Addenda Capital Inc. Trims Stake in Waste Connections, Inc. (NYSE:WCN)

Addenda Capital Inc. reduced its holdings in Waste Connections, Inc. (NYSE:WCN - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 196,441 shares of the business services provider's stock after selling 12,537 shares during the period. Waste Connections comprises 1.8% of Addenda Capital Inc.'s holdings, making the stock its 16th largest position. Addenda Capital Inc. owned about 0.08% of Waste Connections worth $38,343,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in WCN. Principal Financial Group Inc. lifted its position in Waste Connections by 5.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,036,856 shares of the business services provider's stock worth $349,483,000 after buying an additional 109,701 shares in the last quarter. Apollon Wealth Management LLC purchased a new position in Waste Connections during the fourth quarter worth approximately $370,000. Steward Partners Investment Advisory LLC lifted its position in Waste Connections by 30.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,521 shares of the business services provider's stock worth $604,000 after buying an additional 829 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Waste Connections by 14.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 508,810 shares of the business services provider's stock worth $86,471,000 after buying an additional 65,844 shares in the last quarter. Finally, Palumbo Wealth Management LLC purchased a new position in Waste Connections during the fourth quarter worth approximately $479,000. Hedge funds and other institutional investors own 86.09% of the company's stock.

Waste Connections Price Performance

Shares of NYSE WCN traded up $0.51 during midday trading on Thursday, reaching $192.04. 325,865 shares of the company were exchanged, compared to its average volume of 1,004,608. The stock has a market cap of $49.62 billion, a P/E ratio of 80.35, a PEG ratio of 3.07 and a beta of 0.66. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.03. Waste Connections, Inc. has a one year low of $165.20 and a one year high of $201.66. The stock's 50-day moving average price is $194.15 and its 200-day moving average price is $187.53.

Waste Connections (NYSE:WCN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.07 by $0.06. Waste Connections had a net margin of 6.92% and a return on equity of 15.54%. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the prior year, the firm posted $1.04 EPS. The firm's quarterly revenue was up 7.5% 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Wednesday, May 7th were issued a dividend of $0.315 per share. The ex-dividend date was Wednesday, May 7th. This represents a $1.26 annualized dividend and a dividend yield of 0.66%. Waste Connections's payout ratio is 51.85%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Royal Bank of Canada reissued an "outperform" rating and set a $221.00 target price on shares of Waste Connections in a research note on Friday, April 25th. JPMorgan Chase & Co. upped their target price on Waste Connections from $197.00 to $230.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. Morgan Stanley increased their price objective on Waste Connections from $214.00 to $219.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. Truist Financial set a $220.00 price objective on Waste Connections in a research report on Friday, April 25th. Finally, Scotiabank increased their price objective on Waste Connections from $192.00 to $207.00 and gave the stock a "sector perform" rating in a research report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $212.23.

About Waste Connections

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.