Waste Connections (NYSE:WCN) Stock Price Target Lowered at Citigroup

Waste Connections (NYSE:WCN) had its price target dropped by equities research analysts at Citigroup from $182.00 to $175.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the business services provider’s stock. Citigroup’s price target indicates a potential upside of 5.66% from the company’s current price.

Other equities analysts have also issued reports about the stock. Morgan Stanley reduced their target price on shares of Waste Connections from $205.00 to $195.00 and set an “overweight” rating on the stock in a research report on Tuesday. Scotiabank set a $193.00 price target on Waste Connections in a research note on Thursday. JPMorgan Chase & Co. cut their price target on shares of Waste Connections from $195.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday, October 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Waste Connections in a report on Friday, August 7th. Finally, Barclays upped their target price on Waste Connections from $180.00 to $187.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Waste Connections has a consensus rating of “Moderate Buy” and a consensus target price of $198.61.

Waste Connections Price Performance

Shares of WCN traded up $8.80 during trading hours on Thursday, reaching $165.62. 2,824,768 shares of the stock traded hands, compared to its average volume of 1,544,685. The company has a market cap of $41.57 billion, a P/E ratio of 39.79, a price-to-earnings-growth ratio of 2.70 and a beta of 0.49. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.17. The company’s 50-day moving average price is $160.84 and its two-hundred day moving average price is $161.22. Waste Connections has a 52-week low of $146.89 and a 52-week high of $179.74.

Waste Connections (NYSE:WCN) last released its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $1.50 EPS for the quarter, beating the consensus estimate of $1.35 by $0.15. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter in the prior year, the firm earned $1.29 EPS. The business’s revenue was up 6.4% on a year-over-year basis. On average, analysts anticipate that Waste Connections will post 5.65 earnings per share for the current year.

Insider Activity at Waste Connections

In other Waste Connections news, SVP Robert Cloninger sold 2,811 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $171.02, for a total value of $480,737.22. Following the transaction, the senior vice president directly owned 11,666 shares of the company’s stock, valued at $1,995,119.32. This trade represents a 19.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Philip Rivard sold 2,500 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $166.57, for a total value of $416,425.00. Following the completion of the sale, the senior vice president directly owned 734 shares of the company’s stock, valued at approximately $122,262.38. This represents a 77.30% decrease in their position. The SEC filing for this sale provides additional information. 0.27% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WCN. EverSource Wealth Advisors LLC increased its holdings in Waste Connections by 1.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,312 shares of the business services provider’s stock valued at $701,000 after purchasing an additional 65 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Waste Connections by 2.0% in the second quarter. GAMMA Investing LLC now owns 5,030 shares of the business services provider’s stock valued at $838,000 after purchasing an additional 99 shares during the period. Athena Wealth Management LLC increased its stake in Waste Connections by 6.7% during the 3rd quarter. Athena Wealth Management LLC now owns 1,829 shares of the business services provider’s stock worth $282,000 after buying an additional 115 shares during the period. Private Advisor Group LLC grew its stake in shares of Waste Connections by 9.2% in the first quarter. Private Advisor Group LLC now owns 1,519 shares of the business services provider’s stock worth $247,000 after acquiring an additional 128 shares in the last quarter. Finally, LifeGoal Investments LLC raised its stake in shares of Waste Connections by 8.1% in the third quarter. LifeGoal Investments LLC now owns 1,779 shares of the business services provider’s stock valued at $274,000 after acquiring an additional 133 shares in the last quarter. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

About Waste Connections

Waste Connections, Inc is a North American provider of solid waste collection, transfer, disposal, recycling and resource recovery services. The company serves residential, commercial, industrial and construction customers through local operations and provides services under municipal and other contracted arrangements.

Its business includes curbside and commercial waste collection, transfer stations, solid waste landfills, recycling facilities and organics processing. Waste Connections also provides environmental services for energy-producing customers, including the management and disposal of non-hazardous oilfield waste, and operates resource recovery and renewable energy projects in connection with certain waste facilities.

Founded in 1997, Waste Connections serves communities across the United States and Canada.