Waste Connections, Inc. (WCN) Expected to Post Quarterly Sales of $1.13 Billion
Equities analysts predict that Waste Connections, Inc. (NYSE:WCN) will report $1.13 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Waste Connections’ earnings, with estimates ranging from $1.12 billion to $1.13 billion. Waste Connections reported sales of $1.05 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 7.6%. The company is expected to issue its next earnings report on Tuesday, February 20th.
According to Zacks, analysts expect that Waste Connections will report full-year sales of $1.13 billion for the current year, with estimates ranging from $4.59 billion to $4.60 billion. For the next financial year, analysts forecast that the company will report sales of $4.83 billion per share, with estimates ranging from $4.77 billion to $4.88 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Waste Connections.
Waste Connections (NYSE:WCN) last posted its earnings results on Wednesday, October 25th. The business services provider reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. Waste Connections had a net margin of 7.68% and a return on equity of 9.59%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.72 earnings per share.
WCN has been the subject of several research reports. Stifel Nicolaus raised 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. TD Securities raised their price target on shares of Waste Connections from $67.00 to $73.00 and gave the stock a “hold” rating in a research note on Thursday, July 27th. Barclays PLC raised 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. 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. Finally, Royal Bank Of Canada raised their target price on shares of Waste Connections from $74.00 to $76.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $77.87.
In other Waste Connections news, Director Robert Davis sold 700 shares of the business’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $71.72, for a total value of $50,204.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.68% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of WCN. Gamco Investors INC. ET AL raised its position in shares of Waste Connections by 2.8% during the third quarter. Gamco Investors INC. ET AL now owns 444,777 shares of the business services provider’s stock worth $31,117,000 after purchasing an additional 12,243 shares during the period. State of Tennessee Treasury Department raised its position in shares of Waste Connections by 238.1% during the third quarter. State of Tennessee Treasury Department now owns 297,541 shares of the business services provider’s stock worth $20,782,000 after purchasing an additional 209,541 shares during the period. State of Wisconsin Investment Board raised its position in shares of Waste Connections by 7.9% during the third quarter. State of Wisconsin Investment Board now owns 233,533 shares of the business services provider’s stock worth $16,329,000 after purchasing an additional 17,113 shares during the period. Mn Services Vermogensbeheer B.V. raised its position in shares of Waste Connections by 1.9% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 43,520 shares of the business services provider’s stock worth $3,045,000 after purchasing an additional 800 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Waste Connections by 6.9% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 36,310 shares of the business services provider’s stock worth $2,540,000 after purchasing an additional 2,355 shares during the period. 82.59% of the stock is currently owned by hedge funds and other institutional investors.
Waste Connections declared that its Board of Directors has initiated a stock buyback plan on Wednesday, August 2nd that allows the company to repurchase 13,180,000 outstanding shares. This repurchase authorization allows the business services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, November 8th will be paid a $0.14 dividend. The ex-dividend date is Tuesday, November 7th. This is a positive change from Waste Connections’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 0.79%. Waste Connections’s payout ratio is 36.36%.
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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