Waste Connections, Inc. (WCN) Rating Lowered to Buy at BidaskClub
BidaskClub downgraded shares of Waste Connections, Inc. (NYSE:WCN) from a strong-buy rating to a buy rating in a research note released on Monday, July 24th.
A number of other equities analysts have also commented on WCN. Stifel Nicolaus increased their price target on Waste Connections from $66.50 to $75.00 and gave the company a buy rating in a research note on Wednesday, June 21st. Zacks Investment Research raised Waste Connections from a hold rating to a buy rating and set a $67.33 price target for the company in a research note on Tuesday, April 25th. Oppenheimer Holdings, Inc. reissued an outperform rating and set a $70.00 price target (up from $64.00) on shares of Waste Connections in a research note on Friday, June 23rd. Wedbush reissued an outperform rating and set a $76.67 price target (up from $62.00) on shares of Waste Connections in a research note on Friday, April 28th. Finally, TD Securities dropped their price target 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. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $70.47.
Waste Connections (WCN) traded down 0.86% during mid-day trading on Monday, hitting $63.62. The company’s stock had a trading volume of 491,323 shares. The stock has a market cap of $16.76 billion, a P/E ratio of 54.10 and a beta of 0.23. The company’s 50 day moving average is $64.65 and its 200-day moving average is $61.08. Waste Connections has a 52-week low of $47.81 and a 52-week high of $67.14.
Waste Connections (NYSE:WCN) last released its quarterly earnings data on Tuesday, July 25th. The business services provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. Waste Connections had a return on equity of 9.19% and a net margin of 7.11%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. The business’s quarterly revenue was up 61.6% compared to the same quarter last year. On average, equities analysts predict that Waste Connections will post $2.13 EPS for the current fiscal year.
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Waste Connections announced that its Board of Directors has authorized a stock repurchase program 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. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 22nd. Shareholders of record on Tuesday, August 8th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, August 4th. This represents a $0.48 dividend on an annualized basis and a yield of 0.75%. Waste Connections’s dividend payout ratio (DPR) is presently 32.11%.
In other Waste Connections news, Director Susan Lee purchased 800 shares of Waste Connections stock in a transaction dated Tuesday, June 6th. The shares were purchased at an average cost of $96.97 per share, for a total transaction of $77,576.00. Following the completion of the acquisition, the director now owns 5,079 shares in the company, valued at approximately $492,510.63. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Darrell W. Chambliss sold 25,000 shares of the 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. Over the last quarter, insiders sold 93,900 shares of company stock worth $6,871,801. Company insiders own 0.68% of the company’s stock.
Several large investors have recently modified their holdings of WCN. Oppenheimer & Co. Inc. increased its stake in shares of Waste Connections by 2.2% in the first quarter. Oppenheimer & Co. Inc. now owns 2,750 shares of the business services provider’s stock valued at $242,000 after buying an additional 60 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Waste Connections by 0.7% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 14,400 shares of the business services provider’s stock valued at $1,272,000 after buying an additional 100 shares during the last quarter. Coe Capital Management LLC increased its stake in shares of Waste Connections by 0.7% in the first quarter. Coe Capital Management LLC now owns 19,920 shares of the business services provider’s stock valued at $1,757,000 after buying an additional 140 shares during the last quarter. World Asset Management Inc increased its stake in shares of Waste Connections by 1.4% in the first quarter. World Asset Management Inc now owns 10,928 shares of the business services provider’s stock valued at $964,000 after buying an additional 148 shares during the last quarter. Finally, Independent Portfolio Consultants Inc. increased its stake in shares of Waste Connections by 10.1% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,833 shares of the business services provider’s stock valued at $118,000 after buying an additional 168 shares during the last quarter. Hedge funds and other institutional investors own 61.21% of the company’s stock.
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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