Waste Connections, Inc. (NYSE:WCN) has been assigned an average rating of “Buy” from the twelve research firms that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $75.97.
Several equities research analysts have recently weighed in on WCN shares. KeyCorp reiterated a “buy” rating and issued a $78.00 price objective on shares of Waste Connections in a research note on Friday, October 27th. TD Securities upped their price objective on Waste Connections from $73.00 to $74.00 and gave the company a “hold” rating in a research note on Friday, October 27th. Oppenheimer Holdings, Inc. upped their price objective on Waste Connections from $74.00 to $78.00 and gave the company an “outperform” rating in a research note on Friday, October 27th. Credit Suisse Group set a $82.00 price objective on Waste Connections and gave the company an “outperform” rating in a research note on Tuesday. Finally, Royal Bank Of Canada upped their price objective on Waste Connections from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, October 27th.
In related news, Director Robert Davis sold 700 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $71.72, for a total transaction of $50,204.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.68% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Achmea Investment Management B.V. boosted 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 valued at $686,000 after buying an additional 3,551 shares during the last quarter. Swiss National Bank boosted its position in Waste Connections by 54.7% in the 2nd quarter. Swiss National Bank now owns 961,659 shares of the business services provider’s stock valued at $61,950,000 after buying an additional 340,053 shares during the last quarter. Twin Tree Management LP bought a new position in Waste Connections in the 2nd quarter valued at $1,195,000. Dorsey Wright & Associates boosted its position in Waste Connections by 52.5% in the 2nd quarter. Dorsey Wright & Associates now owns 68,993 shares of the business services provider’s stock valued at $4,445,000 after buying an additional 23,754 shares during the last quarter. Finally, Sentry Investments Corp. boosted its position in Waste Connections by 37.4% in the 2nd quarter. Sentry Investments Corp. now owns 2,973,999 shares of the business services provider’s stock valued at $248,418,000 after buying an additional 810,130 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.
Waste Connections (NYSE:WCN) last posted its quarterly earnings results on Wednesday, October 25th. The business services provider reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Waste Connections had a return on equity of 9.59% and a net margin of 7.68%. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, November 8th will be given a dividend of $0.14 per share. 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 dividend on an annualized basis and a yield of 0.79%. Waste Connections’s dividend payout ratio is 36.36%.
Waste Connections announced that its board has approved a share buyback program on Wednesday, August 2nd that allows the company to buyback 13,180,000 outstanding shares. This buyback authorization allows the business services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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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