Nicholas Company Inc. has reduced its investment in Waste Connections, Inc. (NYSE:WCN) by 5.2% during the second quarter, according to its latest 13F filing with the Securities and Exchange Commission. The institutional investor now holds 345,032 shares of the waste management firm, valued at approximately $64.42 million following the sale of 18,805 shares during the quarter.
Other institutional investors have also adjusted their positions in Waste Connections. Checchi Capital Advisers LLC increased its stake by 4.6% in the first quarter, now owning 1,278 shares worth $249,000. Similarly, MWA Asset Management raised its stake by 1.2%, bringing its total to 4,783 shares valued at $934,000. MAI Capital Management and Hexagon Capital Partners LLC also boosted their stakes, contributing to a landscape where institutional investors control approximately 86.09% of Waste Connections’ stock.
Market Performance and Dividends
On October 27, 2023, Waste Connections shares opened at $167.66, reflecting a 1.9% decline. The company has a market capitalization of $42.92 billion and has experienced a fifty-two week low of $167.47 and a high of $201.66. Recent financial metrics indicate a price-to-earnings ratio of 69.86 and a beta of 0.62.
In a positive development for shareholders, Waste Connections announced a quarterly dividend of $0.35 per share, which will be distributed on November 20, 2023. This marks an increase from the previous quarterly dividend of $0.32. Shareholders of record on November 5 will receive this payment. The annualized dividend now stands at $1.40, yielding approximately 0.8% with a payout ratio of 58.33%.
Insider Activity and Analyst Ratings
Recent insider activity includes a sale by Director Edward E. Guillet, who sold 9,000 shares on October 28, 2023, for a total of nearly $1.57 million. Following this transaction, Guillet retains 14,883 shares valued at about $2.60 million, indicating a 37.68% reduction in his ownership.
Analysts have been weighing in on Waste Connections, with a variety of ratings surfacing in recent reports. Oppenheimer has increased its target price from $205.00 to $206.00, maintaining an “outperform” rating. Conversely, Citigroup has lowered its target from $199.00 to $196.00, while maintaining a “neutral” rating. UBS Group also set a target at $195.00 with a similar neutral stance.
According to data from MarketBeat.com, the consensus rating for Waste Connections is currently “Buy,” with a consensus price target of $210.63. The stock has received five “Strong Buy” ratings, thirteen “Buy” ratings, three “Hold” ratings, and one “Sell” rating from various analysts.
Waste Connections, Inc. operates in the non-hazardous waste management sector, providing collection, transfer, disposal, and resource recovery services across the United States and Canada. It serves a diverse range of customers, including residential, commercial, municipal, and industrial sectors, and engages in recycling activities for various materials.
For further insights into Waste Connections and institutional investments, interested parties can visit resources such as HoldingsChannel.com for the latest 13F filings and insider trading information.
