Waste Connections, Inc. (WCN) Short Interest Update
Waste Connections, Inc. (NYSE:WCN) was the recipient of a significant growth in short interest in June. As of June 30th, there was short interest totalling 3,149,833 shares, a growth of 261.4% from the June 15th total of 871,653 shares. Approximately 1.2% of the shares of the stock are short sold. Based on an average trading volume of 998,377 shares, the days-to-cover ratio is presently 3.2 days.
WCN has been the subject of a number of research reports. Royal Bank Of Canada set a $102.00 target price on Waste Connections and gave the company an “outperform” rating in a research note on Monday, June 19th. Credit Suisse Group restated a “buy” rating and issued a $75.00 target price on shares of Waste Connections in a research note on Friday, June 23rd. Zacks Investment Research lowered Waste Connections from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. Barclays PLC restated a “buy” rating on shares of Waste Connections in a research note on Friday, April 28th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $70.00 target price (up from $64.00) on shares of Waste Connections in a research note on Friday, June 23rd. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $66.83.
Waste Connections (NYSE WCN) opened at 64.57 on Wednesday. The company has a market cap of $17.00 billion, a PE ratio of 74.91 and a beta of 0.24. Waste Connections has a 12-month low of $47.81 and a 12-month high of $67.06. The stock’s 50 day moving average price is $87.18 and its 200 day moving average price is $85.20.
Waste Connections (NYSE:WCN) last announced its earnings results on Wednesday, April 26th. The business services provider reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Waste Connections had a return on equity of 8.37% and a net margin of 5.48%. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the prior year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 112.0% compared to the same quarter last year. Equities research analysts anticipate that Waste Connections will post $2.09 EPS for the current year.
In other Waste Connections news, VP Patrick James Shea sold 6,000 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $96.95, for a total transaction of $581,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Susan Lee acquired 1,200 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were bought at an average price of $92.05 per share, with a total value of $110,460.00. Following the completion of the purchase, the director now directly owns 3,679 shares of the company’s stock, valued at $338,651.95. The disclosure for this purchase can be found here. Insiders have sold 24,400 shares of company stock valued at $2,350,516 over the last quarter. Corporate insiders own 0.68% of the company’s stock.
Several large investors have recently made changes to their positions in WCN. Comerica Bank raised its stake in shares of Waste Connections by 11.9% in the fourth quarter. Comerica Bank now owns 10,510 shares of the business services provider’s stock valued at $846,000 after buying an additional 1,114 shares during the last quarter. Allianz Asset Management AG acquired a new stake in shares of Waste Connections during the fourth quarter valued at approximately $253,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Waste Connections by 34.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,585 shares of the business services provider’s stock valued at $125,000 after buying an additional 404 shares during the last quarter. Numeric Investors LLC raised its stake in shares of Waste Connections by 25.7% in the fourth quarter. Numeric Investors LLC now owns 4,400 shares of the business services provider’s stock valued at $346,000 after buying an additional 900 shares during the last quarter. Finally, 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 during the last quarter. Institutional investors own 57.62% 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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