1248 Management LLC Sells 2,059 Shares of Waste Connections, Inc. $WCN

Key Points

• 1248 Management LLC reduced its stake in Waste Connections by 35.5%, holding 3,738 shares valued at $730,000 after selling 2,059 shares in the first quarter.
• Major institutional investors like Vanguard Group Inc., Mackenzie Financial Corp., and others have increased their stakes, highlighting strong institutional interest as 86.09% of shares are owned by investors.
• Waste Connections reported earnings of $1.29 per share for the last quarter, exceeding estimates, and announced a quarterly dividend of $0.315 per share, reflecting a 0.7% yield.

1248 Management LLC reduced its position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 35.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,738 shares of the business services provider's stock after selling 2,059 shares during the period. 1248 Management LLC's holdings in Waste Connections were worth $730,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Waste Connections by 3.3% in 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 acquiring an additional 954,242 shares during the last quarter. WCM Investment Management LLC grew its holdings in Waste Connections by 0.3% during the 1st quarter. WCM Investment Management LLC now owns 6,383,780 shares of the business services provider's stock worth $1,230,984,000 after acquiring an additional 18,400 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Waste Connections by 5.8% during the 1st quarter. Mackenzie Financial Corp now owns 4,575,547 shares of the business services provider's stock worth $892,023,000 after acquiring an additional 250,684 shares during the last quarter. 1832 Asset Management L.P. grew its holdings in Waste Connections by 2.7% during the 1st quarter. 1832 Asset Management L.P. now owns 3,863,120 shares of the business services provider's stock worth $754,042,000 after acquiring an additional 100,716 shares during the last quarter. Finally, TD Asset Management Inc grew its holdings in Waste Connections by 3.3% during the 1st quarter. TD Asset Management Inc now owns 3,819,259 shares of the business services provider's stock worth $744,420,000 after acquiring an additional 120,752 shares during the last quarter. 86.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

WCN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Waste Connections from $197.00 to $230.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Citigroup cut their price objective on shares of Waste Connections from $208.00 to $204.00 and set a "neutral" rating on the stock in a report on Monday, July 28th. Melius Research raised shares of Waste Connections to a "strong-buy" rating and set a $213.00 price objective on the stock in a research note on Monday, June 9th. CIBC reaffirmed an "outperform" rating on shares of Waste Connections in a research note on Friday, July 25th. Finally, Scotiabank raised their price objective on shares of Waste Connections from $202.00 to $208.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. Five analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Waste Connections has a consensus rating of "Buy" and a consensus target price of $215.00.

Waste Connections Stock Up 0.3%

Shares of NYSE WCN traded up $0.54 during midday trading on Thursday, reaching $181.23. The company's stock had a trading volume of 601,594 shares, compared to its average volume of 1,121,173. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.00. Waste Connections, Inc. has a fifty-two week low of $169.36 and a fifty-two week high of $201.66. The stock has a market capitalization of $46.83 billion, a price-to-earnings ratio of 73.08, a PEG ratio of 3.33 and a beta of 0.61. The stock has a 50 day simple moving average of $184.88 and a 200-day simple moving average of $189.22.

Waste Connections (NYSE:WCN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The business services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the company earned $1.24 earnings per share. The firm's revenue was up 7.1% compared to the same quarter last year. Waste Connections has set its FY 2025 guidance at EPS. Equities research analysts predict 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. Investors of record on Wednesday, August 6th were issued a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Wednesday, August 6th. Waste Connections's payout ratio is presently 50.81%.

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.