Waste Connections, Inc. $WCN Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Waste Connections, Inc. by 5.6% during the 2nd quarter, ending with approximately 471,494 shares worth about $87.6 million.
• Waste Connections reported a quarterly EPS of $1.29, beating estimates, with a revenue of $2.41 billion, reflecting a 7.1% increase year-over-year.
• The company has recently declared a quarterly dividend of $0.315 per share, resulting in an annualized dividend yield of 0.7%.

Allspring Global Investments Holdings LLC decreased its holdings in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 5.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 471,494 shares of the business services provider's stock after selling 27,844 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.18% of Waste Connections worth $87,637,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. DAVENPORT & Co LLC increased its holdings in shares of Waste Connections by 37.3% in the 1st quarter. DAVENPORT & Co LLC now owns 1,796 shares of the business services provider's stock valued at $350,000 after purchasing an additional 488 shares in the last quarter. Private Trust Co. NA increased its holdings in Waste Connections by 89.5% in the first quarter. Private Trust Co. NA now owns 288 shares of the business services provider's stock valued at $56,000 after buying an additional 136 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Waste Connections by 19.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,069 shares of the business services provider's stock valued at $1,379,000 after acquiring an additional 1,137 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in shares of Waste Connections by 41.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 19,710 shares of the business services provider's stock valued at $3,843,000 after acquiring an additional 5,733 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in shares of Waste Connections during the 1st quarter worth approximately $3,281,000. 86.09% of the stock is owned by hedge funds and other institutional investors.

Waste Connections Stock Performance

NYSE WCN opened at $172.19 on Tuesday. The business's 50-day moving average price is $179.32 and its 200 day moving average price is $186.49. 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 twelve month low of $169.36 and a twelve month high of $201.66. The company has a market capitalization of $44.18 billion, a PE ratio of 69.43, a price-to-earnings-growth ratio of 3.15 and a beta of 0.62.

Waste Connections (NYSE:WCN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The business services provider reported $1.29 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 during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the company posted $1.24 EPS. The company's quarterly revenue was up 7.1% compared to the same quarter last year. Waste Connections has set its FY 2025 guidance at EPS. On average, research analysts predict that Waste Connections, Inc. will post 5.28 earnings per share for the current year.

Waste Connections Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have commented on WCN shares. Stifel Nicolaus started coverage on Waste Connections in a research report on Tuesday, September 30th. They set a "buy" rating and a $221.00 target price on the stock. Atb Cap Markets upgraded shares of Waste Connections from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 24th. National Bankshares lowered their price objective on shares of Waste Connections from $211.00 to $196.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 7th. Weiss Ratings restated a "hold (c)" rating on shares of Waste Connections in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada reduced their price target on shares of Waste Connections from $221.00 to $219.00 and set an "outperform" rating on the stock in a report on Friday, July 25th. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Waste Connections presently has a consensus rating of "Buy" and a consensus price target of $211.73.

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.

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