KeyCorp Raises Waste Connections, Inc. (WCN) Price Target to $75.00
Waste Connections, Inc. (NYSE:WCN) had its target price upped by research analysts at KeyCorp from $72.00 to $75.00 in a report issued on Friday. The brokerage currently has an “overweight” rating on the business services provider’s stock. KeyCorp’s price objective suggests a potential upside of 6.88% from the stock’s current price.
Several other research firms also recently weighed in on WCN. Stifel Nicolaus increased their price objective on Waste Connections from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Zacks Investment Research raised Waste Connections from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Thursday, October 5th. Royal Bank Of Canada increased their price objective on Waste Connections from $74.00 to $76.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. Barclays PLC set a $70.00 price objective on Waste Connections and gave the company a “buy” rating in a report on Wednesday, July 26th. Finally, TD Securities increased their price objective on Waste Connections from $67.00 to $73.00 and gave the company a “hold” rating in a report 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 stock has a consensus rating of “Buy” and an average price target of $74.15.
Shares of Waste Connections (WCN) traded up 0.31% during mid-day trading on Friday, reaching $70.39. 88,283 shares of the company’s stock traded hands. The firm’s 50-day moving average is $68.50 and its 200 day moving average is $64.25. The firm has a market cap of $18.54 billion, a price-to-earnings ratio of 59.86 and a beta of 0.23. Waste Connections has a one year low of $48.78 and a one year high of $70.76.
Waste Connections (NYSE:WCN) last posted its quarterly earnings data on Tuesday, July 25th. The business services provider reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ 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 return on equity of 9.19% and a net margin of 7.11%. The company’s revenue was up 61.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.66 earnings per share. Analysts predict that Waste Connections will post $2.13 earnings per share for the current year.
Waste Connections declared that its board has initiated a stock buyback program on Wednesday, August 2nd that allows the company to repurchase 13,180,000 shares. This repurchase authorization allows the business services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Waste Connections news, insider James Little sold 3,000 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $64.81, for a total value of $194,430.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Worthing Jackman sold 30,000 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $65.00, for a total value of $1,950,000.00. The disclosure for this sale can be found here. Insiders sold 69,500 shares of company stock valued at $4,521,285 in the last quarter. 0.68% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in WCN. State Board of Administration of Florida Retirement System raised its position in Waste Connections by 18.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 5,798 shares of the business services provider’s stock worth $511,000 after acquiring an additional 900 shares in the last quarter. Comerica Bank raised its position in Waste Connections by 29.9% in the first quarter. Comerica Bank now owns 13,657 shares of the business services provider’s stock worth $1,267,000 after acquiring an additional 3,147 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in Waste Connections by 8.5% in the first quarter. Parametric Portfolio Associates LLC now owns 66,534 shares of the business services provider’s stock worth $5,870,000 after acquiring an additional 5,230 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Waste Connections in the first quarter worth $247,000. Finally, Alliancebernstein L.P. raised its position in Waste Connections by 45.3% in the first quarter. Alliancebernstein L.P. now owns 14,287 shares of the business services provider’s stock worth $1,260,000 after acquiring an additional 4,453 shares in the last quarter. Hedge funds and other institutional investors own 82.59% 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.
Receive News & Ratings for Waste Connections Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Waste Connections Inc. and related companies with MarketBeat.com's FREE daily email newsletter.