Waste Connections, Inc. (NYSE:WCN) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Waste Connections by 9.2%, acquiring an additional 17,722 shares, bringing its total ownership to approximately 0.08% valued at $41.17 million.
• Waste Connections reported a strong earnings performance, with earnings per share of $1.29 surpassing analysts' expectations, along with a quarterly revenue of $2.41 billion, marking a 7.1% increase year-over-year.
• The company announced a quarterly dividend of $0.315 per share, with an ex-dividend date on August 6th, reflecting a 0.7% yield and a payout ratio of 50.81%.

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Waste Connections, Inc. (NYSE:WCN - Free Report) by 9.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 210,917 shares of the business services provider's stock after purchasing an additional 17,722 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.08% of Waste Connections worth $41,169,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Ramirez Asset Management Inc. boosted its position in shares of Waste Connections by 122.0% in the first quarter. Ramirez Asset Management Inc. now owns 182 shares of the business services provider's stock worth $36,000 after buying an additional 100 shares during the period. Larson Financial Group LLC boosted its position in shares of Waste Connections by 994.4% in the first quarter. Larson Financial Group LLC now owns 197 shares of the business services provider's stock worth $38,000 after buying an additional 179 shares during the period. Global Financial Private Client LLC boosted 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 worth $39,000 after buying an additional 178 shares during the period. Valley National Advisers Inc. boosted its position 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 buying an additional 151 shares during the period. Finally, Louisbourg Investments Inc. boosted its position 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 buying an additional 135 shares during the period. Hedge funds and other institutional investors own 86.09% of the company's stock.

Waste Connections Stock Performance

WCN traded up $2.67 during trading hours on Monday, hitting $190.56. The company's stock had a trading volume of 1,090,708 shares, compared to its average volume of 1,251,509. Waste Connections, Inc. has a fifty-two week low of $169.36 and a fifty-two week high of $201.66. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $49.24 billion, a PE ratio of 76.84, a PEG ratio of 3.39 and a beta of 0.58. The company has a 50-day simple moving average of $186.40 and a 200 day simple moving average of $189.56.

Waste Connections (NYSE:WCN - Get Free Report) last posted 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 firm had revenue of $2.41 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same period last year, the firm earned $1.24 EPS. The firm's revenue was up 7.1% compared to the same quarter last year. As a group, sell-side analysts expect that Waste Connections, Inc. will post 5.28 EPS for the current year.

Waste Connections Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on WCN shares. Oppenheimer upped their target price on Waste Connections from $216.00 to $218.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. National Bank Financial raised Waste Connections to a "strong-buy" rating in a report on Monday, May 26th. Scotiabank increased their price target on Waste Connections from $202.00 to $208.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Truist Financial set a $220.00 price target on Waste Connections in a report on Friday, April 25th. Finally, CIBC reissued an "outperform" rating on shares of Waste Connections in a report on Friday, July 25th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and five have given a strong buy rating to the stock. According to MarketBeat.com, Waste Connections currently has a consensus 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.