July 20, 2023 – Waste Connections, Inc. (NYSE:WCN), a leading provider of non-hazardous waste management services in the United States and Canada, has seen a decrease in ownership by Banque Pictet & Cie SA. According to recent filings with the Securities & Exchange Commission, the Swiss financial institution has reduced its stake in Waste Connections by 43.5% during the first quarter of this year.
Banque Pictet & Cie SA now holds 13,030 shares of Waste Connections’ stock, following the sale of 10,040 shares. The value of their holdings is estimated at $1,811,000 as per the most recent reporting period. This reduction comes at a time when Waste Connections has been making waves in the market with its strong financial performance.
In April of this year, Waste Connections reported its earnings for the first quarter. The business services provider surpassed analysts’ consensus estimates by reporting earnings per share of $0.89, exceeding expectations by $0.01. This achievement highlights the company’s ability to navigate challenging market conditions effectively while maximizing profitability.
Waste Connections boasts an impressive net margin of 11.43% and a return on equity of 14.22%. These figures underscore the company’s commitment to sound financial management and efficient operations in an industry that faces increasing scrutiny regarding sustainability and environmental impact.
The firm’s revenue for the quarter stood at $1.90 billion, meeting consensus estimates perfectly. Notably, this represents a significant increase of 15.4% compared to the same period last year. Waste Connections continues to demonstrate its resilience and adaptability amidst changing market dynamics and evolving customer demands.
With a strong performance in Q1, analysts are optimistic about Waste Connection’s future prospects for fiscal year 2023. The average forecast among equities research analysts projects earnings per share (EPS) of approximately $4.19 for the current fiscal year. This outlook reflects confidence in the company’s ability to maintain its growth trajectory and deliver value to shareholders.
Waste Connections differentiates itself by providing a wide range of waste management services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers. The company offers collection services, landfill disposal services, and recycling programs for various materials including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.
As sustainable business practices become an increasingly important consideration for consumers and companies alike, Waste Connections is well-positioned to capitalize on this trend. By investing in technology and innovation while prioritizing environmental stewardship, the company ensures its relevance in an evolving industry.
While Banque Pictet & Cie SA’s decision to decrease its stake in Waste Connections may raise eyebrows initially, it is essential to consider that investment strategies vary among financial institutions based on a multitude of factors. Nonetheless, Waste Connections’ solid financial performance and market-leading position make it an attractive proposition for investors seeking exposure to the waste management sector.
As Waste Connections continues to grow and adapt to changing market dynamics, stakeholders are likely watching developments with great interest. The company’s commitment to sustainable practices combined with its impressive financial performance positions it as a leading player in the waste management industry – an industry that will undoubtedly witness transformative changes in the years ahead.
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Interest and Confidence in Waste Connections, Inc. Grows as Institutional Investors Adjust Positions
Waste Connections, Inc. has recently seen a number of hedge funds and institutional investors adjusting their positions in the company. West Oak Capital LLC and International Assets Investment Management LLC have both entered the market with new positions valued at approximately $28,000 and $31,000, respectively.
Baldwin Brothers LLC MA has taken a different approach by increasing its position in Waste Connections by a staggering 277.8% during the fourth quarter. The company now owns 272 shares valued at $36,000 after purchasing an additional 200 shares during the period.
Zions Bancorporation N.A. also saw an opportunity in Waste Connections and lifted its position by 172.2% during the same quarter. This move resulted in Zions Bancorporation N.A. owning 294 shares valued at $39,000 after purchasing an additional 186 shares.
Marshall & Sullivan Inc. WA have recently joined the fray by acquiring a new position in Waste Connections worth approximately $50,000 in the fourth quarter of last year. With these moves from various institutional investors, it’s clear that there is significant interest and confidence in Waste Connections.
Interestingly, institutional investors currently own a substantial 83.31% of the company’s stock, indicating their belief in Waste Connections’ long-term prospects.
As of Thursday’s opening bell, Waste Connections’ stock stood at $140.87. The company has shown strong performance over recent months with its 50-day moving average price at $138.
89 and its 200-day moving average price at $136
64
Furthermore, Waste Connections’ stock had a twelve-month low of $124
23 and reached a high of
$148
20 within the same period- showing fluctuations but ultimately solid growth.
The company prides itself on providing non-hazardous waste collection as well as transfer disposal and resource recovery services across North America.
These services are offered to residential, commercial, municipal, industrial, and exploration and production (E&P) customers.
In addition to waste collection and disposal services, Waste Connections also offers recycling services for various recyclable materials such as compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.
This commitment to sustainability is a valuable asset in an increasingly eco-conscious market.
Waste Connections recently declared a quarterly dividend which was paid on May 24th. Investors who held shares on record as of May 10th received a dividend of $0.255 per share.
This equates to an annualized dividend payout of $1.02 per share with a current yield of 0.72%.
Turning to analyst reports, Waste Connections has attracted significant attention from analysts. Citigroup initiated coverage on the stock with a “neutral” rating and set a price target of $155
00.
Similarly, Truist Financial began coverage with a “buy” rating on April 17th alongside a price target of $160
00.
However, Raymond James decreased its price objective from $165
00 to $161
00 but maintained their recommendation.
Raymond James’ report indicates that they still have confidence in the potential growth of Waste Connections.
StockNews.com offered their insight by upgrading their rating from “hold” to “buy” on July 4th.
Lastly, TD Cowen initiated coverage with an “outperform” rating back in March and assigned a price objective of $160
00.
Overall, the consensus among analysts is that Waste Connections is an attractive investment opportunity. Even Bloomberg.com supports this notion by reporting that the company currently has a consensus rating of “Buy” and an average target price of $158.44.
With strong investor interest coupled with positive analyst sentiment surrounding Waste Connections’ performance thus far in the marketplace, it seems that the waste management company could be poised for continued success well into the future.
