Connections has set its FY 2025 guidance at EPS. Equities analysts forecast that Waste Connections, Inc. will post 5.28 earnings per share for the current year.

Waste Connections Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. CIBC reissued an "outperform" rating on shares of Waste Connections in a research report on Friday, July 25th. JPMorgan Chase & Co. boosted their target price on shares of Waste Connections from $197.00 to $230.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Seaport Res Ptn raised shares of Waste Connections to a "strong-buy" rating in a research report on Tuesday, May 6th. Melius initiated coverage on shares of Waste Connections in a research note on Monday, June 9th. They issued a "buy" rating for the company. Finally, Royal Bank Of Canada decreased their price objective on shares of Waste Connections from $221.00 to $219.00 and set an "outperform" rating for the company in a research note on Friday, July 25th. Five analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $215.00.

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.