Waste Connections, Inc. (WCN) Posts Earnings Results, Beats Expectations By $0.02 EPS
Waste Connections, Inc. (NYSE:WCN) announced its quarterly earnings results on Tuesday. The business services provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02, Briefing.com reports. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Waste Connections had a return on equity of 8.37% and a net margin of 5.48%. The business’s quarterly revenue was up 61.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 EPS.
Shares of Waste Connections (NYSE:WCN) traded up 1.93% during trading on Wednesday, reaching $66.00. The company’s stock had a trading volume of 1,258,203 shares. The company has a market capitalization of $17.38 billion, a P/E ratio of 76.57 and a beta of 0.24. Waste Connections has a 12 month low of $47.81 and a 12 month high of $67.14. The company’s 50-day moving average is $64.75 and its 200-day moving average is $59.67.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 22nd. Shareholders of record on Tuesday, August 8th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date is Friday, August 4th. Waste Connections’s payout ratio is currently 56.69%.
A number of analysts have recently weighed in on the company. BidaskClub cut Waste Connections from a “strong-buy” rating to a “buy” rating in a research report on Monday. Stifel Nicolaus raised their target price on Waste Connections from $66.50 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, June 21st. Zacks Investment Research upgraded Waste Connections from a “hold” rating to a “buy” rating and set a $67.33 target price on the stock in a research report on Tuesday, April 25th. Wedbush restated an “outperform” rating and issued a $76.67 target price (up from $62.00) on shares of Waste Connections in a research report 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 report on Friday, June 23rd. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Waste Connections currently has a consensus rating of “Buy” and a consensus target price of $66.83.
In related news, VP Patrick James Shea sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $96.95, for a total value of $581,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan Lee acquired 800 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was bought at an average price of $96.97 per share, with a total value of $77,576.00. Following the transaction, the director now directly owns 5,079 shares in the company, valued at $492,510.63. The disclosure for this purchase can be found here. Insiders sold a total of 24,400 shares of company stock valued at $2,350,516 in the last 90 days. 0.68% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of WCN. Spirit of America Management Corp NY bought a new position in Waste Connections during the first quarter valued at $110,000. Independent Portfolio Consultants Inc. boosted its position in Waste Connections by 10.1% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,833 shares of the business services provider’s stock valued at $118,000 after buying an additional 168 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its position in 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 period. US Bancorp DE boosted its position in Waste Connections by 14.3% in the second quarter. US Bancorp DE now owns 2,171 shares of the business services provider’s stock valued at $140,000 after buying an additional 271 shares during the period. Finally, Creative Planning boosted its position in Waste Connections by 223.5% in the second quarter. Creative Planning now owns 2,397 shares of the business services provider’s stock valued at $154,000 after buying an additional 1,656 shares during the period. Hedge funds and other institutional investors own 57.70% 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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