Waste Connections, Inc. $WCN Shares Acquired by Allstate Corp

Key Points

• Allstate Corp increased its stake in Waste Connections by 23.2% in Q1, bringing its total holdings to $1,845,000 worth of shares.
• Waste Connections reported earnings per share of $1.29, exceeding estimates, with quarterly revenue of $2.41 billion, which is up 7.1% from last year.
• The company declared a quarterly dividend of $0.315 per share, resulting in an annualized yield of 0.7% and a payout ratio of 50.81%.

Allstate Corp lifted its stake in Waste Connections, Inc. (NYSE:WCN - Free Report) by 23.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,450 shares of the business services provider's stock after purchasing an additional 1,781 shares during the period. Allstate Corp's holdings in Waste Connections were worth $1,845,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ramirez Asset Management Inc. raised its position in Waste Connections by 122.0% in the 1st quarter. Ramirez Asset Management Inc. now owns 182 shares of the business services provider's stock valued at $36,000 after purchasing an additional 100 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of 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 buying an additional 179 shares during the period. Global Financial Private Client LLC increased its stake in shares of Waste Connections by 890.0% during 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. raised its holdings in Waste Connections by 232.3% in the first quarter. Valley National Advisers Inc. now owns 216 shares of the business services provider's stock valued at $41,000 after acquiring an additional 151 shares in the last quarter. Finally, Louisbourg Investments Inc. lifted its stake in 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 acquiring an additional 135 shares during 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 opened at $184.6960 on Friday. The firm's fifty day simple moving average is $185.49 and its 200-day simple moving average is $189.57. Waste Connections, Inc. has a 12 month low of $169.36 and a 12 month high of $201.66. 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 stock has a market capitalization of $47.72 billion, a price-to-earnings ratio of 74.47, a PEG ratio of 3.36 and a beta of 0.58.

Waste Connections (NYSE:WCN - Get Free Report) last announced 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. The business had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.39 billion. Waste Connections had a net margin of 6.97% and a return on equity of 15.72%. The business's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.24 earnings per share. Waste Connections has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Waste Connections, Inc. will post 5.28 earnings per share for the current year.

Waste Connections Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. BMO Capital Markets increased their price objective on shares of Waste Connections from $214.00 to $216.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Scotiabank boosted their target price on shares of Waste Connections from $202.00 to $208.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Citigroup cut their price target on Waste Connections from $208.00 to $204.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. Melius started coverage on Waste Connections in a research report on Monday, June 9th. They set a "buy" rating for the company. Finally, National Bank Financial upgraded Waste Connections to a "strong-buy" rating in a report on Monday, May 26th. Five investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price 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.

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