Stifel Nicolaus Reiterates Buy Rating for Waste Connections, Inc. (WCN)
Waste Connections, Inc. (NYSE:WCN)‘s stock had its “buy” rating reiterated by equities researchers at Stifel Nicolaus in a report released on Tuesday. They presently have a $75.00 price target on the business services provider’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 15.44% from the company’s current price.
A number of other equities research analysts have also recently issued reports on WCN. BidaskClub cut shares of Waste Connections from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. Barclays PLC increased their price objective on shares of Waste Connections from $70.00 to $76.00 and gave the stock an “overweight” rating in a report on Monday, August 7th. TD Securities increased their price objective on shares of Waste Connections from $67.00 to $73.00 and gave the stock a “hold” rating in a report on Thursday, July 27th. Zacks Investment Research lowered shares of Waste Connections from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Raymond James Financial, Inc. increased their price objective on shares of Waste Connections from $74.00 to $75.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 27th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $71.48.
Shares of Waste Connections (NYSE WCN) traded up 1.12% during midday trading on Tuesday, hitting $65.70. 988,064 shares of the stock traded hands. The firm has a 50-day moving average price of $64.66 and a 200 day moving average price of $61.47. Waste Connections has a one year low of $47.81 and a one year high of $67.14. The stock has a market cap of $17.31 billion, a price-to-earnings ratio of 55.87 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 analysts’ consensus estimates of $0.53 by $0.02. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Waste Connections had a net margin of 7.11% and a return on equity of 9.19%. The business’s revenue was up 61.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 EPS. Analysts anticipate that Waste Connections will post $2.13 earnings per share for the current year.
Waste Connections announced that its Board of Directors has authorized a share repurchase plan on Wednesday, August 2nd that permits the company to repurchase 13,180,000 outstanding shares. This repurchase authorization permits the business services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
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In other Waste Connections news, CFO Worthing Jackman sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $65.00, for a total transaction of $1,950,000.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Darrell W. Chambliss sold 25,000 shares of the firm’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 transaction of $1,626,250.00. The disclosure for this sale can be found here. Insiders sold a total of 93,900 shares of company stock worth $6,871,801 over the last quarter. 0.68% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Thompson Davis & CO. Inc. increased its stake in Waste Connections by 55.8% in the second quarter. Thompson Davis & CO. Inc. now owns 1,561 shares of the business services provider’s stock worth $101,000 after buying an additional 559 shares during the period. Independent Portfolio Consultants Inc. acquired a new stake in Waste Connections during the first quarter worth about $147,000. Fieldpoint Private Securities LLC increased its stake in Waste Connections by 50.0% in the second quarter. Fieldpoint Private Securities LLC now owns 2,107 shares of the business services provider’s stock worth $136,000 after buying an additional 702 shares during the period. US Bancorp DE increased its stake in Waste Connections by 14.3% in the second quarter. US Bancorp DE now owns 2,171 shares of the business services provider’s stock worth $140,000 after buying an additional 271 shares during the period. Finally, Capital One National Association acquired a new stake in Waste Connections during the first quarter worth about $208,000. Hedge funds and other institutional investors own 82.81% of the company’s stock.
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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