Bessemer Group Inc. Increases Holdings in Waste Connections, Inc. (NYSE:WCN)

Posted by Defense World Staff on Aug 21st, 2023

Bessemer Group Inc. raised its stake in shares of Waste Connections, Inc. (NYSE:WCN – Free Report) by 23.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,185 shares of the business services provider’s stock after buying an additional 3,120 shares during the quarter. Bessemer Group Inc.’s holdings in Waste Connections were worth $2,250,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in WCN. Tranquility Partners LLC increased its holdings in shares of Waste Connections by 1.8% in the 1st quarter. Tranquility Partners LLC now owns 4,200 shares of the business services provider’s stock worth $584,000 after purchasing an additional 75 shares in the last quarter. ETF Managers Group LLC increased its holdings in shares of Waste Connections by 1.5% in the 1st quarter. ETF Managers Group LLC now owns 5,187 shares of the business services provider’s stock worth $721,000 after purchasing an additional 77 shares in the last quarter. Middleton & Co. Inc. MA increased its holdings in shares of Waste Connections by 0.6% in the 1st quarter. Middleton & Co. Inc. MA now owns 14,515 shares of the business services provider’s stock worth $2,019,000 after purchasing an additional 80 shares in the last quarter. LWM Advisory Services LLC increased its holdings in shares of Waste Connections by 2.5% in the 1st quarter. LWM Advisory Services LLC now owns 3,641 shares of the business services provider’s stock worth $506,000 after purchasing an additional 88 shares in the last quarter. Finally, Personal CFO Solutions LLC grew its holdings in shares of Waste Connections by 1.8% in the first quarter. Personal CFO Solutions LLC now owns 4,961 shares of the business services provider’s stock worth $690,000 after acquiring an additional 88 shares during the period. Hedge funds and other institutional investors own 83.31% of the company’s stock.

Waste Connections Price Performance

NYSE:WCN opened at $138.00 on Monday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $35.55 billion, a P/E ratio of 42.46, a P/E/G ratio of 3.00 and a beta of 0.67. Waste Connections, Inc. has a 12 month low of $124.23 and a 12 month high of $148.20. The business’s 50-day moving average is $140.01 and its 200 day moving average is $138.33.

Waste Connections (NYSE:WCN – Get Free Report) last posted its earnings results on Wednesday, August 2nd. The business services provider reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.01. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.01 billion. Waste Connections had a return on equity of 14.01% and a net margin of 10.93%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.00 earnings per share. On average, equities research analysts forecast that Waste Connections, Inc. will post 4.19 earnings per share for the current fiscal year.

Waste Connections Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 30th. Investors of record on Wednesday, August 16th will be given a $0.255 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 0.74%. Waste Connections’s dividend payout ratio is currently 31.38%.

Analyst Ratings Changes

Several brokerages recently commented on WCN. Raymond James cut their price objective on Waste Connections from $165.00 to $163.00 and set a “strong-buy” rating for the company in a report on Friday, August 4th. StockNews.com initiated coverage on Waste Connections in a report on Sunday. They issued a “hold” rating for the company. Royal Bank of Canada boosted their price target on Waste Connections from $153.00 to $159.00 and gave the company an “outperform” rating in a report on Friday, August 4th. Scotiabank boosted their price target on Waste Connections from $153.00 to $155.00 and gave the company a “sector perform” rating in a report on Friday, August 4th. Finally, BMO Capital Markets boosted their price target on Waste Connections from $160.00 to $162.00 and gave the company an “outperform” rating in a report on Friday, August 4th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $160.08.

View Our Latest Stock Analysis on WCN

About Waste Connections

(Free Report)

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.