Mackenzie Financial Corp Grows Stock Position in Waste Connections, Inc. (NYSE:WCN)

Key Points

• Mackenzie Financial Corp increased its stake in Waste Connections, Inc. by 5.8%, now holding approximately $892 million worth of shares, which accounts for 1.3% of its investment portfolio.
• Several research analysts have given Waste Connections a consensus rating of "Buy," with price targets ranging from $211.00 to $220.00.
• The company recently declared a quarterly dividend of $0.315 per share, with a dividend yield of 0.67%.

Mackenzie Financial Corp increased its stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 5.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,575,547 shares of the business services provider's stock after buying an additional 250,684 shares during the period. Waste Connections comprises about 1.3% of Mackenzie Financial Corp's holdings, making the stock its 11th biggest position. Mackenzie Financial Corp owned about 1.77% of Waste Connections worth $892,023,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new position in Waste Connections during the fourth quarter valued at $28,000. Oarsman Capital Inc. boosted its position in Waste Connections by 41.4% during the fourth quarter. Oarsman Capital Inc. now owns 222 shares of the business services provider's stock worth $38,000 after purchasing an additional 65 shares during the period. Larson Financial Group LLC boosted its position 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 worth $38,000 after purchasing an additional 179 shares during the period. Global Financial Private Client LLC raised its position 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 valued at $39,000 after purchasing an additional 178 shares during the period. Finally, Valley National Advisers Inc. lifted its stake in shares of Waste Connections by 232.3% during the 1st quarter. Valley National Advisers Inc. now owns 216 shares of the business services provider's stock valued at $41,000 after buying an additional 151 shares in the last quarter. Institutional investors own 86.09% of the company's stock.

Waste Connections Stock Performance

Shares of NYSE:WCN traded down $1.25 during trading on Thursday, hitting $187.94. The company's stock had a trading volume of 728,805 shares, compared to its average volume of 1,143,094. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a market cap of $48.56 billion, a price-to-earnings ratio of 75.78, a P/E/G ratio of 3.46 and a beta of 0.60. Waste Connections, Inc. has a 12 month low of $169.36 and a 12 month high of $201.66. The company has a 50-day moving average of $187.70 and a 200-day moving average of $188.85.

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

Waste Connections Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Wednesday, August 6th will be given a dividend of $0.315 per share. The ex-dividend date of this dividend is Wednesday, August 6th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 0.67%. Waste Connections's payout ratio is 50.81%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Oppenheimer boosted their target price on shares of Waste Connections from $216.00 to $218.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Truist Financial set a $220.00 price objective on Waste Connections in a research note on Friday, April 25th. National Bank Financial upgraded shares of Waste Connections to a "strong-buy" rating in a research report on Monday, May 26th. William Blair initiated coverage on Waste Connections in a research note on Thursday, April 3rd. They issued an "outperform" rating on the stock. Finally, Royal Bank Of Canada dropped their price objective on shares of Waste Connections from $221.00 to $219.00 and set an "outperform" rating for the company in a report on Friday, July 25th. Four 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 company's stock. Based on data from MarketBeat, the stock has an average 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.