Norges Bank Makes New $687.94 Million Investment in Waste Connections, Inc. (NYSE:WCN)

Norges Bank purchased a new position in Waste Connections, Inc. (NYSE:WCN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,011,098 shares of the business services provider's stock, valued at approximately $687,935,000. Norges Bank owned about 1.55% of Waste Connections as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in WCN. Manchester Capital Management LLC purchased a new stake in shares of Waste Connections during the fourth quarter valued at approximately $26,000. Private Trust Co. NA raised its holdings in Waste Connections by 153.3% during the 4th quarter. Private Trust Co. NA now owns 152 shares of the business services provider's stock valued at $26,000 after buying an additional 92 shares during the last quarter. Stonebridge Financial Group LLC purchased a new stake in Waste Connections during the 4th quarter valued at $27,000. Smartleaf Asset Management LLC grew its holdings in Waste Connections by 59.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 190 shares of the business services provider's stock worth $33,000 after acquiring an additional 71 shares during the last quarter. Finally, Sierra Ocean LLC bought a new stake in Waste Connections in the 4th quarter worth $39,000. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

Waste Connections Stock Up 0.8 %

Waste Connections stock traded up $1.53 during trading hours on Tuesday, hitting $196.72. The stock had a trading volume of 339,371 shares, compared to its average volume of 969,419. The stock's 50-day moving average price is $187.47 and its 200-day moving average price is $182.95. Waste Connections, Inc. has a 12-month low of $160.34 and a 12-month high of $197.74. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $50.83 billion, a P/E ratio of 82.32, a price-to-earnings-growth ratio of 3.07 and a beta of 0.81.

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Waste Connections (NYSE:WCN - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The business services provider reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.04). Waste Connections had a net margin of 6.92% and a return on equity of 15.54%. Equities research analysts anticipate that Waste Connections, Inc. will post 5.28 EPS for the current fiscal year.

Waste Connections Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, February 27th were given a dividend of $0.315 per share. The ex-dividend date was Thursday, February 27th. This represents a $1.26 annualized dividend and a dividend yield of 0.64%. Waste Connections's dividend payout ratio (DPR) is presently 52.72%.

Wall Street Analyst Weigh In

WCN has been the topic of a number of research analyst reports. Truist Financial restated a "buy" rating and set a $210.00 price target (up previously from $200.00) on shares of Waste Connections in a report on Friday, February 14th. Scotiabank decreased their target price on Waste Connections from $196.00 to $192.00 and set a "sector perform" rating for the company in a report on Monday, January 27th. Stifel Nicolaus lifted their price target on shares of Waste Connections from $205.00 to $212.00 and gave the company a "buy" rating in a report on Wednesday, December 11th. Oppenheimer upped their price objective on shares of Waste Connections from $192.00 to $195.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Finally, CIBC dropped their target price on shares of Waste Connections from $215.00 to $212.00 and set an "outperform" rating for the company in a research report on Thursday, December 19th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Waste Connections has a consensus rating of "Moderate Buy" and an average price target of $202.43.

About Waste Connections

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.