West Family Investments Inc. has increased its holdings in Waste Connections, Inc. (NYSE: WCN) by a substantial 23.0% during the second quarter of 2023. According to the latest 13F filing with the U.S. Securities and Exchange Commission (SEC), the institutional investor now owns 5,045 shares of the waste management firm following the acquisition of an additional 945 shares.
As of the most recent filing, West Family Investments’ stake in Waste Connections was valued at approximately $942,000. This move comes amid a broader trend of institutional investors adjusting their positions in the company.
In particular, Norges Bank made a significant investment by purchasing a new stake in Waste Connections valued at around $755.9 million during the second quarter. Other notable investors include Nuveen LLC, which acquired a stake worth approximately $623.2 million in the first quarter, and Vanguard Group Inc., which lifted its holdings in the same period by 3.3%, bringing its total to 30,247,244 shares valued at approximately $5.9 billion.
Caisse DE Depot ET Placement DU Quebec also increased its holdings dramatically, by 195.0%, to own 1,153,530 shares valued at $225 million after purchasing an additional 762,468 shares. Additionally, Picton Mahoney Asset Management entered the scene with a new position valued at $140.9 million. Collectively, institutional investors and hedge funds now control 86.09% of Waste Connections’ shares.
Stock Performance and Dividend Announcement
On October 20, 2023, Waste Connections’ stock opened at $176.55. The company retains a market capitalization of $45.17 billion and has a price-to-earnings ratio of 73.56. The debt-to-equity ratio stands at 1.07, with both current and quick ratios at 0.67. Over the past year, the stock has fluctuated between a low of $163.27 and a high of $201.66.
In a notable development, Waste Connections declared a quarterly dividend of $0.35 per share, which was distributed to stockholders of record on November 5, 2023. This new dividend reflects an increase from the previous quarterly dividend of $0.32, resulting in an annualized dividend of $1.40 and a yield of 0.8%. The company’s payout ratio is currently 58.33%.
Analysts’ Perspectives and Insider Transactions
Recent assessments from equity research analysts indicate a positive outlook for Waste Connections. On October 23, 2023, UBS Group set a price target of $195.00, designating the company with a “neutral” rating. Oppenheimer increased its target from $205.00 to $206.00 with an “outperform” rating, while Raymond James Financial set a target price of $213.00 and assigned a “strong-buy” rating.
Stifel Nicolaus adjusted its price objective from $221.00 to $218.00, maintaining a “buy” rating, and Sanford C. Bernstein initiated coverage with an “outperform” rating and a target of $200.00. Notably, five analysts have rated the stock with a “strong buy,” while sixteen have given a “buy” rating, three have issued a “hold,” and one has rated it a “sell.” Overall, the consensus rating remains “buy” with an average price target of $208.32 according to MarketBeat.
In insider news, Director Edward E. Guillet sold 9,000 shares on October 28, 2023, at an average price of $174.44, resulting in a total transaction value of approximately $1,569,960. Following this transaction, Guillet retains 14,883 shares valued at around $2.6 million, marking a 37.68% decrease in his ownership.
Waste Connections, Inc. specializes in non-hazardous waste collection, transfer, disposal, and resource recovery services across the United States and Canada. The company offers services to a wide range of customers, including residential, commercial, municipal, and industrial sectors, as well as providing landfill disposal and recycling services for various materials.
