Waste Connections, Inc. (NYSE:WCN) had its price objective boosted by TD Securities from $67.00 to $73.00 in a report released on Thursday, July 27th. The firm currently has a hold rating on the business services provider’s stock.
A number of other analysts also recently weighed in on the company. Royal Bank Of Canada lifted their price target on Waste Connections from $74.00 to $76.00 and gave the company an outperform rating in a research note on Thursday, July 27th. Barclays PLC set a $70.00 price target on Waste Connections and gave the company a buy rating in a research note on Wednesday, July 26th. BidaskClub downgraded Waste Connections from a strong-buy rating to a buy rating in a research note on Monday, July 24th. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $70.00 target price (up from $64.00) on shares of Waste Connections in a research report on Friday, June 23rd. Finally, Credit Suisse Group reiterated a buy rating and set a $75.00 target price on shares of Waste Connections in a research report on Friday, June 23rd. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $70.47.
Waste Connections (NYSE WCN) traded down 0.25% during midday trading on Thursday, reaching $64.09. The company’s stock had a trading volume of 453,669 shares. The stock has a market cap of $16.88 billion, a P/E ratio of 54.50 and a beta of 0.23. The stock’s 50 day moving average is $64.71 and its 200 day moving average is $81.82. Waste Connections has a 12-month low of $47.81 and a 12-month high of $67.14.
Waste Connections (NYSE:WCN) last posted its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.02. Waste Connections had a return on equity of 9.19% and a net margin of 7.11%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the business earned $0.66 earnings per share. The company’s revenue for the quarter was up 61.6% compared to the same quarter last year. Analysts anticipate that Waste Connections will post $2.13 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 22nd. Investors of record on Tuesday, August 8th will be paid a $0.12 dividend. The ex-dividend date is Friday, August 4th. This represents a $0.48 annualized dividend and a yield of 0.75%. Waste Connections’s payout ratio is currently 32.11%.
Waste Connections declared that its board has approved a stock buyback plan on Wednesday, August 2nd that allows the company to repurchase 13,180,000 shares. This repurchase authorization allows the business services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
In other news, Director Susan Lee purchased 800 shares of the company’s stock in a transaction on Tuesday, June 6th. The stock was bought at an average cost of $96.97 per share, for a total transaction of $77,576.00. Following the completion of the purchase, the director now directly owns 5,079 shares of the company’s stock, valued at approximately $492,510.63. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Little sold 3,000 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $64.81, for a total value of $194,430.00. The disclosure for this sale can be found here. Insiders sold 93,900 shares of company stock valued at $6,871,801 over the last quarter. Insiders own 0.68% of the company’s stock.
Large investors have recently made changes to their positions in the company. Macquarie Group Ltd. raised its stake in shares of Waste Connections by 28.2% in the fourth quarter. Macquarie Group Ltd. now owns 17,620 shares of the business services provider’s stock valued at $1,837,000 after buying an additional 3,880 shares in the last quarter. National Pension Service bought a new stake in shares of Waste Connections during the first quarter valued at $13,470,000. Spirit of America Management Corp NY bought a new stake in shares of Waste Connections during the first quarter valued at $110,000. DnB Asset Management AS bought a new stake in shares of Waste Connections during the first quarter valued at $944,000. Finally, Barometer Capital Management Inc. increased its stake in shares of Waste Connections by 55.8% in the first quarter. Barometer Capital Management Inc. now owns 244,287 shares of the business services provider’s stock valued at $21,551,000 after buying an additional 87,500 shares during the last quarter. Institutional investors own 61.21% 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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