Nicholas Company Inc. has decreased its investment in Waste Connections, Inc. (NYSE: WCN) by 5.2% during the second quarter, as revealed in its latest 13F filing with the Securities and Exchange Commission. Following the sale of 18,805 shares, Nicholas Company now holds 345,032 shares valued at approximately $64.42 million.
This adjustment in stake comes amid a broader trend where several institutional investors are either increasing or decreasing their positions in Waste Connections. For instance, Checchi Capital Advisers LLC raised its stake by 4.6% in the first quarter, now owning 1,278 shares valued at $249,000 after acquiring 56 additional shares. Similarly, MWA Asset Management increased its holdings by 1.2%, boosting its total to 4,783 shares worth $934,000.
Other notable increases include MAI Capital Management, which raised its stake by 6.0%, bringing its total to 1,116 shares valued at $218,000, and Hexagon Capital Partners LLC, which saw a significant 29.2% increase in its stake. It now owns 283 shares valued at $55,000 after acquiring 64 additional shares. Pacer Advisors Inc. also increased its stake by 3.0%, now holding 2,289 shares worth $447,000. Institutional investors collectively own 86.09% of Waste Connections’ stock.
Waste Connections Stock Performance and Recent Developments
On Friday, Waste Connections stock opened at $167.66, reflecting a decline of 1.9%. The company’s 50-day simple moving average stands at $175.50, while the 200-day moving average is at $184.59. Over the past year, the stock has experienced a fifty-two week low of $167.47 and a high of $201.66. With a market capitalization of $42.92 billion, Waste Connections has a price-to-earnings ratio of 69.86 and a PEG ratio of 3.17.
In a positive financial update, Waste Connections recently announced a quarterly dividend of $0.35, which will be distributed on November 20, 2023. Shareholders of record as of November 5, 2023, will receive this dividend, marking an increase from the previous quarterly dividend of $0.32. This translates to an annualized dividend of $1.40 with a yield of 0.8% and a payout ratio of 58.33%.
Insider Transactions and Analyst Ratings
In related news, Edward E. Guillet, a director at Waste Connections, sold 9,000 shares on October 28, 2023, at an average price of $174.44, totaling approximately $1.57 million. Post-transaction, he holds 14,883 shares valued at around $2.60 million, representing a reduction of 37.68% in his ownership.
Wall Street analysts remain optimistic about Waste Connections. In recent reports, Oppenheimer raised its target price from $205.00 to $206.00, maintaining an “outperform” rating. Conversely, Citigroup lowered its target price from $199.00 to $196.00, issuing a “neutral” rating. UBS Group set a target price of $195.00 while reaffirming a “neutral” rating. Barclays retained a “negative” rating, while CIBC maintained its “outperform” rating.
Overall, five analysts have given Waste Connections a Strong Buy rating, while thirteen have issued a Buy rating, three have assigned a Hold rating, and one has given a Sell rating. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a price target of $210.63.
Waste Connections, Inc. specializes in non-hazardous waste collection, transfer, disposal, and resource recovery services in both the United States and Canada. Its services cater to residential, commercial, municipal, industrial, and exploration and production customers, and include landfill disposal and recycling for various materials.
