Waste Connections, Inc. (NYSE:WCN) had its target price increased by stock analysts at Raymond James Financial, Inc. from $74.00 to $75.00 in a research report issued on Thursday, July 27th. The brokerage currently has a “strong-buy” rating on the business services provider’s stock. Raymond James Financial, Inc.’s price target would suggest a potential upside of 15.35% from the company’s current price.
A number of other research firms have also recently issued reports on WCN. TD Securities raised their price target on shares of Waste Connections from $67.00 to $73.00 and gave the stock a “hold” rating in a report on Thursday, July 27th. Barclays PLC reissued a “buy” rating on shares of Waste Connections in a report on Friday, April 28th. Zacks Investment Research cut shares of Waste Connections from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. Royal Bank Of Canada set a $102.00 target price on shares of Waste Connections and gave the stock an “outperform” rating in a report on Monday, June 19th. Finally, Credit Suisse Group reissued a “buy” rating and set a $75.00 target price on shares of Waste Connections in a report on Friday, June 23rd. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $70.47.
Shares of Waste Connections (NYSE:WCN) traded down 0.78% during midday trading on Thursday, reaching $65.02. 519,787 shares of the company’s stock were exchanged. Waste Connections has a one year low of $47.81 and a one year high of $67.14. The stock’s 50-day moving average is $64.89 and its 200 day moving average is $60.28. The firm has a market cap of $17.13 billion, a PE ratio of 55.29 and a beta of 0.23.
Waste Connections (NYSE:WCN) last posted its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.02. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Waste Connections had a net margin of 7.11% and a return on equity of 9.19%. The business’s quarterly revenue was up 61.6% on a year-over-year basis. During the same quarter last year, the company posted $0.66 earnings per share. Analysts anticipate that Waste Connections will post $2.13 EPS for the current year.
Waste Connections announced that its Board of Directors has initiated a stock buyback plan on Wednesday, August 2nd that authorizes the company to repurchase 13,180,000 outstanding shares. This repurchase authorization authorizes the business services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, COO Darrell W. Chambliss sold 25,000 shares of Waste Connections stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $65.05, for a total value of $1,626,250.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Susan Lee bought 1,200 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was bought at an average price of $92.05 per share, for a total transaction of $110,460.00. Following the transaction, the director now owns 3,679 shares of the company’s stock, valued at $338,651.95. The disclosure for this purchase can be found here. In the last quarter, insiders sold 93,900 shares of company stock worth $6,871,801. Company insiders own 0.68% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. raised its stake in shares of Waste Connections by 2.2% in the first quarter. Oppenheimer & Co. Inc. now owns 2,750 shares of the business services provider’s stock valued at $242,000 after buying an additional 60 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Waste Connections by 0.7% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 14,400 shares of the business services provider’s stock valued at $1,272,000 after buying an additional 100 shares during the period. Coe Capital Management LLC raised its stake in shares of Waste Connections by 0.7% in the first quarter. Coe Capital Management LLC now owns 19,920 shares of the business services provider’s stock valued at $1,757,000 after buying an additional 140 shares during the period. World Asset Management Inc raised its position in Waste Connections by 1.4% in the first quarter. World Asset Management Inc now owns 10,928 shares of the business services provider’s stock worth $964,000 after buying an additional 148 shares during the last quarter. Finally, Independent Portfolio Consultants Inc. raised its position in Waste Connections by 10.1% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,833 shares of the business services provider’s stock worth $118,000 after buying an additional 168 shares during the last quarter. Institutional investors and hedge funds own 59.68% of the company’s stock.
About Waste Connections
Waste Connections, Inc is a solid waste services company in North America. The Company provides waste collection, transfer, disposal and recycling services in markets in the United States and Canada. The Company operates through six segments: Southern segment, Western segment, Eastern segment, Canada segment, Central segment and E&P segment.
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