Principal Financial Group Inc. Increases Stock Holdings in Waste Connections, Inc. (NYSE:WCN)

Principal Financial Group Inc. raised its position in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 307.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,927,155 shares of the business services provider's stock after purchasing an additional 1,453,733 shares during the period. Principal Financial Group Inc. owned approximately 0.75% of Waste Connections worth $344,615,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Global Trust Asset Management LLC acquired a new position in Waste Connections during the third quarter worth about $36,000. Asset Dedication LLC bought a new stake in shares of Waste Connections during the 3rd quarter valued at approximately $41,000. Pathway Financial Advisers LLC acquired a new position in Waste Connections during the 1st quarter worth approximately $43,000. Signature Resources Capital Management LLC acquired a new position in Waste Connections during the 2nd quarter worth approximately $45,000. Finally, Carolinas Wealth Consulting LLC lifted its stake in Waste Connections by 3,885.7% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 279 shares of the business services provider's stock valued at $49,000 after purchasing an additional 272 shares during the last quarter. 86.09% of the stock is currently owned by institutional investors.

Waste Connections Stock Up 1.4 %

WCN stock traded up $2.50 during trading on Thursday, reaching $181.90. 851,941 shares of the stock were exchanged, compared to its average volume of 884,778. The firm's 50 day moving average is $180.88 and its 200 day moving average is $175.85. The firm has a market cap of $46.94 billion, a P/E ratio of 49.99, a price-to-earnings-growth ratio of 2.97 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.99. Waste Connections, Inc. has a twelve month low of $129.31 and a twelve month high of $187.54.

Waste Connections (NYSE:WCN - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The business services provider reported $1.35 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.05. Waste Connections had a return on equity of 15.43% and a net margin of 10.81%. The company had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same period in the prior year, the firm earned $1.17 earnings per share. Waste Connections's revenue for the quarter was up 13.3% on a year-over-year basis. As a group, research analysts forecast that Waste Connections, Inc. will post 4.84 EPS for the current year.

Waste Connections Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th will be paid a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a dividend yield of 0.69%. This is a positive change from Waste Connections's previous quarterly dividend of $0.29. The ex-dividend date is Thursday, November 7th. Waste Connections's dividend payout ratio (DPR) is 31.32%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on WCN shares. Citigroup upped their price target on shares of Waste Connections from $190.00 to $195.00 and gave the stock a "neutral" rating in a report on Thursday, October 3rd. Oppenheimer increased their target price on Waste Connections from $191.00 to $194.00 and gave the company an "outperform" rating in a research report on Monday, October 21st. Truist Financial boosted their price target on Waste Connections from $180.00 to $200.00 and gave the stock a "buy" rating in a report on Thursday, July 11th. Stifel Nicolaus reaffirmed a "buy" rating and issued a $205.00 price objective (up previously from $200.00) on shares of Waste Connections in a research note on Friday, October 25th. Finally, CIBC lifted their target price on shares of Waste Connections from $191.00 to $193.00 and gave the stock an "outperformer" rating in a research report on Friday, July 26th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $195.56.

Waste Connections Company Profile

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.