Waste Connections, Inc. (NYSE:WCN) had its target price raised by Barclays PLC from $70.00 to $76.00 in a report published on Monday morning. The brokerage currently has an overweight rating on the business services provider’s stock.
A number of other research analysts also recently issued reports on WCN. Zacks Investment Research upgraded Waste Connections from a hold rating to a buy rating and set a $67.33 price objective for the company in a research note on Tuesday, April 25th. Wedbush reiterated an outperform rating and set a $76.67 price objective (up from $62.00) on shares of Waste Connections in a research note on Friday, April 28th. Royal Bank Of Canada cut their price objective on Waste Connections from $68.00 to $63.33 and set an outperform rating for the company in a research note on Friday, April 28th. TD Securities cut their price objective on Waste Connections from $66.67 to $63.33 and set a hold rating for the company in a research note on Friday, April 28th. Finally, Stifel Nicolaus boosted their price target on Waste Connections from $66.50 to $75.00 and gave the stock a buy rating in a report on Wednesday, June 21st. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Waste Connections currently has an average rating of Buy and a consensus price target of $70.47.
Shares of Waste Connections (NYSE WCN) opened at 64.32 on Monday. The stock has a 50 day moving average of $64.89 and a 200-day moving average of $60.28. Waste Connections has a one year low of $47.81 and a one year high of $67.14. The stock has a market capitalization of $16.94 billion, a P/E ratio of 54.69 and a beta of 0.23.
Waste Connections (NYSE:WCN) last announced its quarterly earnings data on Tuesday, July 25th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.02. The company 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 firm’s revenue was up 61.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 EPS. Equities analysts forecast that Waste Connections will post $2.13 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 22nd. Stockholders of record on Tuesday, August 8th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, August 4th. This represents a $0.48 annualized dividend and a dividend yield of 0.75%. Waste Connections’s dividend payout ratio (DPR) is 32.11%.
Waste Connections announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 2nd that permits the company to buyback 13,180,000 outstanding shares. This buyback authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Susan Lee acquired 800 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The shares were acquired at an average cost of $96.97 per share, with a total value of $77,576.00. Following the acquisition, the director now directly owns 5,079 shares of the company’s stock, valued at $492,510.63. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Darrell W. Chambliss sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $65.05, for a total value of $1,626,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 93,900 shares of company stock worth $6,871,801 over the last ninety days. Insiders own 0.68% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Pinnacle Associates Ltd. purchased a new stake in shares of Waste Connections during the first quarter valued at about $219,000. Friedberg Investment Management boosted its stake in shares of Waste Connections by 13.5% in the first quarter. Friedberg Investment Management now owns 80,720 shares of the business services provider’s stock valued at $7,121,000 after buying an additional 9,590 shares during the period. Edge Asset Management Inc. boosted its stake in shares of Waste Connections by 0.3% in the first quarter. Edge Asset Management Inc. now owns 601,998 shares of the business services provider’s stock valued at $53,108,000 after buying an additional 1,842 shares during the period. Korea Investment CORP boosted its stake in shares of Waste Connections by 479.3% in the first quarter. Korea Investment CORP now owns 7,572 shares of the business services provider’s stock valued at $668,000 after buying an additional 6,265 shares during the period. Finally, Spirit of America Management Corp NY purchased a new stake in shares of Waste Connections during the first quarter valued at about $110,000. 59.68% of the stock is currently owned by institutional investors and hedge funds.
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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