Waste Connections, Inc. (WCN) Given Average Rating of “Buy” by Analysts
Shares of Waste Connections, Inc. (NYSE:WCN) have been assigned an average rating of “Buy” from the twelve analysts that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $71.83.
A number of equities research analysts have recently issued reports on the company. BidaskClub lowered Waste Connections from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Barclays PLC set a $70.00 price target on Waste Connections and gave the company a “buy” rating in a research report on Wednesday, July 26th. Royal Bank Of Canada lifted their price target on Waste Connections from $68.00 to $74.00 and gave the stock an “outperform” rating in a research note on Friday, June 23rd. Credit Suisse Group set a $75.00 price target on Waste Connections and gave the stock a “buy” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research upgraded Waste Connections from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a report on Monday, July 31st.
Shares of Waste Connections (WCN) traded down 1.07% during mid-day trading on Wednesday, hitting $69.94. The stock had a trading volume of 779,645 shares. The company has a 50 day moving average price of $67.44 and a 200 day moving average price of $63.75. The firm has a market cap of $18.42 billion, a P/E ratio of 59.47 and a beta of 0.23. Waste Connections has a 12-month low of $47.81 and a 12-month high of $70.76.
Waste Connections (NYSE:WCN) last issued its earnings results on Tuesday, July 25th. The business services provider reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.02. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $0.66 earnings per share. Equities analysts forecast that Waste Connections will post $2.13 earnings per share for the current fiscal year.
Waste Connections declared that its board has approved a stock repurchase plan on Wednesday, August 2nd that authorizes the company to buyback 13,180,000 outstanding shares. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
In related news, CFO Worthing Jackman sold 30,000 shares of Waste Connections stock in a transaction on Friday, July 28th. The stock was sold at an average price of $65.00, for a total transaction of $1,950,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward E. Guillet sold 11,500 shares of Waste Connections stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $65.27, for a total value of $750,605.00. The disclosure for this sale can be found here. Insiders sold 69,500 shares of company stock worth $4,521,285 over the last ninety days. 0.68% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Achmea Investment Management B.V. increased its position in Waste Connections by 50.0% in the 2nd quarter. Achmea Investment Management B.V. now owns 10,653 shares of the business services provider’s stock worth $686,000 after purchasing an additional 3,551 shares during the last quarter. Kimelman & Baird LLC raised its stake in shares of Waste Connections by 49.4% during the 2nd quarter. Kimelman & Baird LLC now owns 222,279 shares of the business services provider’s stock worth $14,319,000 after purchasing an additional 73,499 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Waste Connections by 1,313.9% during the 2nd quarter. Toronto Dominion Bank now owns 1,123,159 shares of the business services provider’s stock worth $72,345,000 after purchasing an additional 1,043,724 shares in the last quarter. Cookson Peirce & Co. Inc. raised its stake in shares of Waste Connections by 57.1% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 31,980 shares of the business services provider’s stock worth $2,060,000 after purchasing an additional 11,630 shares in the last quarter. Finally, Wasatch Advisors Inc. raised its stake in shares of Waste Connections by 37.5% during the 2nd quarter. Wasatch Advisors Inc. now owns 1,362,126 shares of the business services provider’s stock worth $87,748,000 after purchasing an additional 371,672 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.
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Waste Connections Company Profile
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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