Ninepoint Partners LP Increases Holdings in Waste Connections, Inc. (NYSE: WCN)

VaselineSeptember 28, 2024

0 5 minutes read

Ninepoint Partners LP grew its holdings in shares of Waste Connections, Inc. (NYSE:WCN – Free Report) by 7.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,350 shares of the business services provider’s stock after buying an additional 797 shares during the period. Waste Connections makes up about 0.2% of Ninepoint Partners LP’s holdings, making the stock its 26th biggest holding. Ninepoint Partners LP’s holdings in Waste Connections were worth $1,990,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of WCN. Vanguard Group Inc. raised its holdings in shares of Waste Connections by 0.3% in the first quarter. Vanguard Group Inc. now owns 28,498,983 shares of the business services provider’s stock valued at $4,902,110,000 after acquiring an additional 88,137 shares in the last quarter. Bank of Montreal Can boosted its holdings in Waste Connections by 2.3% in the second quarter. Bank of Montreal Can now owns 8,103,895 shares of the business services provider’s stock worth $1,423,373,000 after purchasing an additional 178,870 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Waste Connections by 43.4% during the 4th quarter. Wellington Management Group LLP now owns 4,364,071 shares of the business services provider’s stock worth $651,427,000 after bought an additional 1,320,933 shares during the period. 1832 Asset Management LP boosted its holdings in shares of Waste Connections by 7.3% during the 4th quarter. 1832 Asset Management LP now owns 4,104,003 shares of the business services provider’s stock valued at $612,605,000 after bought an additional 280,275 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd raised its stake in shares of Waste Connections by 8.3% in the 1st quarter. Alphinity Investment Management Pty Ltd now owns 2,516,867 shares of the business services provider’s stock valued at $432,926,000 after buying an additional 193,787 shares in the last quarter. Hedge funds and other institutional investors own 86.09% of the company’s shares.

Analysts set new price targets

Several analysts have commented on WCN shares. BMO Capital Markets boosted their price objective on shares of Waste Connections from $196.00 to $198.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. JPMorgan Chase & Co. upped their target price on Waste Connections from $175.00 to $198.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Royal Bank of Canada upped their target price on Waste Connections from $195.00 to $199.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Oppenheimer boosted their price objective on Waste Connections from $181.00 to $191.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. Finally, CIBC upped their target price on shares of Waste Connections from $191.00 to $193.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Waste Connections currently has a consensus rating of “Moderate Buy” and an average price target of $187.28, based on data from MarketBeat.com.

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Insiders place their bets

In other news, SVP Philip Rivard sold 2,300 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $174.75, for a total transaction of $401,925.00. Following the sale, the senior vice president now owns 1,226 shares of the company’s stock, valued at approximately $214,243.50. The sale was disclosed in a legal filing with the SEC, which is accessible via this hyperlink. In related news, SVP Susan Netherton sold 2,000 shares of Waste Connections stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $179.13, for a total value of $358,260.00. Following the completion of the sale, the senior vice president now owns 10,078 shares of the company’s stock, valued at $1,805,272.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this hyperlink. Also, SVP Philip Rivard sold 2,300 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $174.75, for a total value of $401,925.00. Following the completion of the transaction, the senior vice president now directly owns 1,226 shares in the company, valued at approximately $214,243.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,600 shares of company stock worth $3,842,550. 0.31% of shares are held by insiders.

Waste connections trading down 0.7%

NYSE:WCN opened at $177.34 on Friday. The stock has a market cap of $45.76 billion, a price-to-earnings ratio of 57.58, a PEG ratio of 2.88 and a beta of 0.72. The company has a quick ratio of 0.70, a current ratio of 0.70, and a debt-to-equity ratio of 0.97. The company’s 50-day moving average price is $181.71 and its 200-day moving average price is $173.72. Waste Connections, Inc. it has a 52-week low of $126.12 and a 52-week high of $187.54.

Waste Connections (NYSE:WCN – Get Free Report ) last posted its earnings results on Wednesday, July 24th. The business services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.17 by $0.07. Waste Connections had a return on equity of 15.16% and a net margin of 10.23%. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.22 billion. In the same period last year, the business posted EPS of $1.02. The company’s revenue was up 11.2% compared to the same quarter last year. On average, equities research analysts forecast that Waste Connections, Inc. will post 4.84 earnings per share for the current fiscal year.

Waste Connections Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Wednesday, August 7th were issued a $0.285 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents an annualized dividend of $1.14 and a yield of 0.64%. Waste Connections’ payout ratio is 37.01%.

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. Provides 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 metals and aluminum.