Waste Connections (NYSE:WCN) Releases Earnings Results, Beats Expectations By $0.01 EPS

Waste Connections (NYSE:WCN) posted its quarterly earnings data on Wednesday. The business services provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.01, Zacks reports. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Waste Connections had a return on equity of 16.07% and a net margin of 6.65%.Waste Connections’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.16 earnings per share.

Waste Connections Stock Up 0.6%

WCN stock opened at $171.65 on Thursday. Waste Connections has a 52 week low of $162.06 and a 52 week high of $201.66. The business has a 50-day simple moving average of $171.31 and a 200 day simple moving average of $174.95. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.07. The company has a market cap of $43.89 billion, a PE ratio of 71.52, a price-to-earnings-growth ratio of 3.08 and a beta of 0.62.

Waste Connections Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Wednesday, February 25th will be given a $0.35 dividend. The ex-dividend date is Wednesday, February 25th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. Waste Connections’s dividend payout ratio (DPR) is presently 58.33%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Barclays reaffirmed a “negative” rating on shares of Waste Connections in a research report on Thursday, October 23rd. Wells Fargo & Company initiated coverage on shares of Waste Connections in a report on Thursday, November 13th. They set an “overweight” rating and a $186.00 target price for the company. Citigroup reaffirmed a “neutral” rating and issued a $183.00 target price (down previously from $196.00) on shares of Waste Connections in a research report on Friday, January 16th. Scotiabank cut their price target on shares of Waste Connections from $210.00 to $204.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, January 21st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Waste Connections from $220.00 to $210.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $206.50.

Hedge Funds Weigh In On Waste Connections

Several hedge funds and other institutional investors have recently made changes to their positions in WCN. Integrated Wealth Concepts LLC acquired a new stake in Waste Connections in the first quarter valued at about $577,000. Invesco Ltd. lifted its holdings in shares of Waste Connections by 12.8% in the second quarter. Invesco Ltd. now owns 219,290 shares of the business services provider’s stock worth $40,946,000 after acquiring an additional 24,948 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Waste Connections by 2.9% in 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 purchasing an additional 688 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Waste Connections in the 2nd quarter valued at approximately $2,714,000. Finally, State Street Corp grew its holdings in shares of Waste Connections by 1.0% during the 2nd quarter. State Street Corp now owns 1,808,631 shares of the business services provider’s stock valued at $337,708,000 after purchasing an additional 17,197 shares during the last quarter. 86.09% of the stock is currently owned by institutional investors and hedge funds.

Waste Connections Company 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.