Principal Financial Group Inc. reduced its holdings in Waste Connections, Inc. (NYSE:WCN – Free Report) by 17.7% in the 1st quarter, Holdings Channel reports. The fund owned 1,488,548 shares of the business services provider’s stock after selling 320,193 shares during the period. Principal Financial Group Inc.’s holdings in Waste Connections were worth $241,806,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new stake in shares of Waste Connections during the 1st quarter worth $577,000. Invesco Ltd. boosted its stake in Waste Connections by 12.8% during the second quarter. Invesco Ltd. now owns 219,290 shares of the business services provider’s stock worth $40,946,000 after buying an additional 24,948 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Waste Connections by 2.9% during the 2nd quarter. First Trust Advisors LP now owns 24,463 shares of the business services provider’s stock valued at $4,572,000 after acquiring an additional 688 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Waste Connections in the 2nd quarter valued at approximately $2,714,000. Finally, State Street Corp raised its stake in Waste Connections by 1.0% during the second quarter. State Street Corp now owns 1,808,631 shares of the business services provider’s stock worth $337,708,000 after acquiring an additional 17,197 shares in the last quarter. Institutional investors own 86.09% of the company’s stock.
Insider Buying and Selling
In other Waste Connections news, VP James Little sold 2,605 shares of the firm’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $163.98, for a total value of $427,167.90. Following the transaction, the vice president directly owned 34,395 shares of the company’s stock, valued at $5,640,092.10. This trade represents a 7.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jason Craft sold 1,500 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $156.59, for a total value of $234,885.00. Following the sale, the chief operating officer owned 32,861 shares of the company’s stock, valued at approximately $5,145,703.99. This represents a 4.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 17,605 shares of company stock valued at $2,822,923 in the last ninety days. Insiders own 0.27% of the company’s stock.
Waste Connections Stock Down 0.9%
Waste Connections (NYSE:WCN – Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.04. Waste Connections had a return on equity of 16.49% and a net margin of 10.97%.The firm had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the previous year, the business earned $1.13 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. Analysts anticipate that Waste Connections, Inc. will post 5.5 EPS for the current fiscal year.
Waste Connections Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $1.40 annualized dividend and a yield of 0.8%. Waste Connections’s payout ratio is currently 34.15%.
Wall Street Analyst Weigh In
Several brokerages have recently commented on WCN. JPMorgan Chase & Co. decreased their target price on Waste Connections from $210.00 to $195.00 and set an “overweight” rating on the stock in a report on Monday. Weiss Ratings lowered shares of Waste Connections from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Citigroup raised their price target on Waste Connections from $180.00 to $182.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. The Goldman Sachs Group reissued a “buy” rating and set a $211.00 price objective on shares of Waste Connections in a research note on Thursday, April 23rd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $218.00 price objective (up from $210.00) on shares of Waste Connections in a research note on Friday, April 24th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $202.00.
Get Our Latest Stock Analysis on Waste Connections
Waste Connections Profile
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
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