Waste Connections, Inc. (NYSE:WCN) had its price objective lifted by stock analysts at KeyCorp from $72.00 to $75.00 in a report released on Friday. The brokerage presently has an “overweight” rating on the business services provider’s stock. KeyCorp’s target price points to a potential upside of 6.88% from the stock’s current price.
Several other analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Waste Connections from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research note on Thursday, October 5th. Stifel Nicolaus boosted their price target on shares of Waste Connections from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Barclays PLC boosted their price target on shares of Waste Connections from $70.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, August 7th. BidaskClub downgraded shares of Waste Connections from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Finally, Credit Suisse Group set a $75.00 price objective on shares of Waste Connections and gave the company a “buy” rating in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $74.15.
Shares of Waste Connections (NYSE WCN) traded up 0.27% on Friday, hitting $70.36. The stock had a trading volume of 79,713 shares. The company has a market capitalization of $18.53 billion, a PE ratio of 59.83 and a beta of 0.23. The firm has a 50-day moving average of $68.50 and a 200 day moving average of $64.25. Waste Connections has a 1-year low of $48.78 and a 1-year high of $70.76.
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, topping the consensus estimate of $0.53 by $0.02. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. Waste Connections had a net margin of 7.11% and a return on equity of 9.19%. The firm’s revenue for the quarter was up 61.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.66 earnings per share. On average, equities analysts anticipate that Waste Connections will post $2.13 earnings per share for the current fiscal year.
Waste Connections declared that its board has initiated a share buyback program on Wednesday, August 2nd that authorizes the company to repurchase 13,180,000 shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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In related news, COO Darrell W. Chambliss sold 25,000 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward E. Guillet sold 11,500 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $65.27, for a total transaction of $750,605.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 69,500 shares of company stock valued at $4,521,285. 0.68% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Waste Connections by 55.9% in the second quarter. Vanguard Group Inc. now owns 22,501,128 shares of the business services provider’s stock worth $1,449,523,000 after purchasing an additional 8,068,453 shares during the period. JPMorgan Chase & Co. grew its holdings in Waste Connections by 59.4% in the second quarter. JPMorgan Chase & Co. now owns 11,757,442 shares of the business services provider’s stock worth $757,414,000 after purchasing an additional 4,380,232 shares during the period. Royal Bank of Canada grew its holdings in Waste Connections by 59.9% in the second quarter. Royal Bank of Canada now owns 10,043,896 shares of the business services provider’s stock worth $647,028,000 after purchasing an additional 3,762,212 shares during the period. CIBC World Markets Inc. purchased a new stake in Waste Connections in the second quarter worth about $207,877,000. Finally, Janus Henderson Group PLC grew its holdings in Waste Connections by 16,829.1% in the second quarter. Janus Henderson Group PLC now owns 2,138,483 shares of the business services provider’s stock worth $137,761,000 after purchasing an additional 2,125,851 shares during the period. 82.59% of the stock is owned by institutional investors.
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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