Citigroup Issues Positive Forecast for Waste Connections (NYSE:WCN) Stock Price

Waste Connections (NYSE:WCN) had its price target hoisted by Citigroup from $180.00 to $182.00 in a research report released on Thursday,BayStreet.CA reports. Citigroup currently has a neutral rating on the business services provider’s stock.

WCN has been the subject of several other reports. Barclays set a $180.00 price target on Waste Connections and gave the stock an “equal weight” rating in a research report on Tuesday, April 28th. Weiss Ratings downgraded Waste Connections from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. The Goldman Sachs Group reiterated a “buy” rating and set a $211.00 price objective on shares of Waste Connections in a research note on Thursday, April 23rd. JPMorgan Chase & Co. lifted their price target on shares of Waste Connections from $195.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $208.00 price target (up from $206.00) on shares of Waste Connections in a research report on Friday, April 24th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $202.79.

Waste Connections Price Performance

WCN opened at $170.10 on Thursday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.13. The business’s fifty day simple moving average is $158.13 and its 200-day simple moving average is $163.71. The company has a market capitalization of $43.16 billion, a price-to-earnings ratio of 41.49, a PEG ratio of 3.05 and a beta of 0.49. Waste Connections has a 12-month low of $146.89 and a 12-month high of $191.91.

Waste Connections (NYSE:WCN) last released its quarterly earnings data on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.04. Waste Connections had a net margin of 10.97% and a return on equity of 16.49%. The company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same period in the prior year, the firm earned $1.13 earnings per share. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities research analysts anticipate that Waste Connections will post 5.49 earnings per share for the current fiscal year.

Waste Connections Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, May 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Waste Connections’s payout ratio is currently 34.15%.

Insider Activity at Waste Connections

In other Waste Connections news, COO Jason Craft sold 1,500 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $156.59, for a total transaction of $234,885.00. Following the sale, the chief operating officer directly owned 32,861 shares of the company’s stock, valued at approximately $5,145,703.99. This trade represents a 4.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP James Little sold 2,605 shares of Waste Connections stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $163.98, for a total value of $427,167.90. Following the transaction, the vice president owned 34,395 shares of the company’s stock, valued at $5,640,092.10. The trade was a 7.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 17,605 shares of company stock valued at $2,822,923 over the last ninety days. Corporate insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Waste Connections

Several hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in Waste Connections in the 4th quarter valued at about $697,519,000. Capital International Investors lifted its stake in shares of Waste Connections by 28.2% in the fourth quarter. Capital International Investors now owns 6,468,259 shares of the business services provider’s stock worth $1,134,781,000 after buying an additional 1,420,921 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Waste Connections by 37.1% during the 4th quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider’s stock valued at $835,370,000 after acquiring an additional 1,289,042 shares in the last quarter. Wellington Management Group LLP raised its holdings in Waste Connections by 39.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,455,162 shares of the business services provider’s stock valued at $783,218,000 after acquiring an additional 1,264,150 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Waste Connections by 48.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 3,724,204 shares of the business services provider’s stock valued at $604,573,000 after acquiring an additional 1,219,056 shares during the last quarter. 86.09% of the stock is owned by hedge funds and other institutional investors.

Waste Connections Company Profile

Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.

The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.