Nicholas Company Inc. has reduced its stake in Waste Connections, Inc. (NYSE: WCN) by 5.2% during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission, the institutional investor now holds 345,032 shares of Waste Connections after selling 18,805 shares in the quarter. As of this filing, Nicholas Company’s holdings were valued at approximately $64.42 million.
A number of other institutional investors have also adjusted their positions in Waste Connections recently. Checchi Capital Advisers LLC increased its stake by 4.6% in the first quarter, acquiring an additional 56 shares to reach a total of 1,278 shares, now valued at $249,000. Similarly, MWA Asset Management raised its investment by 1.2%, now owning 4,783 shares worth $934,000. Other firms, including MAI Capital Management and Hexagon Capital Partners LLC, have also made modest increases in their holdings.
Institutional investors collectively own approximately 86.09% of Waste Connections, reflecting strong confidence in the company’s prospects.
Stock Performance and Dividend Announcement
Waste Connections’ stock opened at $167.66 on Friday, reflecting a 1.9% decline. The company’s fifty-day simple moving average stands at $175.50, while the two-hundred-day average is $184.59. 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 reports a price-to-earnings ratio of 69.86.
In a recent development, Waste Connections declared a quarterly dividend of $0.35, payable on November 20, 2023, to shareholders of record on November 5, 2023. This dividend marks an increase from the previous quarter’s dividend of $0.32, representing an annualized yield of 0.8% and a payout ratio of 58.33%.
Insider Trading 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. Following this transaction, Guillet holds 14,883 shares valued at around $2.60 million. Insiders currently own about 0.28% of the company’s stock.
Wall Street analysts have recently expressed varied outlooks on Waste Connections. Oppenheimer raised its target price from $205.00 to $206.00, maintaining an “outperform” rating. In contrast, Citigroup lowered its target price from $199.00 to $196.00 while assigning a “neutral” rating. UBS Group set a target of $195.00 with a similar “neutral” rating. Barclays reaffirmed a “negative” rating, while CIBC maintained an “outperform” rating.
Currently, five analysts rate Waste Connections with a “Strong Buy” rating, thirteen with a “Buy” rating, three as “Hold,” and one as “Sell.” The consensus rating is categorized as “Buy,” with a price target averaging $210.63, according to data from MarketBeat.com.
Waste Connections, Inc. operates within the waste management sector, providing non-hazardous waste collection, transfer, disposal, and resource recovery services across the United States and Canada. Its services cater to residential, commercial, municipal, industrial, and exploration and production customers, offering landfill disposal and recycling for various materials.
