According to Zacks, “Waste Connections operates in a highly-competitive market. The barriers to entry into the regulated waste collection and disposal business are very low. Over the years, stringent environmental, health and safety laws and regulations have severely hindered operations and increased operating costs of the company. Volatility in crude oil prices is also expected to impair the profitability of Waste Connections and adversely affect the level of investment and linear feet drilled in the basins where it operates. The company has a solid earnings surprise history, having beaten estimates in each of the last four quarters. However, the merger of Waste Connections with Progressive Waste Solutions has arguably created an industry leader with enhanced scale and a stronger financial profile.”
Other research analysts have also recently issued reports about the company. Imperial Capital reaffirmed an outperform rating and issued a $80.00 price target (up from $75.00) on shares of Progressive Waste Solutions in a report on Friday, June 17th. TheStreet raised Progressive Waste Solutions from a hold rating to a buy rating in a report on Friday, July 8th. Wedbush reaffirmed an outperform rating and issued a $80.00 price target (up from $77.00) on shares of Progressive Waste Solutions in a report on Friday, August 5th. Macquarie began coverage on Progressive Waste Solutions in a report on Thursday, August 25th. They issued an outperform rating and a $89.00 price target for the company. Finally, RBC Capital Markets reaffirmed an outperform rating and issued a $86.00 price target (up from $82.00) on shares of Progressive Waste Solutions in a report on Friday, August 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Progressive Waste Solutions presently has an average rating of Buy and an average target price of $73.18.
Shares of Progressive Waste Solutions (NYSE:WCN) opened at 74.55 on Friday. The stock’s market capitalization is $13.02 billion. Progressive Waste Solutions has a 1-year low of $50.64 and a 1-year high of $79.72. The firm’s 50-day moving average is $75.12 and its 200-day moving average is $72.11.
Progressive Waste Solutions (NYSE:WCN) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.12. The company earned $727.60 million during the quarter, compared to analysts’ expectations of $713.58 million. Progressive Waste Solutions had a return on equity of 8.84% and a net margin of 4.33%. The business’s revenue was up 36.9% on a year-over-year basis. During the same period last year, the business earned $0.50 earnings per share. On average, analysts predict that Progressive Waste Solutions will post $2.44 earnings per share for the current fiscal year.
In other Progressive Waste Solutions news, COO Darrell W. Chambliss sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $77.42, for a total transaction of $154,840.00. Following the completion of the transaction, the chief operating officer now owns 147,068 shares of the company’s stock, valued at approximately $11,386,004.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Razzouk sold 4,400 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $78.69, for a total value of $346,236.00. Following the transaction, the director now directly owns 12,344 shares of the company’s stock, valued at approximately $971,349.36. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LMR Partners LLP acquired a new position in Progressive Waste Solutions during the second quarter worth approximately $17,833,000. A.R.T. Advisors LLC raised its position in Progressive Waste Solutions by 33.1% in the first quarter. A.R.T. Advisors LLC now owns 18,893 shares of the company’s stock worth $1,220,000 after buying an additional 4,700 shares during the last quarter. Barclays PLC raised its position in Progressive Waste Solutions by 1,597.6% in the first quarter. Barclays PLC now owns 154,973 shares of the company’s stock worth $9,919,000 after buying an additional 145,844 shares during the last quarter. Shell Asset Management Co. raised its position in Progressive Waste Solutions by 288.8% in the second quarter. Shell Asset Management Co. now owns 16,433 shares of the company’s stock worth $1,304,000 after buying an additional 12,206 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in Progressive Waste Solutions during the second quarter worth approximately $207,379,000. 81.85% of the stock is owned by institutional investors and hedge funds.
About Progressive Waste Solutions
Waste Connections, Inc is an integrated municipal solid waste (MSW) services company. The Company provides solid waste collection, transfer, disposal and recycling services in the United States. The Company is a provider of non-hazardous exploration and production (E&P), waste treatment, recovery and disposal services in various areas of the United States.
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